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In the state of Michigan, the issuance of a salvage title does not mean that the vehicle is also deemed a total loss. [6] Michigan issues a salvage title when the damage equals 75-90% of the pre-damage value; if the loss is 91% or greater the vehicle is eligible only for a "scrap" title, which cannot be subsequently upgraded by any means.
Unbroken windshields and windows may also be removed intact and resold to car owners needing replacements. Some salvage yards will sell damaged or wrecked, but repairable vehicles to amateur car builders, or older vehicles to collectors, who will restore ("rebuild") the car for their own use or for entertainment, or sometimes for resale.
In insurance claims, a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value, and simply replacing the old property with a new equivalent is more cost-effective. [1] [2] Such a loss may be an "actual total loss" or a "constructive total loss".
Car insurance premiums in America are through the roof — and only getting worse. But less than 2 minutes can save you more than $600/year 5 minutes could get you up to $2M in life insurance ...
For instance, if your car's value has dropped to $25,000 but you still owe $30,000 on your loan, gap insurance would cover that $5,000 difference if your car is totaled or stolen.
Carfax estimated that as many as 212,000 vehicles were damaged after Hurricane Ida last year, on top of the 378,000 flood-damaged vehicles that were already on the road nationwide at the time ...
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