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How can you obtain collision and comprehensive auto insurance on a vehicle with a salvage title in NJ Can you insure it under your homeowner's policy?
Wiki User
∙ 7y ago
Homeowners insurance does not cover vehicles used on public roads.
It should not be a problem. Geico insures salvage cars, as do most insurance companies. Just remember the car is worth less as a salvage if it's re-totaled the actual cash value of the car is about 40% less than a comparable clean titled car. And it's easier to re-total the car a 2nd time since it's worth less, so minor damage may re-total it. Lesson: don't pay too much for salvage cars and don't get in an accident!
**14Jun11- Just called Geico and they said will insure my Salvage Title here in New Mexico, but will also allow me to add Comprehensive to the policy.
The company I am currently with will also insure the vehicle for liability but WILL NOT insure for comprehensive.
The choice is to go without comp or switch companies. You decide!
Wiki User
∙ 7y ago
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Is full coverage insurance worth paying on a salvage car?
Usually not, collision and comprehensive only pay based on pre-accident value of the car, which for a salvage is very little if anything. You will need liability and it might be useful to have uninsured motorist.
Can you get insurance on a car with a salvage title in Georgia?
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.
What happens to a car that's declared totaled by the insurance 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.
Can you have full coverage insurance on a salvage vehicle?
Yes, but remember it's only worth 60% of a comparable clean titled car so make sure it's worth buying collision and not just liability/comprehensive.
When a car has a Salvage Title can you get full insurance coverage on it in California?
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 agreeing to sell you the policy.So while you can, you shouldn't!
Will Allstate insure a salvage rebuilt vehicle?
Perhaps for liability only but not for Comprehensive and Collision Coverage. It also depends on the state you are in and whether or not the Department of Public Safety allows such to be registered.
Can you put full coverage insurance on a car with a salvage title car in Minnesota?
On every auto application, there is a question will ask: "Does the vehicle have a salvaged or branded title?" If this is the case, you will not be able to put full coverage, (comprehensive and collision coverage) on the vehicle. Sometime you can get special exceptions from your insurance carrier to get the full coverage put on if all damage was repaired. It is much harder to get full coverage on a salvaged title vehicle.
What insurance company will give insurance on a salvage title?
Freeway insurance
Do you need to still pay insurance when your car is totaled?
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.
What is Insurance Auto Auctions?
Insurance Auto Auctions is a large salvage auto auction based in North America. The company allows buyers access to bid on and acquire total-loss vehicles, such as those recovered from theft or rental vehicles damaged by a collision.
How does a salvaged title effect the value of your vehicle?
AnswerHaving a salvaged title usually means that an insurance company has determined that it was a total loss from a collision. This will significantly reduce the value and insurance companies will be reluctant to provide collision/comprehensive coverage. If you know and trust the person who rebuilt the vehicle, it can be a good deal but if the rebuilder didn't know what he was doing, it probably won't. AnswerA car is totaled/salvaged when an insurance company determines the repair costs exceed appx 75% of the car's actual cash value (percentages vary from state to state). A salvage title car that is restored and roadworthy is worth 60% of the value of a comparable clean titled car. If it's still salvage/unrepaired maybe 25%. Buying a salvage car is just like buying any other used car. Have it inspected by a pro and if it checks out and is cheap enough buy it! Keep in mind that an older car is easily totaled by insurance companies since they're worth less. A new car with a salvage title could mean its damage exceeded $15,000 and that is major
Can you insure a vehicle with a salvage title?
Yes and no. Insurance companies, as a general rule, will not provide full coverage insurance for vehicles with salvage titles they will however provide liability only insurance.
