It depends on many aspects, however since it already has a salvaged total it will be significantly lessened than if it didn't already have a salvaged title. Your insurance company should be able to give you specifics as to why they are offering what they do.
Yes, any condition that caused the car to be totaled by an insurance company could cause it to have a salvaged title. A good hailstorm can do thousands of dollars of cosmetic damage resulting in a salvaged title.
Totaled vehicles which have been rebuilt generally have a "salvaged vehicle" title, or whatever it's called in your state. Vehicles with a salvaged vehicle title are by definition, not as valuable as the same vehicle with a clean title. If the vehicle is subsequently in another collision, the insurance company will not pay as much since the loss was not as great. Insurance companies only need to pay you for the actual value of the vehicle.
yes it is called a salvaged title
most insurance companies will insure a vehicle with a salvage title. As long as it is state certified.
Answerno.I have a car that is financed through a bank. I recently found out that it has a salvaged title and I am having problems with getting full coverage insurance. the bank along with me didn't know it was a salvaged title at the time so what can I do.
NOPE. Once a salavage always a salvage, though in some states it can be called "totaled/reconstructed".
There is no law against financing Salvaged Titles. It is just that most banks and credit unioins chose not to finance these vehicles. The problem is that there can be liability if the vehicle is for whatever reason unsafe, and you sometimes do not know why a vehicle was salvaged. It could be because of frame damage or other serious damage, or it could be for water damage (i.e., Katrina), or it could be that it was just stripped by a theif, and has been rebuilt and is perfectly good, but since it was totaled by the insurance company, it is "salvaged". Some lenders will lend against a salvaged title. But they will take off 40% of the value of the vehicle due to salvaged title. So if the vehicle is worth $10,000 as a regular title, a salvaged vehicle will be worth about $6,000. I believe SafeCo might be a source for insurance. Car Cash Loans in Los Angeles (www.CarCashAuto.com) will lend against salvaged titles, according to their representatives.
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.
a salvaged title on the car basically means the insurance company calimed the car as a total lost. either due to a major accident or theft. clear title means the opposite, the car has no problems on its history.
If you are keeping the car with the intention of repairing it yourself, you should be able to turn the title in to the DMV and get a non-highway title. Then when you have the car repaired, you will have to have the car inspected to show that it meets all safety requirements and get a "salvaged" title. The salvaged title will make the car harder to sell (unless you reduce the price well below blue book) and insurance companies will be reluctant to insure it. If it is an older car, some fairly minor body work could be enough to total it, and if the car still runs or minor repairs would make it driveable, I wouldn't do anything with the title. Just keep it registered and insured until you get it repaired. Unfortunately, every insurance company in the world seems to have access to every insurance claim, so they will still know it has been totaled, but you'll still have a normal title.
Typically you need a car with insurance to get a title loan. If your car is totaled, the loan company are entitled to that money since they hold the title for your car.
You could obtain a duplicate title from the DMV.