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Ins. Co. Totals yer vehicle=automatic salvage title??

Discussion in 'The Lounge' started by mofugly13, Jan 13, 2005.

  1. mofugly13

    mofugly13 1 ton bucket of rust Premium Member

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    Let's say a vehicle I owned was backed into by a Semi making an illegal u-turn. Now, the insurance company for the trucking co. that owns the semi wants two quotes from two different body shops for repairs. Both quotes are above the blue book value of the vehicle. Can their insurance co. total my vehicle? If so, and if I buy it back, does it automatically get a salvage title, even if the damage was purely cosmetic?
     
  2. 82diesel

    82diesel 1/2 ton status

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    Depends on state, yes they can total it, only pay BB value plus sales tax and DMV fees.

    They subtract the scrap fee from the total if you want to keep the truck. DMV may or may not make you get a salvage title.
     
  3. mojo-jojo

    mojo-jojo 1/2 ton status

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    My brothers 89 extended cab just got stolen 3 weeks ago. Just got it back 4 days ago. It's a total but we have all the parts minus a windshield to fix it. Insurance company will pay for the truck but only let him keep it if he applies for a salvage certificate. The truck can only be used for parts. He got treated fairly $$ wise but we wanted to rebuild. He even asked if he could take less to get a clean title, they said no parts only. He bought it back for $80 just to get the drive train. This is State Farm Insurance in PA.
     
  4. darkshadow

    darkshadow 1 ton status

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    my k5 was writen off over 7 dollers, the aprasal i had when i got it ( 3 weeks befor) was 5500$$ and the repare cost 5507$$

    even though the estamit included things it dident need, and the insureance moron though my 4x4 was wrecked because some ass clown put the t case in N = gearclash i had to put out 1400 to keep the truck after it was all said and done.

    88 mint k5
     
  5. kennyw

    kennyw N9PHW Premium Member

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    You can still rebuild it and get a rebuilt title in most states. Would not be worth as much for resale, but as long as it passed inspection you can drive it on the road.
     
  6. Poohbair

    Poohbair 1/2 ton status

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    In Washington you USED TO be able to get around the rebuilt title issue... not sure if you still can or not. About 5 years ago all you had to do was get your rig inspected, get your rebuilt title... wait about a month, throw it in a drawer and go down and say that you lost the title and apply for a new one... takes about 6 weeks and would come back clean. Not sure if it still works, but it used to!!!
     
  7. mojo-jojo

    mojo-jojo 1/2 ton status

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    You're right, would not be worth as much at resale, trade in,or if something happened to it again. It was a nice truck, but not worth the investment if its not gonna bring book value. He just bought a 83 SUB, so thats the next project. May use the 350 F.I. from the 89.
     
  8. kennyw

    kennyw N9PHW Premium Member

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    Only problem is they can come back and sue you later to get their money back if you sell it to someone and don't disclose it was rebuilt. I've bought a truck before that came back as a rebuilt/salvage when I went to trade it in. I was pissed and made the dealer that sold originally it to me give me my money back and take the truck (state law there say's dealers are required to disclose that). I'm sure they went after the guy that traded it in to them as well.
     
  9. Hossbaby50

    Hossbaby50 3/4 ton status

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    My truck is on a salvage title after I wrecked it. The insurance company deemed it totalled and I got a check for $4700, which was what was left after I bought it back for $500. It got repaired for $2400 so I was ahead in my deal but I still have a salvage title. It doesn't matter to me as I never plan on selling the truck though.

    Harley
     
  10. 82diesel

    82diesel 1/2 ton status

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    btw I have not heard anything from the DMV about my truck and was told by a coworker of my dad who deals with the dmv a lot (car dealership paperwork) that the insurrance company cannot force you to turn in your title. Unless you get something from the dmv, you may want to forget about the title.
     

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