You can call some salvage or wrecking yards in your area and ask what they are willing to pay you for the totaled car. It is best to call several wrecking yards and then average the price they offer you. A reasonable estimate is 15-20% of the retail value of the vehicle at the time of loss. Keep in mind that a vehicle totaled due to front end damage will have a lower salvage value than the same vehicle totaled due to a rear impact.
A salvage yard will often pay you more than a scrap yard. It just depends on how badly damaged the vehicle is and what parts may be reusable. Salvage yards attempt to salvage usable parts that can be resold as is to body shops, mechanics and individuals and then the remainder is crushed and sold to be melted down. A scrap yard will generally only offer you based on the weight of the metal because they are just going to crush it all down to be sold as raw metal for recycle.
All insurance companies have different formulas and conditions for paying out on a total loss. For instance, I know of a few companies in Illinois that will formulate a value at time of loss based on the following factors: car's condition before the accident, current blue book value, current dealer re-sale prices, current salvage values, and current newspaper listing prices. Taking all these sources of info into consideration, it is difficult to say the least to compose a salvage value, until the actual time of loss, and after an adjuster examines the damaged vehicle.
There are some insurance companies out there that will not do what is right toward you, but the right companies will be fair and reasonable to you. For instance, I know that The Hartford asks you what the condition of your car was prior to the accident, the adjuster who goes out to look at the vehicle looks at any prior damage on the vehicle and any mechanical malfunctions. They then go on the market (Auto Trader is used commonly) and search for vehicles in the same category condition and base your vehicles value on that value. They then retain the salvage. I know however that if you choose to keep your salvage title, they take the market value of the car and subtract with the salvage value and that's the money you get along with keeping your car. The main point of giving you market value is so that you can go out and buy the same exact car in the same condition as your vehicle was prior to the loss. In conclusion, there are some fair companies out there. It's the consumers sometimes that keep trying to take more because they see a no fault auto accident as a way to make money.
If you think you are being low balled by the insurance company than you may invoke the policy section where disagreements about settlement value can result in an independent appraisal/mediation. You will have to pay half of the fee for this, though.
Depends on the car. If it's totaled and not driveable, probaby 10-20% of the value of a comparable clean car.
Yes, you have the right to retain you car at salvage price at time of settlement.
The cars are usually put up for bid and various salvage yards and independants bid on them. Highest bid gets the car.
Once a salvage always a salvage or totaled/reconstructed; you cannot legally get a clear title the brand will remain. A reconstructed and roadworthy salvage car is worth 60% of the value of a comparable clean titled car. If it's still salvage maybe 25% of the value of a comparable clean titled car.
That means that at some point the car was wrecked so severely that the cost to repair it exceeded 75% of the value of the car. The car was therefore totaled and sold to a salvage yard. The salvage yard sold the car to someone who repaired it and sold it with the required salvage title. You should have noticed the salvage title when you bought the car.
Some insurance companies will sell the car back to the owner. Others sell the totaled car to a salvage yard.
Unlikely. Most lenders will not loan against a "salvage" or "rebuilt" vehicle. The only time I've seen this done is when the loan is less than 50% of the "salvage" value of the car. For example, if the car in normal condition was worth $20,000, the salvage value would be about $10,000. A lender may be willing to loan $5,000 in this situation. Find out what car dealers don't want you to know at www.dealertricks.com
Any vehicle, whether a total loss or not, has a value. A totaled vehicle, of course, has a significantly lesser value (assuming the actual total loss has already been settled with the vehicle owner). This value can be anywhere from 5 - 25% of the pre-loss value of the vehicle. If you decide to keep a totaled vehicle after settling with an insurance carrier, they can legally remove the salvage value from your settlement. It shouldn't be much, and you can request that they actually get a salvage quote from a salvage yard. The idea behind this is that you can't legally profit from a loss. In your case, if your totaled vehicle has a salvage value, and you're keeping the vehicle, the insurance carrier must deduct that salvage value. Otherwise, you will get a full settlement, and still retain a vehicle with some value. But...try working with the carrier on what that salvage amount is going to be. Sometimes they'll adjust it to get the loss settled, since you never "really" know what the salvage value is going to be until the vehicle is sold at a salvage yard auction.
When a car is in an accident and the repairs exceed 75% of the car's value, insurance companies total the car out, pay the owner and take possession of the car. They then resell it (usually though an auction) as salvage. The title is rebranded as such so if the car is rebuilt buyers will know it's been totaled.
