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How do they determine the amount to pay for a total loss vehicle with a prior salvage title?
Wiki User
∙ 17y ago
Typically the value is 20% of the vehicle's value without salvage.
Wiki User
∙ 17y ago
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What is meant by ground up loss in reinsurance?
The total amount of loss to the the ceding company prior to credits such as salvage or subrogation.
What is the worse that can happen by not telling your insurance company that the insured vehicle is salvage?
They will probably run a "carfax" or similar title search on the vehicle prior to insuring it. If they don't ask you the question, "Is this a salvage vehicle?" you don't have to volunteer the information. If something were to happen to the vehicle and it became a total loss you could face fraud charges if you claimed more than you paid for the vehicle in an insurance claim.
How much should you get if your car is a total loss and has a clean title but a previous salvage title?
Respective of the Vehicles title condition, You are entitled to fair market Value. Basically this means you are entitled to the amount it would cost you to purchase the same or similar type and condition vehicle. when you say has a clean title but had a prior salvage title, i am assuming you mean that the vehicle was repaired and inspected by your state and deemed no longer a salvage title? if that is the case then there would be no additionaldeduction for the 'branded' or salvage title which can lower a vehicles actual cash value anywhere from 25-50% whether repaired or not.........more details and perhaps i could be of more assistance......
What is the salvage value of a 1994 Toyota Previa?
you didn't say exact model, le-dx-dx all-trac, le, etc......nor did you mention the mileage.....straight 94 previa LE is worth about 4k (without benefit of mileage, prior damage etc)...salvage values (depending on condition prior to loss and amount of damage), on a vehicle this old (in Midwest anyway) would be somewhere between 250-1000.00 more info and perhaps i could be of more assistance.........
What are your options when a car is totaled?
When a vehicle is considered a "Total Loss' there are a few things you can do. If you have full coverage on the vehicle or if a third-party was the cause of the total loss then the insurance company will pay you the fair market value or retail value of your vehicle less any prior damage or other factors that may reduce the value of your vehicle. If they offer you a settlement then they will issue a check. You might have the option to retain the vehicle for salvage but they will reduce your claim by that value amount. If the car is totalled, it's totalled. You cannot title or register the vehicle normally after that point.
How does an insurance company determine the amount of money to give you for your car when it's totaled in an accident?
The insurance company will only pay the 'book' value of the vehicle as if it were in perfect condition unless damage prior to the accident was discovered and that damage will be deducted from the 'book value'.
What is the criteria to declare a damaged car a total loss?
544. "Total loss salvage vehicle" means either of the following: (a) A vehicle, other than a nonrepairable vehicle, of a type subject to registration that has been wrecked, destroyed, or damaged, to the extent that the owner, leasing company, financial institution, or the insurance company that insured or is responsible for repair of the vehicle, considers it uneconomical to repair the vehicle and because of this, the vehicle is not repaired by or for the person who owned the vehicle at the time of the event resulting in damage. (b) A vehicle that was determined to be uneconomical to repair, for which a total loss payment has been made by an insurer, whether or not the vehicle is subsequently repaired, if prior to or upon making the payment to the claimant, the insurer obtains the agreement of the claimant to the amount of the total loss settlement, and informs the client that, pursuant to subdivision (a) or (b) of Section 11515, the total loss settlement must be reported to the Department of Motor Vehicles, which will issue a salvage certificate for the vehicle.
What is the difference between a salvage title and certificate of salvage?
Salvage title means it is a "title" that can be ugraded into rebuilt/prior salvage depending where you live in America. Certificate of Salvage is not a title and can never be a title it is just a certificate saying that the MVA is giving you proof that you own this parts car or what ever it is. It is never allowed to drive on public roads even after you fix it. -The Muslim guy
In Iowa if a car has a prior salvage title is the registration the same price as it would be if it were a regular title?
yes
What would you not research prior to purchasing a vehicle?
vehicle popularity
Which of these would you not research prior to purchasing a vehicle?
vehicle popularity
Banks that offer car loans for salvage titles?
Few, if any will give you a loan. That's why it's best to either avoid high-priced salvage cars or buy older cars that have been totaled with cash - it doesn't take much to total an older car these days and the damage could simply be cosmetic. Some Prior salvage cars are even better than clean title. Prior Salvage and Clean Title difference is only that one title shows that the car was in accident and Clean Title will never show it - even if it was in worse accident. Like some say you will have problems with Prior Salvage Title, it is NOT true though.
