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Answered 2007-01-25 09:47:05

Typically the value is 20% of the vehicle's value without salvage.

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What is meant by ground up loss in reinsurance?

The total amount of loss to the the ceding company prior to credits such as salvage or subrogation.

What is the worse that can happen by not telling your insurance company that the insured vehicle is salvage?

They will probably run a "carfax" or similar title search on the vehicle prior to insuring it. If they don't ask you the question, "Is this a salvage vehicle?" you don't have to volunteer the information. If something were to happen to the vehicle and it became a total loss you could face fraud charges if you claimed more than you paid for the vehicle in an insurance claim.

How much should you get if your car is a total loss and has a clean title but a previous salvage title?

Respective of the Vehicles title condition, You are entitled to fair market Value. Basically this means you are entitled to the amount it would cost you to purchase the same or similar type and condition vehicle. when you say has a clean title but had a prior salvage title, i am assuming you mean that the vehicle was repaired and inspected by your state and deemed no longer a salvage title? if that is the case then there would be no additionaldeduction for the 'branded' or salvage title which can lower a vehicles actual cash value anywhere from 25-50% whether repaired or not.........more details and perhaps i could be of more assistance......

What is the salvage value of a 1994 Toyota Previa?

you didn't say exact model, le-dx-dx all-trac, le, etc......nor did you mention the mileage.....straight 94 previa LE is worth about 4k (without benefit of mileage, prior damage etc)...salvage values (depending on condition prior to loss and amount of damage), on a vehicle this old (in Midwest anyway) would be somewhere between 250-1000.00 more info and perhaps i could be of more assistance.........

What are your options when a car is totaled?

When a vehicle is considered a "Total Loss' there are a few things you can do. If you have full coverage on the vehicle or if a third-party was the cause of the total loss then the insurance company will pay you the fair market value or retail value of your vehicle less any prior damage or other factors that may reduce the value of your vehicle. If they offer you a settlement then they will issue a check. You might have the option to retain the vehicle for salvage but they will reduce your claim by that value amount. If the car is totalled, it's totalled. You cannot title or register the vehicle normally after that point.

How does an insurance company determine the amount of money to give you for your car when it's totaled in an accident?

The insurance company will only pay the 'book' value of the vehicle as if it were in perfect condition unless damage prior to the accident was discovered and that damage will be deducted from the 'book value'.

What is the criteria to declare a damaged car a total loss?

544. "Total loss salvage vehicle" means either of the following: (a) A vehicle, other than a nonrepairable vehicle, of a type subject to registration that has been wrecked, destroyed, or damaged, to the extent that the owner, leasing company, financial institution, or the insurance company that insured or is responsible for repair of the vehicle, considers it uneconomical to repair the vehicle and because of this, the vehicle is not repaired by or for the person who owned the vehicle at the time of the event resulting in damage. (b) A vehicle that was determined to be uneconomical to repair, for which a total loss payment has been made by an insurer, whether or not the vehicle is subsequently repaired, if prior to or upon making the payment to the claimant, the insurer obtains the agreement of the claimant to the amount of the total loss settlement, and informs the client that, pursuant to subdivision (a) or (b) of Section 11515, the total loss settlement must be reported to the Department of Motor Vehicles, which will issue a salvage certificate for the vehicle.

What is the difference between a salvage title and certificate of salvage?

Salvage title means it is a "title" that can be ugraded into rebuilt/prior salvage depending where you live in America. Certificate of Salvage is not a title and can never be a title it is just a certificate saying that the MVA is giving you proof that you own this parts car or what ever it is. It is never allowed to drive on public roads even after you fix it. -The Muslim guy

In Iowa if a car has a prior salvage title is the registration the same price as it would be if it were a regular title?


Banks that offer car loans for salvage titles?

Few, if any will give you a loan. That's why it's best to either avoid high-priced salvage cars or buy older cars that have been totaled with cash - it doesn't take much to total an older car these days and the damage could simply be cosmetic. Some Prior salvage cars are even better than clean title. Prior Salvage and Clean Title difference is only that one title shows that the car was in accident and Clean Title will never show it - even if it was in worse accident. Like some say you will have problems with Prior Salvage Title, it is NOT true though.

If your vehicle is stolen prior to filing chapter 7 bankruptcy can you still file the remaining loan amount?

Yes... but make sure you get an attorney. It may get complicated.

