My buddy is thinking about buying a salvaged truck. We started talking about ins.... Is it difficult to insure something with a salvage title? Can you get full coverage?
Printable View
My buddy is thinking about buying a salvaged truck. We started talking about ins.... Is it difficult to insure something with a salvage title? Can you get full coverage?
I did it for my son a few years back, and I had no problem.
I had a salvage title truck about 10 yeats ago. Insurance was never a problem with insurance. Have your buddy call his insurance company and ask.
sent using Tapatalk.
Not a problem but you can only get liability on it.Quote:
Originally Posted by niceguyeddie
Let's see the car
I bought one and just did liability, never tried to get full coverage, got it to run back and forth from vegas to havasu...
my car was salvage from cal because they changed the driver door....
I always pictured a salvage as a car that was a total wreck.... calif. is putting salvage titles on cars that have had pretty minor damage
Salvage title can be insured with full coverage.
Really? I tried when I had an Explorer with a salvaged title and they told me that they would only provide liability.
not sure about now but many many years ago I had a salvaged titled Mazda RX7 with full coverage insurance. Mine was a theft recovery that totaled it out.
my wife was looking at one with a salvage title, the ins. company said no problem insuring it but that if it was wrecked again they would only give a max of 80% of the value, a guy at work bought one when it was time to sell it he damn near had to give it away, I didn't let her buy the car anyway
Very true about CA.Quote:
Originally Posted by PLAYER
He called his ins co and was told that full coverage is available policy cost was very reasonable. However they will only offer 80 percent of blue book value if the car is ever wrecked or stolen. So I guess if you bought the car 20% under value to start with, it wouldn't be that bad.
That would be my biggest fear. Then again if you got a great price on the car and were able to get your use out of it maybe it wouldn't be that bad. You'd really have too look into all of that.Quote:
Originally Posted by Boatnaked
He heard reg fees are more expensive. If so, that sucks.
but what is the blue book on a car with a salvaged title?Quote:
Originally Posted by niceguyeddie
If you look at KBB with everything the car has on it, you should pay about 1/3 to no more than 1/2 for a salvage vehicle. If you pay more than 1/2 you will loose when you sell that car or wreck it. Another thing to consider is when you do eventually want to sell it, you will sit on that vehicle for some time until the right individual comes along - to get close to the price you want.Quote:
Originally Posted by Topless
The saying goes "it's now what you sell it for that makes the profit, it's what you buy it for."Quote:
Originally Posted by niceguyeddie
You should have no issues insuring a vehicle with a salvaged title as long as all repairs were made and the vehicle is safe.
Typically insurers will not pay more than 50-60% of actual cash value for a car with a salvaged title.
You don't get a discount or a lower insurance cost to insure said vehicle.
The only way a car is considered a salvage is when an insurance company had to pay 80%+ of its value (ACV) after a theft/flood damage/collision/etc....
I would be much more prone to buy a 3K 1990 jeep that was a salvage over say a 100K mercedes that cost 80K+ to fix;):)