Car totaled by hail. Keep or relinquish?

That is not now totalling a vehicle works. The insurance pays out the money and take the vehicle, hoping to make back some of that money by selling parts. When my 2017 Prius was totalled, I was given no option of keeping the vehicle.

 

A conventional body shop replaces bolt on pieces including hood, fenders, hatch sometimes doors and even seam sealed roof panels. Fillers only on unibody panels. Followed by a paint job.

PDR pops out the uniform hail dents without repaint. Higher skill but minimal parts equal much less cost.

 

Climate change is starting to be real......sike!

 

I had a totaled car from a collision a couple of years ago, and my son's car was totaled by hail last year. In both cases, insurance paid the value of the car, and we had the option to buy it back at a reduced value. My son did, I didn't.

Is this not what the OP is describing?

 

That would make more sense but I did not see buyback mentioned, just keeping the insurance money. I think I was not offered a buyback because it made little sense after my Prius was t-boned by a 4Runner/

 

Original post says, "They are offering me 7K plus, 1.4K salvage buyback." Not absolutely clear, but I interpret it as they are giving him $7000k for the value of the car and offering him the opportunity to buy it back for $1400.

 

Hows the rust? OIl consumption?

Too, your numbers may come up soon, in the 3rd gen head gasket lottery.

 

My Range Rover was totaled with hail...it had 12 small dings that wouldn't photograph. My Gen 2 Prius has about 13 small dings as well and I never filed a claim because I know they will total it. My brother in law is an insurance adjuster for Farmers... If you car is PAID OFF...they will just try and total it if they can... It saves them money in the long run. Hail is under comprehensive coverage..If you have a claim your insurance should NOT go up. I would take the money and buy the car back. $1,400 if you can drive it for 2 more years....is a bargin. IMHO Invest the money you get in a high yield savings account.or even in the top magnificant seven in a Robinhood trade account.
I've day traded for pocket money and have made $1,400 back on a $5,000 investment in 2 years. In the meanwhile you can save for a newer used car. I don't even see the minor hail damage anymore...I sold the Range Rover and rolled the profit into another Car with a low APR.
YMMV The used car market is brutal right now... is this your daily driver?