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How does an insurance company arrive at salvage value of personal property?
Wiki User
∙ 8y ago
The have companies that will purchase damaged items of personal property or just about anything. They are in the business of repairing items are reselling them. The insurance company has lists of what they can normally sell damaged items for and this will result in a valuation.
Wiki User
∙ 8y ago
Wiki User
∙ 9y agoInsurance comanies use the average value of similar vehicles in your geographic area.
Just call a couple of salvage yards in your area and ask what they will pay for the damaged property. You will find it closely matches your settlement offer.
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Does the Federal Deposit Insurance Corp still exist?
Yes, it does. It is an arm of the federal government, and not truly "insurance". Instead, it is more in the nature of a bail-out fund that the government operates to make whole, to a statutory limit, depositors in failed banks. When the FDIC determines that a bank is failing, it may attempt to salvage it by appointing itself as a receiver to run it and get it back on its feet. If that is not possible, the bank will be liquidated.
Can a car loan be refinanced even if the car was totaled to get lower interest?
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
Is It Better To Buy Or Lease The Plant And Equipment?
At the positive note equipment leasing doesn’t tie up your money. The drawback of leasing – there is no resale or salvage value because you don’t possess the equipment or plant.
What is the formula of book value for double declining balance?
The Book Value formula for DDB isBV = FCIL - S dkDDBwhereFCIL is the Capital Cost Investment (excluding the cost of land)S is the Salvage valuedkDDB is the depreciation allowance using the Double Declining Balance method.
Can a credit card company garnish wages in the state of Michigan?
You will have to review the laws regarding the transaction in the state where the credit card was issued. I am inclined to say yes but your garnishment may be reduced due to certain criteria including what is determined by "disposable income" . They can do this only after obtaining a judgment against you for the amount due plus fees that are applicable in your state. Also, judgments may still earn interest in your state and you will be required to pay that as well. Usually you will be charged a fee by the constibule or court officer for his efforts in obtaining and monitoring the garnishment, again refer to the statutes in your state regarding wage garnisments. If you are being sued your best option is to speak to the creditor and try to settle the debt. Usually credit card issuers will accept 60% of the balance due and you can pay the settlement amount off on a monthly payment plan enabling you to salvage your credit. If you enter into an agreement of this nature get it in writing as you will be able to have a record of the deal and after it is complete get a settled in full letter. Keep it for 7 - 10 years as you may need to refer to it should the balance on the account get sold to a third party and collection attempts are made. The original creditor will be bound by your agreement and you will be able to validly dispute the claim. Salvatore Mattiaccio President The Lakeland Group, Inc. P.O. Box 20 Sparta NJ 07871 (973) 729-2372
What insurance company will give insurance on a salvage title?
Freeway insurance
Who decides the disposition of salvage in a property insurance claim?
Generally, salvage right belong to the owner of the property, Once you have been compensated for the loss, the property now belongs to the insurer, so they would have the salvage rights to it.
How do you find out why a campers title is salvage?
Answer: Salvage titles come from the insurance companies. Once an insurance company "totals" a vehicle, it becomes "salvaged". Take the ID number to your insurance company and have them run it to see if it is "insurable", best & quickest way and its free.
How do you declare the title of a vehicle you own as salvage?
can be done by insurance company at time it is totaled out by them
Why hartforddont want getsavlagevaulr fromsavlageyard?
I can't determine if you are asking about Hartford City or the insurance company. Insurance company's want maximum return on salvage so it goes to the highest bidder rather than sold to a salvage yard for what they pay.
Who owns the salvage in an auto accident?
Either the cars owner or the insurance company who paid for the totaled vehicle
How does boat insurance work?
Depending on the coverage you want, boat insurance can give you liability coverage (like what you have for your car). But boat insurance is much more complicated. You can get coverage for towing, salvage, and personal property, there is also protection against uninsured boaters, weather damage, fire damage. You can (and should) get you motor covered.
What is salvage?
Salvage can be defined as * property or goods saved from damage or destruction * save from ruin, destruction, or harm * the act of saving goods or property that were in danger of damage or destruction * the act of rescuing a ship or its crew or its cargo from a shipwreck or a fire The meaning of salvage varies according to the context used. Generally the term is used in the context of Insurance Claim. It means the recovery made by an insurance company by the sale of property which has been taken over from the insured as a part of loss settlement. It can also mean the process of protecting the contents of a building from fire, smoke and water damage. Tools used include salvage covers that are placed over furniture, preventing damage from water and debris.
What are car insurance auctions?
If you wreck your vehicle, the insurance company pays you off and you give them the title for the vehicle. The insurance company then turns around and sends the vehicle to an auction (usually for dealers and wholesalers only) and sell it. Most of the time a salvage company will buy the car for parts and the insurance company can recoup some of their money.
What is a restored salvage title?
it just means that said vehicle has been damaged and an insurance company has considered it to be damaged beyond its value. if it is a "rebuilt" salvage title then it can be used as any other vehicle on the road, it just may effect the cost of insurance.
If my car is considered a total loss by my insurance company can I sell the parts?
In the event of a insured total loss, the insurance compnay, not you, has the rights to the parts. This is called salvage rights.
What is the process after accepting salvage settlement from insurance company when car is in good running condition?
You must turn in keys and title to the insurance company once they have paid you for the loss - regardless of the condition of the vehicle. It is your choice to accept or not the settlement.
