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When an insurance company deems your vehicle a total loss, you may receive a salvage title. This car title indicates that your vehicle has been badly damaged, usually after a major auto accident.
In such cases insurance companies declare a vehicle total loss and pay off the previous owner; [1] but, in others, it is issued only for losses due to damage. Under some circumstances, a salvage title denotation may be removed or replaced with a Rebuilt Salvage designation; [ 2 ] and cars imported to, or exported from, the United States may be ...
Even once rebuilt and inspected, a branded vehicle must retain a permanent record of its traumatic past. Vehicle title branding is the use of a permanent designation on a vehicle's title, registration or permit documents to indicate that a vehicle has been written off due to collision, fire or flood damage or has been sold for scrap.
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The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. [1] Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease, or life estate.
With an owner’s title insurance policy, the title insurance company will pay any outstanding loan balance as well as your equity up to the purchase price in the event of a successful claim of ...
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