by KJV1958 » Thu Dec 02, 2010 08:42 am
I had an accident and the insurance adjustor totaled the car. I will receive a salvaged title. I need to know how to proceed from here...How much insurance coverage to put on the vechicle...I have read most insurance companies will only insurance it to 50% of the market value? Are there competitive inurance companies who issue insurance ? I need to have my salvaged car pass the state inspection test on 12/15. If the autobody technican does not finish the repairs on ttime.. I will be fined for not passing the state inspection.Please tell me where I can find insuration onf comparative car insurance rates/Any help is greatly appreciated.
Posted: Thu Dec 02, 2010 08:49 pm Post Subject:
I have read most insurance companies will only insurance it to 50% of the market value?
Well, if you're paying full price for the insurance, then they better cover the full market value of the car. So if the car is worth $15,000 with a clean title and $10,000 with a salvage title, then they better cover it for $10,000, not some random arbitrary value like $7,500 or $8,064.12 or whatever. If they won't, then get your insurance somewhere else.
I have had a couple of salvage title cars covered by Allstate and have had absolutely no problems. In fact, we covered one car we bought for $9,000 and four years later they authorized nearly $8,000 in repairs when we were rear-ended. No 50% rule there! I later worked with Allstate adjusters when the car was totaled in a head-on (bad luck car) and they do not use a 50% rule (and admit that such a rule is completely bogus).
Good luck to you!
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