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Home » Salvage Cars: Can You Insure Them?
December 9, 2023
Bargain Insurance Connection

Salvage Cars: Can You Insure Them?

What is a Salvage Vehicle?

A salvage car, generally speaking, is a vehicle deemed a “total loss” by its insurer. This happens when a car’s repair cost exceeds its actual cash value. The insurance company, following an accident or damage, makes this declaration. These vehicles are left with a “salvage” title, indicating their status – a tag that remains even after repair.

Purchasing and repairing salvage cars can be worth it, but the decision hinges on factors such as the extent of damage, repair costs, and the car’s potential post-repair value.

Can You Insure a Salvage Car?

Yes, you can insure a salvage car. Most insurance companies primarily offer liability coverage for vehicles with branded titles. This type of insurance covers damages caused by the vehicle’s driver, but not the vehicle itself.

However, comprehensive and collision coverage aren’t entirely off the table. Some insurers do offer these coverages for salvage cars.

To obtain these coverages, proof of the vehicle’s repair is usually required. This ensures the insurance company that the car is in a drivable and safe condition. Therefore, while it can be more challenging to fully insure a salvage vehicle, it is not impossible.

Insurance adjuster inspecting salvage car


Can I Keep My Vehicle After a Total Loss?

When an insurance company declares a vehicle a total loss, they typically retain possession of the car following claim settlement with the owner or finance company. This is a strategic move aimed at mitigating claim costs, as insurers often attempt to sell the vehicle to recoup some of the losses.

However, an often overlooked option for vehicle owners is negotiation with the insurance company about buying back their car at a reduced price. This option can present both benefits and challenges.

Salvage Vehicles For DIYer’s!

Purchasing salvage vehicles can be a rewarding endeavor for those familiar with car repairs. Insurance companies often classify older vehicles with minor damage as a total loss, presenting an opportunity for fixer-uppers. These cars, despite being ‘written off,’ can often be restored to a roadworthy state with a little know-how and elbow grease.

Furthermore, the low upfront cost of these vehicles can make them a worthwhile investment, especially for those looking for a cost-effective way to own a car. But remember, the decision to buy a salvage vehicle should not be taken lightly, it’s important to consider the extent of the damage, the cost of repairs, and the potential for resale.

Understanding Diminished Value of Salvage Vehicles

Salvage vehicles inherently bear a diminished value due to their past damage. Even after complete repairs, their resale value remains lower. In case of an accident, if you possess comprehensive and collision insurance, anticipate a lower claim settlement.

This reduction occurs primarily because of the vehicle’s documented past damage. It’s essential to understand this while considering the purchase and insurance options for salvage cars.

Purchasing a Salvaged Car

Salvaged cars can be bought at online auctions . Online portals offer a wide selection of vehicles. They provide detailed information about each car. On the other hand, local auctions give a chance to physically inspect the vehicles. It’s crucial to research thoroughly before making a purchase.

Where Can I Buy Insurance for a Salvaged Car?

Insuring a Salvaged Car with Bargain Insurance Connection

Bargain Insurance Connection offers auto insurance for salvaged vehicles. Residents of Missouri, Kansas, and Illinois can take advantage of this service. We provide both liability and comprehensive and collision insurance. Coverage is available cars with prior damage. It’s an ideal solution for those seeking to insure their restored salvage cars.

For a free quote call us at 816.453.7722 to request a quote below.

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Categories: Auto Insurance

Tags: Insurance for Salvaged Cars

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