How to Get the Best Deal in an Insurance Auto Auction
Many insurance companies choose to total a car rather than having it repaired after an accident. In these cases, insurance auctions will sell the totaled car to the public. Going to insurance auto auctions is a great way to find an inexpensive vehicle that you can use, refurbish or sell. Before you attend your first auction, you should know how to get the best deal in an insurance auto auction.
- Research auction rules and procedures. You should know where the auction will take place, how to register to be a bidder and how to purchase the items you win. You can find local auctions by visiting Auction Zip.com or by contacting your local auction house. Reputable auction houses can be found by searching MerchantCircle.
- Find out where the insurance auction is located and what time you need to arrive before the bidding begins.
- Know the value of several vehicles. It is important to know how much a car is worth.
- Have an understanding of the general costs of repairing a vehicle.
- Look at the car in detail before bidding on it. Cars are sold with no warranty guaranteed or implied; therefore, you are responsible for payment no matter what problems you find after the auction.
- Set a limit to the maximum amount you can afford to spend on a vehicle. Stop bidding once you reach that limit.