Insurance Companies

1. 8 Responses to “How much do insurance companies pay for a re-totaled salvage car?”

2. By IGNACIO on Feb 23, 2009 | Reply

   SOLOMON

   Insurance companies seldom insure salvage title cars. They would likely pay nothing if they found out it had been totaled before.

3. By JULIUS on Feb 26, 2009 | Reply

   JAYSON

   I would think that an insurance co wouldn’t give full coverage on a salvage.
   If you were hit by someone not much $.
   A salvage salvage, lose it, it’s obviously has bad luck!

4. By NORMAND on Feb 27, 2009 | Reply

   FOREST

   Why in any sense of the word would you even think of buying insurance on a salvage car?
   It wouldn’t be worth one years premiums.

5. By MARC on Mar 1, 2009 | Reply

   LAMAR

   Auto insurance in most states pay ACV (Actual Cash Value) on a “total loss”. Since salvage vehicles are always worth considerably less than their non-salvage counterparts, most companies will not insure them for physical damage coverage, and those that do will endorse the policy with an agreed “stated amount” endorsement.

   However, since the other party is at fault, they are obligated to pay the fair market value of the vehicle. In most cases, you will be lucky to get 50% of the low Kelley Blue Book value.

6. By RANDALL on Mar 3, 2009 | Reply

   SANFORD

   Generally speaking, the value of the vehicle just before the loss, adjusted to condition. If you had just bought new tires, and put in a new stereo for example, they would adjust up. They may cite the salvage title as a reason to adjust downward, although it should not be a factor.

7. By OSVALDO on Mar 6, 2009 | Reply

   HOMER

   Market value, i.e; what the buying public would pay for your car prior to the loss. Face it, a rebuilt total isn’t worth very much no matter what condition it’s in.

8. By COLLIN on Mar 8, 2009 | Reply

   NIGEL

   If the company knows it has a salvage title, then you probably cannot get anything but liability on it. That would then mean your insurance company pays nothing as you don’t carry comprehensive or collision. If you have an accident where someone else is at fault and they find out about the salvage title they will not pay ACV. ACV is the price that you could find a similar car in the market. You can’t find a similar car when your car was already a total loss.

9. By GILBERT on Mar 11, 2009 | Reply

   ANTHONY

   If the car is totaled (again) and it was not your fault, the at fault party’s insurance will probably pay you something (basic transportation clause) but not much.

   You might also get some cash to rent a car for a BRIEF period of time.

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