Get a new car. == If someone hit your car you will be paid the actual cash value of the car. If you totaled the car and had collision coverage you will be paid actual cash value, too.
yes- unless you agree to accept salvage as part of your settlement in which case the insuror transfers ownership to salvage company
If you want to keep a totaled car, the insurance company will determine the salvage value and deduct that from your settlement check. You can still get liability insurance (if there are no safety issues related to the damage), but not collision or comprehensive unless you have the repairs made.
Once a salvage title is given to a car it remains a salvage or totaled/reconstructed car. It will never legally have a clean title again. This assumes the damage was reported to an insurance company and they totaled/paid out on the car.
Nope. Not legally anyway. The best you can do is totaled/reconstructed' if the car is roadworthy. Once issued a salvage title a car can never be issued a clean title legitimately.
You bid on it just like the salvage yards. High bidder wins the car.
The value of a salvage vehicle is roughly 60% of the value of a comparable car with a clean title.
Have the car appraised.
The cost of damage to the car is greater then the street value of the car.
If the car is still salvage figure 20% of the value of a comparable running car and if it's been reconstructed around 60% of the value of a comparable clean titled car. check nada.com for appx clean titled value.
The insurance company tells you. The way they figure this out is by comparing the cost of repairs to the value of the car. If the cost is the same, or greater, the car is totaled.
A car is considered "totaled" if the cost of repairs is equal to, or greater than, the blue book value of the vehicle.
Assuming that you had collision coverage on your car, when it is totalled, the insurer pays the "actual cash value" of the car, less the collision deductible. This represents the market value of the car immediately before the collision. It takes into account make, model, mileage, condition, and other features. When the car is totalled, you will be given the option of keeping the salvage or letting the insurer keep it. If you keep it, the amount paid to you will be reduced by the value of the salvage. If you keep it the salvage and have the car repaired, sometimes you are allowed to obtain a "salvage title" from the motor vehicle authorities. If the vehicle, as rebuilt, is roadworthy, you will need to insure it as you would any other vehicle.
A salvage title means that the vehicle was declared as totaled for some reason. It does not mean that the frame was bent or anything more than an insurance company decided to pay the value of the car instead of paying to repair the car. Cars are salvaged by insurance company for a lot of reasons, but it's not necessarily because the car is unsafe or has frame/structural damage. Since cars are totaled when repair costs exceed 50-75% of the car's value (depending on what state you're in), an older car can be totaled for simply cosmetic reasons since they're worth less and easily totaled - even $2k in cosmetic body work will total an otherwise mechanically sound older car like a '95 Volvo or Honda . Now a newer car that's been totaled is a problem since it could have sustained over $15k in damages and that's major. It all boils down to why it was totaled/salvaged. Without a pre-purchase inspection by a pro I would not buy a salvaged car. If the car checks out don't pay more than 60% of it's clean-titled value.
Your question is unclear. Did the insurance company declaire the car that was insured was a total loss. After that they would pay you for the entire value of the vehicle and keep the car since they paid you for it. The insurance company can then sell the damaged vehicle at an auction and make up for some of the loss or they can let the insured keep it and deduct the value from the claim settlement. I am an insurance agent but not a claims adjuster. Your questions is indeed unclear but I am assuming your car got totaled and they paid you less, as though it was a totaled vehicle to start with. They might know something you don't. If you purchased the car in the last 18 months from a dealer or person who gave you a clean title, the car may have in fact already been totaled but they decided to not file a claim and instead fixed it themselves at a cheaper cost and passed the car (and clean title) on to you. Meanwhile, the insurance company might have totaled the car and reported it as such. Or, the car was totaled in another state, moved to your state (a process called titled washing) and got a clean title for the short term, long enough to resell the car with a "clean title" even though it was totaled. When you renew your registration the title will come up salvage. Did you run a Carfax on this car prior to purchase?
It means the car was wrecked, or flooded, so badly that it was sold for salvage. The cost of repair was 80% of the value of the car. The car was then bought by someone and repaired. Thus the salvage title. Run from this vehicle as fast as you can. == At resale time a salvage/reconstructed vehicle will net 60% of the value of a comparable car with a clean title. Cars are totaled when repairs top 75% of its real market value. An older salvage car can be a fine purchase since they are worth less and it doesn't take much to total them (even a little side swipe will total an otherwise fine car and it will drive fine). Avoid flood damaged cars as they can have a lifetime of quirky electrical problems. Don't believe the scaredy cats that say RUN from a salvage car--if the salvage/reconstructed car is in good condition and passes a pre-purchase inspection it can be a great deal.