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I have a salvage/reconstructed car right now with liability and comprehensive. Since a reconstructed car is worth roughly 40% less than a comparable clean titled car I …will be paid 40% less if the car is totaled again plus any credit for any verifiable upgrades (car alarm, new sound system, etc). Rates will not skyrocket, but you will be paid if you trash the car, so don't pay too much for it in the first place and make sure it is a good car - get a re-purchase inspection by a pro. Of course it is going to skyrocket.Not only will it go up but the amount paid to you in the event of an accident is not even worth paying the premiums of insurance at all.Who knows if you will even get paid by the insurance company.The rates are all a scam anyways just like new car prices.You should not buy a salvage titled vehicle anyways.There are a lot of things that can be wrong with the car that you are not made aware of and may cost you through the roof to get it repaired properly on top of the inflated rates for bad coverage you wont get. Vehicles with a "salvage title" are seen as being worth less (or worthless) compared to the same vehicle with a "clean title". This has nothing to do with the actual quality or condition of the vehicle itself (indeed, i have a couple salvage title cars which were a great bargain and very reliable). The insurance rates will most likely be approximately the same, but in the event of an accident and insurance settlement, the vehicle will be considered by the insurers as almost completely valueless. When it comes to salvage title vehicles (as with any used vehicle) buyer beware. When you purchase a repairable vech ( the decision between a parts only and repairable is the insurance co) In Mass prior to being able to register and insure the car.you must have it inspected by the State Police after its been repaired Once this has been done your good to go. As for the cars value, yes the title does state, "reconstructed" former salvage. When you insure the car, you pay the same rate for insurance as someone who has a clean title. If you paid less for insurance it would indicate that the car is worthless than another with a clean title. but the insurance co doesnt allow for that. if they try to pay don't settle they must pay you on the book value (minus any prexisting damage) Example; Car is stolen and recovered after 30 days, owner has been paid for the car, its sold for salvage but with a repairable title If the insurance company has a problem with paying a claim on a salvage car maybe, they should sell them for parts only All of the above is not necessarily correct. I guess different states have different laws. I drive a car that has a salvage title. I didn't have to have the vehicle inspected by the state police after it was repaired. I didn't have to have anyone look at the car. I have full coverage insurance on the vehicle, and I dot pay any more than I do for any of my other vehicles. Also, the car is the best, most reliable used vehicle I have ever owned. I have been driving it for over a year and I haven't put any money in it for anything other than upkeep and gas. Laws regarding salvage cars vary from state to state. A reconstructed salvage car is worth less than a comparable clean titled car (KBB doesn't ever value them) and insurance will likely pay you less for it if it's totaled again (how much so varies but somewhere around 40% less than a clean titled counterpart is a good guess plus credit for upgrades with receipts). Your insurance does not skyrocket, however. Keep in mind that none of this really matters if you paid a reasonable price for the car to begin with (say, 40% less than a comparable clean titled car), so should you total the car, you should get a fair cash out from the insurance company. I own a salvage/reconstructed car and just put comprehensive and liability on it since the car's not worth much anyway. But boy, it's the best car I've ever owned and it's been trouble-free! Only buy salvage cars that are at least 8 years old since it doesn't take much to total/salvage an older car since they're not worth much. Now some states salvage theft recovery vehicles - these make excellent purchases but again, they are devalued in the market due the branded title so don't pay retail for them even though there may be no damage whatsoever. Depending on your state, the vehicle may not be eligible for full coverage. Remember that a salvage title means that the car has already been declared totaled and most likely it was an insurance agency that did so. These vehicles have already been paid out to someone and a vehicle that was paid out as totaled will not be paid out again. Texas does not fully cover salvage vehicles. You can get liability coverage; you may get uninsured/under-insured bodily injury; uninsured/under-insured property damage might be available for vehicle contents. I've rebuilt/owned a number of totaled cars in Indiana. The rules do vary greatly from state to state. In Indiana anyone can rebuild a totaled car. All that is required is a police inspection for stolen parts. Illinois only allows licensed re-builders to rebuild cars. Sometimes the salvage brand seems totally random. All most all stolen recovered cars get branded salvage and mileage not actual. Here the brand can be removed with insurance company wavier on stolen recovered damaged less than a certain % of value as long as the title doesn't say mileage not actual. I've never had an insurance issue, but I've never made a claim. The insurance costs were the same as a regular car. I did have a buddy with a rebuilt Suburban that was stolen and never recovered. The insurance company would not pay full book value because of the branded (salvage) title. As I recall, he got about 20% under book value. Rebuilt cars can be a great value, but favor people who keep their cars for long periods of time. Usually the warranties are voided. They can be hard to sell because banks usually won't finance branded cars and people are skeptical. I've had no troubles selling mine, but they were nice cars 6-10 years old and worth less than $4000 when I sold them. A $10,000 rebuilt can be a very hard sell.
