What are Insurance Auto Auctions?

If you are looking for a great deal on a good used car, an insurance auto auction may be the place to go. There are different types of auto auctions. Keep in mind that the one you attend is directly related to the reason the car is at an auction.  For example, seized property auction will sell vehicles that were seized for taxes, drugs, crime and more.  It is important to know what ton expect to find at an auto insurance auction.

When an auto insurance company pays off a claim and totals a vehicle, it is effectively “buying” the car from the policyholder. The insurance company then attempts to recover some of its money by selling its "total-loss" vehicles through auto auction companies.

Insurance auto auctions are open to the public. They are becoming increasingly popular and are easy to find. An online search using keyword phrases like “insurance auto auction” auto auction” salvage auto auction” and your desired location will yield dozens of auction company listings.

Auction companies, buy totaled, flooded and theft-recovered vehicles from insurance companies. The auction companies then auction these vehicles to used-car dealers, parts dealers, re-builders and the public. Most of the vehicles have been declared a “total-loss,” meaning it would cost the insurance company more to repair than its book value. Some are stolen vehicles that were recovered after the insurer had settled the claim.  You will find just about every make, model and condition represented sooner or later at the auction.

It is possible to find some excellent bargains if you know something about autos, by knowing how insurance salvage auctions work and how to find one in your area. In some cases the cars are in surprisingly good shape and need little or no repairs. If you are mechanically inclined, salvage, flood and totaled vehicles can often be used for parts or great project cars.

Getting a great bargain is something many of us pursue.  Buying salvaged automobiles has never been easier.  In many cases you have the ability to bid even if you cannot be at the auction. While all of the auto auctions provide for in person bidding, some allow bidding via absentee ballot or via the Internet. Some even do live Web cast.

Registering only takes a few minutes online.  From there, you can follow all the wholesale auto salvage auction deals until you find the perfect car at a price that can't be beat!