All of the above is not necessarily correct.
You can usually find Liability insurance for a salvage vehicle if you look around a bit. Most Companies will not offer you Full coverage for a salvaged vehicle. Some will offer liability only, Many will decline to offer any coverage at all declaring the vehicle as prohibited from the Insurers rate plan. This is because most Insurers consider a Salvaged vehicle to be inherently more dangerous than a non-salvaged vehicle. It is not going to skyrocket, but you may not be able to get collision or comprehensive coverage on it
does a seller have to tell you a car has been salvaged?
You will have to buy auto insurance on the care before you can transfer the title.
Title insurance is a specialized type of insurance that is not generally sold by insurance agents. It is usually provided by an attorney and underwritten by a title insurance company who specializes in this type of insurance. The title insurance company relies on statements and work done by the attorney when he does the title search and he has some liability for his work. You can't just decide that you want a title insurance policy anytime. It is usually done when you purchase a piece of property. I suppose that if you wanted to pay for a new title search you may be able to buy a policy at a time other than at closing.
Usually you can, you can buy it back from the insurance company for a "salvage" price, you will then have a salvaged title and wont beable to insure the vehicle with full coverage any longer only liability. Talk to the adjuster about it.
Yes. In most states, you can then buy the car back from them at a salvaged price.
A salvaged title means that the car was deemed a total loss by an insurance company. There are several reasons this could have happened. It is best to talk to the owner and find out exactly what happened and why they didn't get it fixed. Once you know what happened to the car you can start to see what you need to rebuild the truck. Also looks at this website for more information: http://www.ehow.com/how_6245022_buy-truck-salvaged-title.html The biggest problem with salvage cars, is to buy it most salvage cars resellers are scamers, the most difficult thing is to buy a car you can use site like http://www.autoauctionhelp.com/ and buy a car directly from dealers or insurance auto auctions, then you simply find a cheap body shop and you can save up to 50 % of the retail price. Good Luck
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No, Florida law does not require that title insurance be issued. The only requirement to transferring title, is that a proper deed be recorded. However, having said that, if you are buying a property from someone, title insurance is greatly recommended. Title Insurance is the only thing that protects you in the event you receive a fraudulent title, or you later find out that there are undisclosed liens or encumbrances against the title. I would never buy any property without the protection of a title insurance policy. If, on the other hand, your parents are transferring to you their property, and you already know the history of the title, title insurance would not be needed.
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
Cosigner just means someone who guaranteed the note. What's on the title? If the cosigner is on the title, he/she is entitled to half of the proceeds of a sale or insurance liquidation because it's the TITLE that determines the ownership, not who paid for it.
You can get that at any insurance company or any title and tag service.. this really isnt something you need to get or reccommended to buy.. waste of cash
Penn warranty company.
I think you are asking two different questions here. (1) Mortgage Insurance insures your life in order to pay off your mortgage if you die. (2) Title Insurance ensures that the company guarantees and will defend your title and deed to your house that it will stand a test in court if someone should ever challenge your ownership of the property. I do NOT recommend getting mortgage insurance. You could just as easily buy term life insurance for less money to do the same thing. I DO recommend getting title inusrance.
Yes. You still need to protect your investment.
Most insurance companies will not need a copy of the title. That's because we generally have our own means of verifying the title and ownership. If the company does request a copy of your title it is usually because when they went to verify the vehicle information with the state, it came back as a mismatch or a no hit.
You can't buy a real rocket ship, but you can make a model.
You need a license to produce title insurance, of course. Next, you need to find a company that is willing to either provide you with title searches, or buy into the records of another company, which can be very expensive. You have to get with the Insurance Commissioner to file rates and of course, you will have to be approved to issue policies with an underwriter. These are the main issues.
Title insurance is protection that ensures that you are the proper owner of the property and that if someone comes forward with a valid claim to a portion of your property, the title insurance company may have to pay that person the value of the claim. In buying real estate you have to make sure that the seller truly owns the property in full with no defects in title. The title insurance company reviews the land records to make sure of this. If the company states that the owner is the full owner, it backs its opinion with title insurance. Some title defects might not be covered though, but the lawyer helping the buyer will make sure that it is safe to buy the property.
ask the DMV
Go to the state Motor Vehicle office, where you would normally register a vehicle. There may be extra steps to take to get title for a salvaged vehicle. Don't buy cars without getting a title. EVER. If the car was stolen you may have to return it.
No, but if he owns a home he can buy his own insurance, or he can buy tenants insurance if he does not.
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
get a bonded title .. meaning you can buy a surety bond from your insurance company for the value of the bike ,then fill out the paper work from DOMV. they will help. Done it myself a couple of times and it works great.