0
If parked car receives very minor front end damage will insurance rates go up will there be a salvage title and will the value of the vehicle depreciate?
Your rates won't go up since it's not your fault your LEGALLY (right?) parked car was hit, assuming you have comprehensive coverage. They will total your car if the repair costs exceed 75% of the car's actual cash value. Not knowing anything about your car and the cost to repair it, I cannot say if it will receive a salvage title if you accept the settlement but your insurance company will let you know for sure. So, if the repairs are say, 80% of the car's value you may want to take a lesser cash settlement to keep the title clean or find a cheap repair shop. If they total the car and you accept the full amount of the car's actual cash value, you will have to sign the car over to them.
What else can I help you with?
How can you locate RVs totaled by insurance companies to purchase for salvage or retitle as a salvage vehicle?
CONTACT AN CLAIMS AGENT FROM LOCAL INSURANCE COMPANIES, THEY WILL TELL YOU WHICH WRECKER NOW HOLDS TITLE OF THE SALVAGE VEHICLE(S). THEN YOU CAN CALL THE WRECKER DIRECTLY
What to do or should know when your auto insurance salvages a vehicle?
In the U.S., Auto Insurance companies do not salvage a vehicle. If the vehicle claim is paid out as a total loss it is sold or auctioned off to a salvage or a junk yard. The junk yard may crush the vehicle for scrap metal value or salvage parts from the vehicle or even to re-title the car on a salvage title but this is totally up to the salvage yard or whomever the yard then re-sells the vehicle too.
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.
What is constructive total loss under engineering insurance?
In terms of motor vehicle insurance, when an insurance company writes a vehicle off, they have a dedicated salvage agent, who will give them back a certain percentage of its market value (pre-incident) for every damaged vehicle sold to them. If the cost to repair the vehicle is greater than its market value minus the percentage the insurance company receives, it is known as a constructive total loss (category D), as it is more economic for the insurance company to write the vehicle off than repair it. Equation: Cost to repair > Pre accident value - Salvage percentage return = Constructive write off
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
What is a salvage ticket?
its when 70% of a vehicle has either been damaged or wrecked, and insurance has classified it as a total loss. in some rare cases the salvage title could be issued to a stolen vehicle
Can you put insurance on a salvaged title?
most insurance companies will insure a vehicle with a salvage title. As long as it is state certified.
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 your insurance company says your car is a total loss but you want to have it fixed can they charge you a salvage fee to keep your own car?
Any vehicle, whether a total loss or not, has a value. A totaled vehicle, of course, has a significantly lesser value (assuming the actual total loss has already been settled with the vehicle owner). This value can be anywhere from 5 - 25% of the pre-loss value of the vehicle. If you decide to keep a totaled vehicle after settling with an insurance carrier, they can legally remove the salvage value from your settlement. It shouldn't be much, and you can request that they actually get a salvage quote from a salvage yard. The idea behind this is that you can't legally profit from a loss. In your case, if your totaled vehicle has a salvage value, and you're keeping the vehicle, the insurance carrier must deduct that salvage value. Otherwise, you will get a full settlement, and still retain a vehicle with some value. But...try working with the carrier on what that salvage amount is going to be. Sometimes they'll adjust it to get the loss settled, since you never "really" know what the salvage value is going to be until the vehicle is sold at a salvage yard auction.
Can you get full coverage on a vehicle in New York State if you have a salvage title?
Probably. Call Geico and see. I have gotten insurance on salvage cars I've owned.
Who owns the salvage in an auto accident?
Either the cars owner or the insurance company who paid for the totaled vehicle
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.