Can you insure an automobile with a salvage title in the state of Missouri?

you can insure it sure, but i imagine you are wanting to know if you can get collision and comp coverage (covering damage to the salvaged title vehicle)...has it been repaired? some insurance companys (most really) will insured it but beware that those prior claims (and salvage title) will show up if another claim is reported, (to any company that does it's job by running searches on all vehicles in all claims) it is possible you could be paying a premium higher than the vehicle is worth....for instance, your premium is based on the yr/make/model etc (among many other underwriting stipulations of course)...but your's is worth about 60% of that due to prior damage/salvage title...and what you will get in the event of a total loss is the actual cash value of that vehicle......including any applicable deductions in value due to this salvaged title.....

Do you need insurance to prior to rebuilding a salvage car?

No as long as you do not owe any money on the car and you are not going to drive the vehicle. Before you get into this project you need to be aware that you will not be able to purchase physical damage coverage on the car even when it is rebuilt. You will be able to purchase liability coverage after it passes a safety inspection by your state. At least that's the way it works here. All safety features must be installed just like it came from the factory including all airbags that came on it. The reason for this is that the vehicle is worth far less with a salvage title than a vehicle that has a regular title.

How to de-pressurize antilock brakes prior to replacing disc brake pads?

Most vehicles can be depressurized by depressing the brake pedal about 40 times with the switch off. Check the service manual for your vehicle for the exact amount needed for your vehicle.

Can a car with junk title be sold in California?

Well. you gotta do something with 'em, right? I take it by "junk" you mean SALVAGE title. (h) (1) A salvage certificate issued under this section shall include a statement that the seller and any subsequent sellers that transfer ownership of a total loss vehicle pursuant to a properly endorsed salvage certificate are required to disclose to the purchaser at, or prior to, the time of sale that the vehicle has been declared a total loss salvage vehicle. (2) Effective on and after the department includes in the salvage certificate form the statement described in paragraph (1), a seller who fails to make the disclosure described in paragraph (1) shall be subject to a civil penalty of not more than five hundred dollars ($500). IF you mean REGULAR title and junk car, you should be able to sell "as-is" to the highest bidder. LOL

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

What is the statute of limitations on car loans Ohio?

You have 10 days prior to day of sale of vehicle to bring loan current. Lenders are permitted to collect late fees and recovery fees in addition to what you owe. They have to notify you 10 days prior to sale with the total amount owed.

How can you find out the salvage value of a totaled car?

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.

What does a prior salvage title on a RV mean?

It means the car was damaged and the costs to repair was greater than 75% of the RV's actual cash value.

Can you sell a vehicle that is on hire purchase?

Yes but only with prior permission of the lender.

What must the commander determine prior to granting access?

Reliability, Trustworthiness, Loyalty

Can a individual seller repossess his vehicle?

If they had the foresight to put a lien on the vehicle prior to the sale, yes. Otherwise, they'll be in for a lengthy court battle.

Can i get full coverage on a salvage title in Missouri?

If the vehicle has been repaired, inspected and approved by the Highway patrol, after resubmitting the title it will come back with ''prior salvage title'' rather than 'salvage title'. The vehicle is still worth some less than a vehicle with a 'clean' title. You could of course get a company that doesn't do it's homework to cover you, but beware not declaring this in the application for insurance is a dangerous thing. Also should a claim result this will come to light. Just be honest about it and you should be able to have coverage and not worry about 'if' a claim should come up.AnswerYes, you should be able to get insurance but salvage/reconstructed cars are worth roughly 60% of the value of a comparable clean titled car so if you ever crash or total the car again you will get less money as a payout so don't pay too much for the car in the first place and check with your insurance agent about specifics. Depending on the car's cost it might be best to just put liability on it. Salvage cars can be great deals, especially if you don't pay too much and plan on driving them into the ground! It is not complete truth. I have bought some Prior Salvage cars and was able to get full Coverage Insurance. When I was in accidents - I have got for a car as dealer price. I had Honda civic 1997 coupe. I had accident where only needed fender and headlight and a little of work. I have got $1000. Same thing happened on my Villager Van when I hit a deer.

What is a mortgage pre approval calculator used for?

Mortgage calculators are used to determine how much house one can afford. Prequalification lets one determine how much one may be allowed to borrow. This is often confused with pre approval, which is the amount one is already approved to borrow, prior to house hunting.

Why would show to have nonleaks prior to service?

By the stains in the area of the leak. If the vehicle had been leaking prior to service, then there will be dirty stains around the area. I there were no leaks prior to service then there will only be fresh fluid in the area.