Everyone is looking for a great deal on an automobile and an insurance auto auction is a great way to achieve this. Each and every person looking for an automobile has a different reason for buying. Some want it as a way to teach their teenager to drive while others want to set it on fire for their low budget Indie film. Regardless of the reason to buy, auto actions can be the most advantage.
What is an Insurance Auto Auction?
An insurance auto action is a car auction that is filled with different automobiles from insurance agencies. How did these insurance agencies come to have possession of the cars? Well, these are the ones that have usually been deemed as totaled in one way or another. They are completely repairable but they may not be the prettiest cars.
The cars from these kinds of auto auctions are usually what’s kindly called “works in progress.” They may have bodies that need a lot of work and they may or may not run. However, with a little TLC, they can get back on the road. They are the perfect project car for those looking to get a really cheap car and then invest a little here and there to make it better.
These autos are usually very cheap. Since they are used cars, they immediately have a lower value. In addition, they aren’t the prettiest vehicles to look at. Some have been smashed to the point that they are not recognizable. However, to the right buyer, they are a work of art. It’s like going to a junkyard to get the car without having to dig through all of the heaps of cars around them. You can find the car you want in a more orderly fashion and even have someone tell you a little bit about it.
Online versus In-Person Auctions
In today’s modern age, the insurance auto auction has evolved a bit. Back in the day, these auctions would be held locally at a salvage yard or a large parcel of land with a makeshift stage. The car would be driven, dragged or pushed in front of the auctioneer and a few words would be said. Then the floor would open up to take bids.
Those who were present at the auction could bid. The winner would pay cash and be able to take their vehicle back home, to the garage or anywhere else that they wanted to bring their chunk of metal, otherwise known as a car.
In today’s technology, however, it’s possible to attend an insurance auto auction without having to drive anywhere. There are now online auctions that are held by insurance companies. They post photos of a few different angles of the car, truck or SUV up for auction. Then they have a live auction where people can post bids. They limit the bidding time to 1 hour, 6 hours or even a few days. The winner is the highest bidder at the end of the bidding time. They can then pay by credit card and even schedule to have the vehicle delivered to them.
Which is better? When you want to participate in an auto auction, you have to look at a few different factors. Think about what you want to get out of it all. Do you want a really great car? Do you have the method of getting it back to your home? How do you plan to pay for it? Once you answer all of these questions, you will be able to decide which method is best for you.
When you want to see the car for yourself, then the live, in-person auctions are definitely for you. You can open up the doors, check out the interior and generally get a feel for what you will have to do to get the car up and running. The only problem with this is that you will have to pay cash and have a way to take it home.
Both ways have their advantages and disadvantages. No way is better than another. You simply have to look at your own situation and determine what’s best for you. The only thing that can be said is that you will likely have a bigger, better variety online simply because you can look all over the country as opposed to what’s just in your neighborhood.
What to Expect with an Insurance Auction for Autos
You have to know what to expect with an insurance auto auction. Not all of the cars are going to be in great condition. In fact, most of them will be in the worst shape you’ve ever seen. This is not where you go to buy your dream car - unless you’re handy and know how to do a lot of body work. When you buy a car from these kinds of auctions, you have to anticipate two things: one, it won’t run and two, it won’t look nice at all.
Money is going to have to be spent to get the car, truck or SUV running again. If these were perfect cars, the insurance companies wouldn’t own them - they’d still belong to the owner. This means you have to consider this when you’re placing your bids. Whether you want to buy a broken, beaten Mustang to turn it into a sofa or you want to buy an old Cadillac to set on fire for a movie, you have those options at an auction.
When you place a bid, you also have to realize that the price could go up. Set a limit of what you will be willing to pay - otherwise you could find yourself paying more than you wanted to. Know when to walk away. Some people will drive up the costs just because they want it.
All in all, these auctions can provide you with a great deal. Know what you want and how much you want to spend. The more you know about an insurance auto auction, the better car you can get for less.
What is an Insurance Auto Auction?
An insurance auto action is a car auction that is filled with different automobiles from insurance agencies. How did these insurance agencies come to have possession of the cars? Well, these are the ones that have usually been deemed as totaled in one way or another. They are completely repairable but they may not be the prettiest cars.
The cars from these kinds of auto auctions are usually what’s kindly called “works in progress.” They may have bodies that need a lot of work and they may or may not run. However, with a little TLC, they can get back on the road. They are the perfect project car for those looking to get a really cheap car and then invest a little here and there to make it better.
These autos are usually very cheap. Since they are used cars, they immediately have a lower value. In addition, they aren’t the prettiest vehicles to look at. Some have been smashed to the point that they are not recognizable. However, to the right buyer, they are a work of art. It’s like going to a junkyard to get the car without having to dig through all of the heaps of cars around them. You can find the car you want in a more orderly fashion and even have someone tell you a little bit about it.
Online versus In-Person Auctions
In today’s modern age, the insurance auto auction has evolved a bit. Back in the day, these auctions would be held locally at a salvage yard or a large parcel of land with a makeshift stage. The car would be driven, dragged or pushed in front of the auctioneer and a few words would be said. Then the floor would open up to take bids.
Those who were present at the auction could bid. The winner would pay cash and be able to take their vehicle back home, to the garage or anywhere else that they wanted to bring their chunk of metal, otherwise known as a car.
In today’s technology, however, it’s possible to attend an insurance auto auction without having to drive anywhere. There are now online auctions that are held by insurance companies. They post photos of a few different angles of the car, truck or SUV up for auction. Then they have a live auction where people can post bids. They limit the bidding time to 1 hour, 6 hours or even a few days. The winner is the highest bidder at the end of the bidding time. They can then pay by credit card and even schedule to have the vehicle delivered to them.
Which is better? When you want to participate in an auto auction, you have to look at a few different factors. Think about what you want to get out of it all. Do you want a really great car? Do you have the method of getting it back to your home? How do you plan to pay for it? Once you answer all of these questions, you will be able to decide which method is best for you.
When you want to see the car for yourself, then the live, in-person auctions are definitely for you. You can open up the doors, check out the interior and generally get a feel for what you will have to do to get the car up and running. The only problem with this is that you will have to pay cash and have a way to take it home.
Both ways have their advantages and disadvantages. No way is better than another. You simply have to look at your own situation and determine what’s best for you. The only thing that can be said is that you will likely have a bigger, better variety online simply because you can look all over the country as opposed to what’s just in your neighborhood.
What to Expect with an Insurance Auction for Autos
You have to know what to expect with an insurance auto auction. Not all of the cars are going to be in great condition. In fact, most of them will be in the worst shape you’ve ever seen. This is not where you go to buy your dream car - unless you’re handy and know how to do a lot of body work. When you buy a car from these kinds of auctions, you have to anticipate two things: one, it won’t run and two, it won’t look nice at all.
Money is going to have to be spent to get the car, truck or SUV running again. If these were perfect cars, the insurance companies wouldn’t own them - they’d still belong to the owner. This means you have to consider this when you’re placing your bids. Whether you want to buy a broken, beaten Mustang to turn it into a sofa or you want to buy an old Cadillac to set on fire for a movie, you have those options at an auction.
When you place a bid, you also have to realize that the price could go up. Set a limit of what you will be willing to pay - otherwise you could find yourself paying more than you wanted to. Know when to walk away. Some people will drive up the costs just because they want it.
All in all, these auctions can provide you with a great deal. Know what you want and how much you want to spend. The more you know about an insurance auto auction, the better car you can get for less.
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