What is a Salvage Title?
Title branding isn’t something that everyone is aware of but it’s an important field to know. Salvaged title vehicles can seem like a confusing topic at first but if you read up on the information from Insurance Navy’s website, you’ll be prepared. A salvaged car is one that receives enough damage that it would cost more to repair or rebuild the vehicle than what the car is worth. In other words, a salvage car is a “total loss” by the car insurance company.
According to Kelley Blue Book, the industry standard for a salvaged vehicle’s resale value is to deduct 20-40% of the vehicle’s listed value on KBB. This may be good news if you’re thinking about buying a salvaged vehicle, but not so much if you’re looking to sell it in the near future.
Salvage cars cannot drive on public roads and you may not purchase auto insurance for it as well. However, once a salvage car has been repaired, it may qualify for a rebuilt title which allows it to be driver, sold and insured.
If your insurance company declares your car a salvage, they will apply for a salvage certificate. Your insurance company will replace your car or offer you a cash settlement. In Illinois, you can only keep a totaled car if it’s been damaged by hail but is still safe to drive or if the car is at least 9 years old.
Do you need more information about salvage titles, purchasing a salvaged vehicle, or motor vehicle history reports? Our agents and customer service representatives are here to help with your insurance coverage needs. Call us today at 1-888-949-6289 or visit your nearest Insurance Navy location. For your convenience, Insurance Navy opens from 8 a.m. to 9 p.m. CST, 7 days a week.
Additionally, we can help you find a car insurance quote right on our website so you can get the best affordable rates today. Because we want to help you save money wherever possible, we offer our insurance quotes completely free of charge. By navigating our website, you can also inform yourself about many useful topics, such as why teen drivers typically pay higher car insurance rates than older drivers, which insurance premiums are important for homeowners to have, and who will repair a vehicle following a traffic accident.
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