My insurance provider, Hanover, told me that they would only write liability coverage, and not full coverage on my truck that was flooded and totaled in New Orleans.
Answer Yes with some companies you can. As long as repairs have been made. It could affect the amount you would get paid in event of loss though.
in most states, even if a salvaged vehicle has been repaired it is still a 'branded' title...and thus worth less.......in the states i work in a fully repaired salvaged …title vehicle is worth anywhere from 30-50% less on a total loss, (reduces the actual cash value)........now, if salvaged vehicle say is worth 4k and damages are 1k, then they will repair the damaged portion......
When a car with only liability insurance and a salvaged title is totaled a second time what is the responsibility of the at faults insurance company as far as replacement?
Answer The title is irrelevant, they need to put you in equal transportation during the claims process and issue you a check based on the cars book value. … If they give you less then you feel is reasonable you do have the ability to negotiate. You better have logical well thought out facts tho. In other words, what will it cost to replace your vehicle with an equal to your vehicle?
Answer Liability, certainly. Comprehensive and Collision might not be worth what you would need to pay since they would only give you a fraction of the value of …the vehicle if you were in another collision and the vehicle were to be written off again.
It depends on many aspects, however since it already has a salvaged total it will be significantly lessened than if it didn't already have a salvaged title. Your insuran…ce company should be able to give you specifics as to why they are offering what they do.
What states can you get full coverage insurance on cars with salvage titles and what companies will insure these cars?
How can I get the most for my car if it has a salvage title but everything in the car was brand new including the engine and was declared totaled by the insurance company of the driver who hit me?
Have the car appraised.
If your car has a salvage title and is totalledstolen will the insurance company still pay blue book value?
The insurance company is required to pay the actual cash value (normally) of the vehicle prior to the loss. Get prepared to document what your vehicle is worth with… a salvage instead of a clean title. Don't expect to get more for the vehicle than you piad for it. Don't expect much at all if the salvage title was given after another insurance company already totaled the vehicle. Honestly - unless this was specifically addressed when you tried to buy comprehensive cover on a salavaged title vehicle, you are going down the road to a "bad faith" claim against an insurance company. (Arguement being - insured was charged full comprehensive rate for the vehicle in question based on value of a clean title, then when a covered total loss is presented, company pays value on a different basis) Check with a lawyer. If at all possible, try to address this when placing coverage, not at the time of a loss. Mark Walters, ARM AAI
In Texas you do.
A Geico agent told me that they will insure a car upon further review. He told me that I would first have to purchase liability insurance. Then I would have to email and fax …all the relevant documents/pictures regarding the car's damage and repair. Their services department will then decide if they will insure the car for full coverage. The department's contact information is different for each state, but I was able a good answer by calling 800-861-8380. Source: Geico agent
Some companies will let you buy liability insurance. almost none will offer full coverage. A salvage title means the car has already been totalled before.
Any agent should be able to help you.
I believe you can, but collision and comprehensive would be a total waste of your money on such vehicles and any responsible agent should inform you of that before agreein…g to sell you the policy. So while you can, you shouldn't!