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Auto Insurance Claims/Purchase of restored insurance auction pickup truck
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Question
I am considering the purchase of a pickup truck that was involved in a rollover accident. The truck was declared "totaled" and was sold at an insurance auction. The truck has been repaired and restored and is up for sale. What possible mechanical damage could have occurred during the rollover that could cause engine,etc. problems in the future. I have driven the truck and it appears to be okay. What possible problems should I check for and is it too risky making this type purchase? The seller of the truck has been purchasing this same make of truck and repairing them for sale for many years,and seems to be very open and honest regarding his sales. Any advise would be appreciated. The truck is a 2006 Ford Ranger, 4WD FX Off Road V-6 4.0 engine.
Thank you.
I would have a mechanic inspect the vehicle before purchasing it. Probably a body shop technician rather than a regular mechanic. You want to make sure it is structurally sound. Also check with you state DMV to make sure you can get a title and registration. Be aware that the resale value will be much lower than other comparable vehicles, so don't over pay.
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Answers by Expert:
Claims Guy
Expertise
I am currently an Auto Claims Manager for a large insurance company. I have 18 years experience in the industry, having worked as a Claims Adjuster, Injury Settlement Negotiator, Claims Manager, SIU/Fraud Investigator, and Compliance Officer......I can answer questions related to any aspect of Automobile insurance claims and coverages. I can provide an inside look at how insurers operate. I always treat my customers fairly and want to help make sure you are treated fairly. However, please keep in mind that being treated fairly according to the law does not guarantee that you will get what you want. I can also answer some questions regarding Homeowner's and other types of insurance claims. I have handled all types of auto insurance claims and coverages. I am NOT an automotive repair expert but can give advice re how insurers handle complex repair issues. Please keep in mind that every state has its own set of laws pertaining to rules of the road, liability, and insurance. No one is an expert on every state. I am most familiar with laws in Maryland, DC, West Virginia, and Virginia, but will attempt to answer questions for other states. I am not an attorney an cannot provide legal advice. My advice will be my opinion based on my experience.
Experience
I am currently an Auto Claims Manager for a large insurance company. I have 18 years experience in the industry, having worked as a Claims Adjuster, Injury Settlement Negotiator, Claims Manager, SIU/Fraud Investigator, and Compliance Officer. I am not an attorney an cannot provide legal advice. My advice will be my opinion based on my experience.
Organizations
CPCU Society. Adjusters license in multiple states. International Association of Specal Investigators
Education/Credentials
I have a B.S. in Finance and have completed the AIC and CPCU designations.
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