Buying Cars from Insurnace Companies

JamesJamz

Anyone know how you can buy cars off insurance companies? I have just had an idea (well not just, thought about it for a while now). But the only problem is, how do you know what they have to sell, and how can you find out how much.

I've seen a few people who have purchased cars off insurance company's rather cheap and fixed them up or broken then for bits.

Has anyone on here done this?

Cheers

James

david69_2

I often thought about doing this i thought you either had to be a registered breaker to even get in the door with insurance compaines

JamesJamz

The people who ive seen purchase cars off insurance companies are not breakers yards or anything... I would just assume insurance companies would sell to the person who pays the money.... I assume there will be a list of cars and people choose which ones' they want?

davidjwest

A friend got me my current car (cat "D") from an auction.

I was happy enough with it, but you may find people are unwilling to buy this type of car even if the damage was cosmetic.

Mine cost me £3,100 for everything including the repairs and the MOT plus VOSAs fee for getting it certified to be put back on the road, if I'd bought a similar car from a dealer it would have cost nearer £5k. I took it to a garage out of interest to see what they'd give me on it for trading in and I was quoted £2,000.

There probably is money to be made here but be aware of the pitfalls.

JamesJamz

davidjwest wrote: »

A friend got me my current car (cat "D") from an auction.

I was happy enough with it, but you may find people are unwilling to buy this type of car even if the damage was cosmetic.

Mine cost me £3,100 for everything including the repairs and the MOT plus VOSAs fee for getting it certified to be put back on the road, if I'd bought a similar car from a dealer it would have cost nearer £5k. I took it to a garage out of interest to see what they'd give me on it for trading in and I was quoted £2,000.

There probably is money to be made here but be aware of the pitfalls.

Im more thinking in stripping parts and selling them on places like ebay...

lincroft1710

Why don't you just ring up a few insurance companies and ask what does happen to their written off vehicles which they've paid out on?

Only a guess, but I bet most have arrangements with local or national salvage companies.

yorkshire-lad

hey all,
dont usually stray onto this side of the board, but thought id post.

if you have the room to keep cars, your best bet would be ebay, people sell cat c and cat d cars on there for pretty cheap, get the car back to your place, and start stripping it.

and get yourself involved with owners clubs, they are always looking for cars being split for parts.
try and stick with certain makes, fords, vauxhalls etc and get known on the owners club, if you build a good rep with the people on there, then i think theres some money to be had.

good luck.
YL

JamesJamz

yorkshire-lad wrote: »

hey all,
dont usually stray onto this side of the board, but thought id post.

if you have the room to keep cars, your best bet would be ebay, people sell cat c and cat d cars on there for pretty cheap, get the car back to your place, and start stripping it.

and get yourself involved with owners clubs, they are always looking for cars being split for parts.
try and stick with certain makes, fords, vauxhalls etc and get known on the owners club, if you build a good rep with the people on there, then i think theres some money to be had.

good luck.
YL

I'm pretty much on most of the owners clubs (all ford and all subaru ones, and others).

The only problem with buying cat c and d cars from ebay is that most of them are brakers yards (whom will be adding a few hundred quid onto the price)

The best one i have just heard of recently, was an insurance company selling a rare subaru impreza for £100 to someone, this car was then fixed up and sold for £10,000 :eek: