by Guest » Sun Nov 30, 2008 05:24 pm
I have been researching and everyone says the same thing that salvage autos are worth less. I'm worried about the settlement because we have to buy another vehicle with the money, and I'm not sure if we are going to get enough to do so.
We also had the motor rebuilt about 4 months ago so our truck was in perfect running condition.
I can tell you that I will never buy another salvage titled car not even at half the retail. Its just not worth the stress.......
Dallas, Texas :x :x :x :x :x :x :x
We also had the motor rebuilt about 4 months ago so our truck was in perfect running condition.
I can tell you that I will never buy another salvage titled car not even at half the retail. Its just not worth the stress.......
Dallas, Texas :x :x :x :x :x :x :x
Posted: Sun Nov 30, 2008 03:53 pm Post Subject: insurance
I asked this, in another thread. I've never heard of a Salvage Title. Can someone please enlighten me? Thanks.
Posted: Sun Nov 30, 2008 05:47 pm Post Subject:
I've never heard of a Salvage Title. Can someone please enlighten me? Thanks.
SD a salvage title is a vehicle that has been totaled before and is back on the road, has either been rebuilt or was fine to drive etc due to it's age it totaled...I'm worried about the settlement because we have to buy another vehicle with the money, and I'm not sure if we are going to get enough to do so.
Well dallas, they don't owe you to replace your vehicle they owe you the ACV (actual cash value) of the vehicle you had...so (in your case) they owe the value of your vehicle minus any deduction for it's salvage title status....We also had the motor rebuilt about 4 months ago so our truck was in perfect running condition.
Have you told the adjuster this? If you can produce all the receipts, and certainly should be able to since it was 4months ago, some of that might add to the value...if the motor was truly rebuilt, then it will add some value...if just 'some' parts were changed it won't...it is expected a vehicle is in good running order when the value is determined..I can tell you that I will never buy another salvage titled car not even at half the retail. Its just not worth the stress
Well see that's the thing..you saved big on the front end you got it for a lot less than the same vehicle without the salvage title right? And that was your choice...so knowing you were paying less for it when you bought it for that reason (salvage title) why would you be surprised it is also worth less to everyone else, including your carrier?Posted: Sun Nov 30, 2008 10:22 pm Post Subject: insurance
Thanks for the reply, LORI. Totaled before AND back on the road?! How can THAT happen? If the car is 'totaled', I thought it was no longer driveable. Am I wrong?
Posted: Mon Dec 01, 2008 12:49 pm Post Subject:
If the car is 'totaled', I thought it was no longer driveable. Am I wrong?
yeah you're wrong, driveable or not has nothing to do with a vehicle being totaled...it's just pure economics...if it costs more to repair it than it's worth (ACV) minus salvage, or if it meets the state percentage law it's a total.Posted: Fri Dec 05, 2008 06:38 am Post Subject: clarification
a "totaled" car can be given an OK by a mechanic, reported as such to the DMV, and deemed safe for the road again.
Posted: Fri Dec 05, 2008 10:05 am Post Subject:
anoyo adjuster..this is state depentant entirely on what is required or allowed for a totaled vehicle to be back on the road..
Posted: Sat Dec 06, 2008 06:34 am Post Subject:
SD, the salvage title depicts that the car can't be driven legally on the roads by a driver till its repaired.
The car can be deemed as ‘total loss' by the insurance company, and therefore may need salvage title, if it has been damaged beyond repair in an accident, flood, fire or theft. The
Carfax store the report on the car which can be checked from their site. However a salvage title on the car will greatly reduce the value of the vehicle. This is one of the reasons why people avoid buying a vehicle with a salvage title.
Hope the information helps.
Posted: Sat Dec 06, 2008 06:44 am Post Subject:
if it costs more to repair it than it's worth (ACV) minus salvage, or if it meets the state percentage law it's a total.
Right so, and the total value threshold varies amongst the states, such as- Iowa may deem a car as totaled if the cost of repair exceeds 50% of the car's per-accident value. In other states the value may vary between 60% and 90%.
The state of Michigan has somewhat a confusing rule. The car with a salvage title in Michigan may not meet the state set threshold of ‘total loss'. In Michigan the car may earn a salvage title on it if it sustains damages worth of 75% to 90% of its initial value, but not necessarily be totaled. Now, the car will be declared total and will need the ‘scrap title' on it if the repair cost exceeds 91% value of the vehicle.
Confusing, huh! :?
Posted: Sat Dec 06, 2008 07:41 am Post Subject:
so knowing you were paying less for it when you bought it for that reason (salvage title) why would you be surprised it is also worth less to everyone else, including your carrier?
That's what the truth is...whenever we're buying a car we'd look at our pocket and forget the whole thing when we'd file a claim. Why do we buy cars with salvage titles when we already know the consequences!
I think its perfectly normal for different states to maintain different total value threshold keeping in mind the difference in road-risks associated with each state. PalinRome
Posted: Sat Dec 06, 2008 11:14 am Post Subject:
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In my personal opinion the "Economic Total Loss" system is badly flawed.
Lets say I have two automobiles. One is an old 1986 [insert your favorite brand here] with low mileage, clean, well maintained, one owner worth about $1600.oo.
The other is a new 2009 [insert your favorite brand here] worth about $80,000.oo.
One day I'm driving my old car and lightly bump a Deer. All cosmetic damage. fender, grille, headlamp. No structural damage of any kind. Repair estimate $1,488.26. No matter how much I protest the Insurer declares it a Total Loss. I love this old car and buy it back from the insurer. Have it professionally repaired [all OEM parts] beautiful repair.
One problem... since the insurer's [economic decision] Branded the title I have to spend extra time & money getting it re-titled as "reconstructed", lowering its value considerably. Even though this auto is titled reconstructed it has not in anyway been "reconstructed". For goodness sake it had minor deer damage and in no way is it dangerous or un-safe.
======================= - - - - On the other hand.
Let's say One day I'm driving my new car and someone runs a red light at a high rate of speed and destroys the right side of my car. The floor is buckled, the roof is buckled, and the car is bent like a Banana. Glass and Air-bag dust all over the place. Horrible looking mess. Repair estimate $42,720.68.
But... because of the automobiles High value, no matter how much I protest the Insurer refuses to declare it a Total Loss. Two months later I get my car back. Take it back to the repairer 4,5,6 times to fix things like Wind noise around passenger side door, dirt in the paint, handles a little funny, etc. I get tired of messing with it and go to a Dealer a hundred miles away and swap it for another new one.
One problem... (for someone else anyway) there sits my "Clean Titled" $80,000.oo car on the Dealers lot for Sale. Clean, Low mileage, etc.
And sooner or later some un-suspecting consumer is going to come along and Pay Full price for that car.
I don't know the answer, but, there has to be a better system to handle these all to frequent occurrences.
FK,
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