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A salvage title car is a car that has been declared a total loss by an insurance company. To be declared a total loss, the vehicle must be damaged to the point that the cost of repairs would be ...
A salvage situation arises when a shipowner accepts an offer of help from a salvor. To that extent, the arrangement is contractual, but it is not a contract for services with a pre-arranged fee (such as, say, a towage contract). Instead, the law provides that after the service is done a court or arbitrator will make an award taking into account:
The Kelley Blue Book automatically rates any salvage vehicle as "poor" and does not value it at all. [12] The value of a vehicle with a salvage title is generally 65-75% lower than the vehicle's estimated value. If the vehicle is rebuilt to a road worthy condition and has passed State inspection, the difference in price is 60-70% of "fair" KBB.
Salvage title vehicles won't get a high payout if they're involved in an accident, and you may end up paying more in insurance than you would for other vehicles.
Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a ...
Insurance companies may do this because it's not always possible to determine how badly a car is damaged — and how expensive the fix will be — before the repairs begin.