Are salvage bids legal in Texas? I had a tow yard owner tell me no.
Total Comments: 12
Posted: Thu Jun 19, 2008 04:01 am Post Subject:
Without any context to this question it's really a question of can someone buy salvage. The answer to that is, yes.
Posted: Thu Jun 19, 2008 11:13 am Post Subject:
Texas Appraiser good morning and welcome to the community...are you talking about when trying to determine if a vehicle is an economic total loss? Does the company that you work for have a salvage contract? Please expand on your question.
Posted: Thu Jun 19, 2008 03:59 pm Post Subject: Salvage Bids
The way it was explained to me, is that a towyard cannot bid on a total loss vehicle. That they are required to be moved to an Auto Auction (IAA, Co-Part, etc.), and the insurance company must pay the full storage charges, and salvage bids were not allowed.
Posted: Thu Jun 19, 2008 04:26 pm Post Subject: Salvage Bids
I need to confirm, as some out of state claims departments are requesting salvage bids.
Posted: Thu Jun 19, 2008 04:36 pm Post Subject:
I've never heard that about TX but I guess it's possible. what I can say is that some insurance companies won't entertain a bid from a towing company and _only_ use the same vendor, which is usually one of the larger auction companies such as the ones you mentioned.
I just can't see why TX law would state that a towing company could not buy a salvage vehicle and I _can_ see that an insurance companies _policy_ would be to only use their own vendors.
Posted: Thu Jun 19, 2008 04:37 pm Post Subject:
Well I don't know re: texas law...I do know that the way I (company I work for) handles it...I call IAA and ask for a bid on the vehicle, to figure out the total loss figures etc...HOWEVER...if it's a junk car...or the sal.bid is say 500 bucks...and the tow and storage on the thing is about the same or more, then I just (with the lots approval) sign the title over for the tow and storage fees. It would be stupid to pay 1k in tow and storage, then haul it to the auction and get 100 dollars for it...when I could at the lot negotiate signing the title over and no money exchanges hands...
Posted: Thu Jun 19, 2008 04:48 pm Post Subject: Salvage Bids
Any idea where I would find this information if it exists?
Posted: Thu Jun 19, 2008 04:53 pm Post Subject:
The information is coming from a towyard where I attempted to get a salvage bid.
Posted: Thu Jun 19, 2008 05:44 pm Post Subject:
Try the texas dept of ins web site...are you an independent? If so.. What are the rules of the company you are working for?
Posted: Thu Jun 19, 2008 06:21 pm Post Subject:
Yes, I am independent. The company the claim is through does not know the rules regarding this in Texas.
Posted: Thu Jun 19, 2008 04:01 am Post Subject:
Without any context to this question it's really a question of can someone buy salvage. The answer to that is, yes.
Posted: Thu Jun 19, 2008 11:13 am Post Subject:
Texas Appraiser good morning and welcome to the community...are you talking about when trying to determine if a vehicle is an economic total loss? Does the company that you work for have a salvage contract? Please expand on your question.
Posted: Thu Jun 19, 2008 03:59 pm Post Subject: Salvage Bids
The way it was explained to me, is that a towyard cannot bid on a total loss vehicle. That they are required to be moved to an Auto Auction (IAA, Co-Part, etc.), and the insurance company must pay the full storage charges, and salvage bids were not allowed.
Posted: Thu Jun 19, 2008 04:26 pm Post Subject: Salvage Bids
I need to confirm, as some out of state claims departments are requesting salvage bids.
Posted: Thu Jun 19, 2008 04:36 pm Post Subject:
I've never heard that about TX but I guess it's possible. what I can say is that some insurance companies won't entertain a bid from a towing company and _only_ use the same vendor, which is usually one of the larger auction companies such as the ones you mentioned.
I just can't see why TX law would state that a towing company could not buy a salvage vehicle and I _can_ see that an insurance companies _policy_ would be to only use their own vendors.
Posted: Thu Jun 19, 2008 04:37 pm Post Subject:
Well I don't know re: texas law...I do know that the way I (company I work for) handles it...I call IAA and ask for a bid on the vehicle, to figure out the total loss figures etc...HOWEVER...if it's a junk car...or the sal.bid is say 500 bucks...and the tow and storage on the thing is about the same or more, then I just (with the lots approval) sign the title over for the tow and storage fees. It would be stupid to pay 1k in tow and storage, then haul it to the auction and get 100 dollars for it...when I could at the lot negotiate signing the title over and no money exchanges hands...
Posted: Thu Jun 19, 2008 04:48 pm Post Subject: Salvage Bids
Any idea where I would find this information if it exists?
Posted: Thu Jun 19, 2008 04:53 pm Post Subject:
The information is coming from a towyard where I attempted to get a salvage bid.
Posted: Thu Jun 19, 2008 05:44 pm Post Subject:
Try the texas dept of ins web site...are you an independent? If so.. What are the rules of the company you are working for?
Posted: Thu Jun 19, 2008 06:21 pm Post Subject:
Yes, I am independent. The company the claim is through does not know the rules regarding this in Texas.
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