I bought a 2001 Impala which had a salvage title. I have paid collision insurance on it for the 3yrs.?

Question

I wrecked it and believe I have totaled it. When I spoke with my adjuster I told her it was a salvage titled car she asked how long I had collision on it. I told her since day one she said they usually don't insure salvage titled cars. I have been paying my preium never had a laspe. Are you suppose to pay more for salvage insurance or less? I believe they are going to give me salvage pay off but if I've been paying for clean tiltle price and the insurance company didn't look it up what can I do legally? I told my agent when I got the car that it had been totaled. I have never wrecked a car so I'm not sure what to do or what to settle for.

Answer 1

I've seen perfectly good cars totaled because of vandelism to the paint alone, so just because you have a salvage title doesn't mean your car isn't worth anything. Do you remember if they took pictures of the car when you insured it?  If so, I think they lost their opportunity to ask you if it had salvage title (how were you suppose to know you had any obligation to tell them..hey, they're the experts, aren't they?) and since they took your money, I think you have a good argument. There are so many "little" independent agents/subagents running around, that they sometimes forget to dot all the I's and cross the T's. See what a similar 01 with clean title is worth and work from there. I've had a few cars wrecked, the last one had a salvage title and it got that way because of 2 previous rear end jobs. They paid me $6000 for the first 2 wrecks and I got $4000 for the last one; and I still kept the car and drove it 2 more years with the trunk strapped down, It was a 94 Accord with over 350K miles on it. Everything's negotiable..Good luck.

Answer 2

learn to understand some basic knowledge of your confused field before accepting any suggestion is a great idea.Here is great place to get start.http://car-insurance.online-helpers.info...

Answer 3

The kelly blue book is around 6300.00 in exellent shape, so you should be looking for around 5700.00   Good luck !

Answer 4

Did  you  disclose to the Insurance company when you first insured it with them that is was a salvage car ?   If you did and Since they took your premiums for 3 years insuring it as a regular car, then I believe that they should not treat your payoff as a salvage vehicle.  If you didn't disclose it as a salvage vehicle, you may have to settle for a salvage vehicle settlement payoff and then negotiate a "premium adjustment (refund).  Get some private estimates as to value for both a regular auto and a salvage auto and then you will be in a better position to accept or reject their payoff offer

Answer 5

salvaged titled vehicles typically have been paid for once so insurance companies are less likely to pay out a second time even if it is a different owner.   The covered your vehicle so they will pay but the amount will be based on the salvage rate unless the company did their own vehicle inspection when coverage was started on the car.   Since you disclosed its title they will be responsible for the pay off.

Answer 6

The key here is she said, "Usually" don't insure salvaged titled autos. I'm not sure of the legal point, but I have argued with insurance company's and won. Because they took your money, I'd argue to death with them for a medium, which would be the current value of a 2001 Impala, minus some more depreciation. Seek someone in the insurance world to be your technical adviser, that way their not on their side. It may cost you some money, but worth it. I did and it paid off. Your key points here are; A- you told them it was a salvaged title. B- they charged you the premium rate. C- they accepted your money for such a long time. With these facts you should have a good case, if presented properly. Good Luck, John P.

Answer 7

The insurance company is only liable for the fair market value of the car. A salvage title car has a lower value than a clean car.