by mswatson27 » Mon Aug 10, 2009 09:29 pm
How would an insurance company determine the value of a vehicle that was previously salvaged and then rebuilt? I am considering purchasing a van that was hit by a tornado. It didn't suffer any mechanical damage, but it had lots of body damage that has been repaired. I don't want to pay an amount that could be two or three times what the insurance company would value it at.
Posted: Tue Aug 11, 2009 10:33 pm Post Subject:
How would an insurance company determine the value of a vehicle that was previously salvaged and then rebuilt?
All companys are different, but the two I have worked for (over 20 years) the rep is required to do a market survey. They call three or more good used car dealers, and ask, 'what would you ask for this vehicle? Now what would you ask for it if it had a prior salvage title?" In most cases (depends on the yr/make/model) I'd say 25% off the ACV is about average.I don't want to pay an amount that could be two or three times what the insurance company would value it at.
Do your own market survey as I've explained and see what the average cost would be. Also all carriers will not allow a prior salvaged vehicle to carrier comp and collision.Posted: Tue Aug 11, 2009 11:58 pm Post Subject:
Okay. Thank you. I already know that the insurance company I have right now won't let me have full coverage on it, just liability. I'll see what I can learn about the value.
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