Insuring a Salvaged Car?

[niceguyeddie]

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

Very true about CA.

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.

[niceguyeddie]

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

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.

He heard reg fees are more expensive. If so, that sucks.

[Topless]

Very true about CA.

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.

but what is the blue book on a car with a salvaged title?

[Universal Elements]

but what is the blue book on a car with a salvaged title?

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.

[ChumpChange]

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.

The saying goes "it's now what you sell it for that makes the profit, it's what you buy it for."

[Cole Trickle]

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