by Guest » Tue Mar 18, 2008 05:32 am
I have friend who bought car with salvage title, not knowing much about that type of thing, other than thinking they got a great deal on the buy. She was in a small accident recently and it might turn out to be a total loss (at least one air bag blew, plus dented fender, etc.)
How will having a previous salvage title impact the settlement (and they think they want to keep the car) ? What should they be asking the insurance company ?
How will having a previous salvage title impact the settlement (and they think they want to keep the car) ? What should they be asking the insurance company ?
Posted: Sat Mar 22, 2008 02:46 am Post Subject:
Surely the above would include a DMV search checking for Traffic Violations like Speeding, Reckless driving, License Suspensions, DUI's, Titles Status, etc.
All of those mentioned above are information we gather from the DMV except for the Title status. Title status is not a traffic violation. Driving records do not require a VIN to be obtained. The rating and prior claims on the vehicles are the only reasons a VIN is needed, other than identifying the vehicle to be insured. I'm not sure how it is set up in most states but the DMV and the auto registration office are two different entities in Texas.
Wouldn't the claim information itself show some, all, or any of the things like Severity, Area of impact, Personal injury, Cost of repair, Total loss??
Generally, if a claim does show up under a VIN, all we see is the amount paid out, date of the claim and the type of claim. These records also only go 3-5 years back. So if a car was salvaged before that time or the claim did not show up, we would have no way of knowing.
The above part could be a little Sadistic..!
A person what's to keep their automobile and jump through all the hoop [ which includes the expense of getting a "Salvage Title" ] to keep it. Pay out of pocket to have it repaired. Just to find out it was a waste of time & money because they can't get it insured to be legal to drive in the United States??
I didn't say they couldn't be legal to drive in the US. As you outlined, comprehensive and collision cannot be purchased through the companies that will write salvaged vehicles. Liability is required by law, not physical damage coverage. Also, I did not say ALL companies consider salvage titles as ineligible vehicles.
I think the point that is being made is, we, as agents, do not have a very good system of addressing the issues of salvaged vehicles and unfortunately, when it does come time to pay out a claim, some people are left with an upsetting surprise.
I would be for having all information available to me ahead of time so I could fully address everything with my client at the time the polcy is written. Unfortunately, as complicated as a policy can be, adding the fact that I cannot possible address every possible scenerio that can arise, the system can seem a little cruel at times. That's why I always ask that people feel open enough with me to disclose everything they know and ask as many questions as possible.
You'd be amazed to see how many people try and get away with giving me as little information as possible and expect me to truly insure them properly.
The best statement I think I've had on this subject is, "I have a couple tickets or accidents, why do you just run my driving history and see what comes up."
Many people are afraid that if they tell too much, it can hurt them, whereas most of the time, I can pick out something that can save them money or protect them from something that may be an exposure.
Posted: Sat Mar 22, 2008 10:33 am Post Subject:
Didn't you state that you have had many Rebuilt automobiles for personal use!! Didn't you insure them?
Yes, I did and yes they were insured, but no physical damage (collision or comp) coverage, just liablity.I know I have, and they've all had Comp. & Collision coverage. (the insurer is not a high risk insurer)
I know your agent knows but maybe your underwriting dept doesn't or maybe your company will insured (coll/comp) on prior salvaged vehicles...I agree that should be one of the questions...is this a prior salvage titled vehicle? But as stated many carriers will not allow coll/comp for those vehicles...I'm with ya' on this Fred, re: the premium....you know what would be a good experiment is for you to call your companies 800 number and say you are shopping for insurance and openly tell the party on the other end that your vehicle has a sal.title and ask them if they will allow coll/comp on it...not that the party on the other end is gauranteed to give you acurate information....but just as a test...to see......as I said if you have a loss you will have coverage since you have paid for it, but your vehicles will definately have a lower ACV, in the unfortunate event that they total...and of course they total quicker due to the lower ACV
Posted: Tue Mar 25, 2008 11:41 pm Post Subject:
Sorry I;m just getting back to you Lori. No my husband ran our lawn tractor into my brothers truck. My brother is the one with the R-titled truck. Looked back at my post and it was confusing..oops.
Posted: Tue Mar 25, 2008 11:50 pm Post Subject:
THANKS...that makes more sense... :wink:
Posted: Wed Aug 19, 2009 01:08 am Post Subject:
the same thing happened to me,i had a 2003 nissan altima and this lady pulled out in front of us,her insurance company only wants to give us 3000.00 for my car i can not replace the vehicle for this not even one with a salvaged title.i am seeking advice now.but i know it will be a long process,and i am without a vehicle. i have to take the rental back tomorrow,and because i only had liability my insurance company wont help me.anyone have any ideas or think this is a fair price?
Posted: Sun Sep 19, 2010 07:11 am Post Subject:
it is really not a good idea to buy a car with a salvage title on the first place if you wanna avoid all this worries.
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Posted: Sun Dec 19, 2010 07:37 am Post Subject: ACV of vehicle with salvage title
I read all of this with interest because I find myself in this position. Two years ago I bought a car with 340 miles on it. It was like new, but had a salvage title. I searched a long time for it, and had it thoroughly inspected before I bought it. The other day some clown rammed me from behind while I was stopped in traffic. Now I guess I'm looking at not being made whole. No way I'll be able to replace what I have if they devalue my car to 50% of what a clean title car will get on the market. It's a crappy deal. First I'm without the use of a car for a while, and then I don't get enough money to replace what I had.
Posted: Wed Dec 29, 2010 04:08 pm Post Subject:
No way I'll be able to replace what I have if they devalue my car to 50% of what a clean title car will get on the market.
Sorry I did not see this sooner. The salvage title will only affect the value of a total loss. If your vehicle was repairable, the full value of the repair will be paid as long as it does not exceed 75%-80% of the value of the vehicle. Although it will have less value than a similar vehicle without prior damage, a salvage vehicle is not automatically devalued by 50% -- it just means that it was previously declared a total loss and the insurance company chose not pay to repair it.
It's a crappy deal. First I'm without the use of a car for a while, and then I don't get enough money to replace what I had.
Unfortunately, for most people, a total loss never results in getting enough money to replace what they once had. A new car is worth up to 30% less the moment it leaves the dealer's lot registered to someone else.
Posted: Sat Apr 23, 2011 01:58 am Post Subject:
Car hit on 1/23/11 and been in shop until 04/22/11 for repairs. Thought things were great until notified on 04/21/11 by Allstate who accepted the liability that the car now was considered totaled. They missed the intial estimate by 50% and are trying to lay the blame on my shop for not keeping them abreast of additional cost. Now I am offered a totaled price or can keep the car for about half that amount and received the other half but will have a salvage title. Would like anyone to give an opinion of what to do. As a male, I am getting a small understanding of what it's like to be raped.
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