What companies will insure salvaged title cars?
Many companies will but the policies vary from state to state even with the same insurance company.
45 people found this useful
I have a salvage/reconstructed car right now with liability andcomprehensive. Since a reconstructed car is worth roughly 40% lessthan a comparable clean titled car I will be p…aid 40% less if thecar is totaled again plus any credit for any verifiable upgrades(car alarm, new sound system, etc). Rates will not skyrocket, butyou will be paid if you trash the car, so don't pay too much for itin the first place and make sure it is a good car - get are-purchase inspection by a pro. . Of course it is going to skyrocket.Not only will it go up butthe amount paid to you in the event of an accident is not evenworth paying the premiums of insurance at all.Who knows if you willeven get paid by the insurance company.The rates are all a scamanyways just like new car prices.You should not buy a salvagetitled vehicle anyways.There are a lot of things that can be wrongwith the car that you are not made aware of and may cost youthrough the roof to get it repaired properly on top of the inflatedrates for bad coverage you wont get. . Vehicles with a "salvage title" are seen as being worth less(or worthless) compared to the same vehicle with a "clean title".This has nothing to do with the actual quality or condition of thevehicle itself (indeed, i have a couple salvage title cars whichwere a great bargain and very reliable). The insurance rates willmost likely be approximately the same, but in the event of anaccident and insurance settlement, the vehicle will be consideredby the insurers as almost completely valueless. When it comes tosalvage title vehicles (as with any used vehicle) buyer beware. . When you purchase a repairable vech ( the decision between aparts only and repairable is the insurance co) . In Mass prior to being able to register and insure the car.you must have it inspected by the State Police after its beenrepaired . Once this has been done your good to go. . As for the cars value, yes the title does state,"reconstructed" former salvage. . When you insure the car, you pay the same rate for insurance assomeone who has a clean title. . If you paid less for insurance it would indicate that the caris worthless than another with a clean title. but the insurance codoesnt allow for that. if they try to pay don't settle they mustpay you on the book value (minus any prexisting damage) . Example; Car is stolen and recovered after 30 days, owner hasbeen paid for the car, its sold for salvage but with a repairabletitle . If the insurance company has a problem with paying a claim on asalvage car maybe, they should sell them for parts only All of the above is not necessarily correct. . I guess different states have different laws. I drive a carthat has a salvage title. I didn't have to have the vehicleinspected by the state police after it was repaired. I didn't haveto have anyone look at the car. I have full coverage insurance onthe vehicle, and I dot pay any more than I do for any of my othervehicles. Also, the car is the best, most reliable used vehicle Ihave ever owned. I have been driving it for over a year and Ihaven't put any money in it for anything other than upkeep andgas. . Laws regarding salvage cars vary from state to state. Areconstructed salvage car is worth less than a comparable cleantitled car (KBB doesn't ever value them) and insurance will likelypay you less for it if it's totaled again (how much so varies butsomewhere around 40% less than a clean titled counterpart is a goodguess plus credit for upgrades with receipts). Your insurancedoes not skyrocket, however. Keep in mind that none of thisreally matters if you paid a reasonable price for the car to beginwith (say, 40% less than a comparable clean titled car), so shouldyou total the car, you should get a fair cash out from theinsurance company. I own a salvage/reconstructed car and just putcomprehensive and liability on it since the car's not worth muchanyway. But boy, it's the best car I've ever owned and it's beentrouble-free! . Only buy salvage cars that are at least 8 years old since itdoesn't take much to total/salvage an older car since they're notworth much. Now some states salvage theft recovery vehicles - thesemake excellent purchases but again, they are devalued in the marketdue the branded title so don't pay retail for them even thoughthere may be no damage whatsoever. . Depending on your state, the vehicle may not be eligible forfull coverage. Remember that a salvage title means that the car hasalready been declared totaled and most likely it was aninsurance agency that did so. These vehicles have already been paidout to someone and a vehicle that was paid out as totaled will notbe paid out again. Texas does not fully cover salvage vehicles. Youcan get liability coverage; you may get uninsured/under-insuredbodily injury; uninsured/under-insured property damage might beavailable for vehicle contents . . I've rebuilt/owned a number of totaled cars in Indiana. Therules do vary greatly from state to state. In Indiana anyone canrebuild a totaled car. All that is required is a police inspectionfor stolen parts. Illinois only allows licensed re-builders torebuild cars. Sometimes the salvage brand seems totally random. Allmost all stolen recovered cars get branded salvage and mileage notactual. Here the brand can be removed with insurance company wavieron stolen recovered damaged less than a certain % of value as longas the title doesn't say mileage not actual. . I've never had an insurance issue, but I've never made a claim.The insurance costs were the same as a regular car. I did have abuddy with a rebuilt Suburban that was stolen and never recovered.The insurance company would not pay full book value because of thebranded (salvage) title. As I recall, he got about 20% under bookvalue. . Rebuilt cars can be a great value, but favor people who keeptheir cars for long periods of time. Usually the warranties arevoided. They can be hard to sell because banks usually won'tfinance branded cars and people are skeptical. I've had no troublesselling mine, but they were nice cars 6-10 years old and worth lessthan $4000 when I sold them. A $10,000 rebuilt can be a very hardsell.
My insurance provider, Hanover, told me that they would only write liability coverage, and not full coverage on my truck that was flooded and totaled in New Orleans.
Answer . Yes, but according to my insurance company, Nationwide, they won't (and the rep I talked to said it was industry practice) cover comprehensive or collision- so you…'ll be covered for any liability to inflict on other people/property, but any damage to the car itself, or theft, won't be covered. Essentially, if the car is Salvaged, it has no value, so it won't be insured.. Answer . Shop around. I think Geico and Progressive will do more than liability but remember - a salvage vehicle that's been restored properly is only worth roughly 60% of the value of a comparable clean titled car - so, depending on the age and condition and value of the car it might be best to just do liability coverage.
Answer \nYes with some companies you can. As long as repairs have been made. It could affect the amount you would get paid in event of loss though.
in most states, even if a salvaged vehicle has been repaired it is still a 'branded' title...and thus worth less.......in the states i work in a fully repaired salvaged title …vehicle is worth anywhere from 30-50% less on a total loss, (reduces the actual cash value)........now, if salvaged vehicle say is worth 4k and damages are 1k, then they will repair the damaged portion......
When a car with only liability insurance and a salvaged title is totaled a second time what is the responsibility of the at faults insurance company as far as replacement?
Answer . \nThe title is irrelevant, they need to put you in equal transportation during the claims process and issue you a check based on the cars book value. If they giv…e you less then you feel is reasonable you do have the ability to negotiate. You better have logical well thought out facts tho. In other words, what will it cost to replace your vehicle with an equal to your vehicle?
Answer . Liability, certainly. Comprehensive and Collision might not be worth what you would need to pay since they would only give you a fraction of the value of the vehi…cle if you were in another collision and the vehicle were to be written off again.
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 com…pany should be able to give you specifics as to why they are offering what they do.
What states can you get full coverage insurance on cars with salvage titles and what companies will insure these cars?
How can I get the most for my car if it has a salvage title but everything in the car was brand new including the engine and was declared totaled by the insurance company of the driver who hit me?
Have the car appraised.
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 salvag…e 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
In Texas you do.
Some companies will let you buy liability insurance. almost none will offer full coverage. A salvage title means the car has already been totalled before.
Any agent should be able to help you.
I believe you can, but collision and comprehensive would be atotal waste of your money on such vehicles and any responsibleagent should inform you of that before agreeing to… sell you thepolicy. So while you can, you shouldn't!