Salvage title?

Question

Im an idiot when it comes to insurance and things like this....If you were to buy a wrecked car (like a recent model) from someone that has a salvage title, would your insurance company help cover the costs to repair it? I would guess not otherwise people with wrecked cars would get them fixed instead of sell them. But I have no idea. I someone could tell me how salvage titles work I would really appreciate it.

Answer 1

No.  A salvage title is what is put on a vehicle that costs more to fix than the worth of the vehicle.  In fact, if you do buy a car with a salvage title, you will be lucky to find an insurance company that will be willing to cover it.  If you do find one they will not give you full coverage including collision.

Also if you are in a no fault accident, the other insurance company will reduce your payment by as much as 50% because of the salvage title.

That's why most people avoid salvage titles unless they are simply looking for parts.

Answer 2

Salvaged title is when someone buys a vehice that an insurance company had totalled.

Salvage means it is need of repair and no insurance will not cover those repairs. You also may not be able to insure the vehicle for physical damage to it itself. You would only be able to carry liability only.

Salvage pretty much means you salvaged it from the junk yard.

Answer 3

Nope.  That salvage title means, an insurance company already paid out, the whole amount that the car was worth.  They only pay out once.  

So if you buy this, you have to fix it up out of your pocket.  You can't register it, until after it's been inspected, and found roadworthy - then you turn in the salvage title, and get a rebuilt title.

Answer 4

A title is branded salvage when the vehicle has incurred a serious amount of damage and the costs to repair the vehicle are more than the value of the car. Generally a salvage title is issued when 60% of the car's value has been lost. Once a salvage title, always a salvage title. A salvage vehicle has far less value than the same car, without the brand. Many salvage cars will have chronic problems, especially if wiring or flooding is involved. Many insurance companies won't insure a salvage vehicle. The reason.....because the car has been previously paid off by an insurance company and hasn't the value. I would never purchase a salvage vehicle, I bought one unknowingly once and it cost me tons of money, frustration, and sat in the garage most of the time, while I paid full insurance and payments on it. I titled vehicles for years and have heard horror stories of people dealing with salvage vehicles. Don't make this purchase unless you are willing to drop some cash and have a good bit of knowledge about car repair.