I was rear-ended and it is an obvious total loss. The other driver's insurance company will pay me the car's market value, but will I be GUARANTEED the option to buy the salvage of the car? The car has expensive aftermarket parts that I would like to remove.
I live in California.
2006-07-13 04:28:44 · 10 answers · asked by mikeygp4 2 in Cars & Transportation ➔ Insurance & Registration
No, that is optional with the insurance company. Some states mandate that a salvage or junk title be issued when a vehicle is written off. A junk title cannot be put back on the road and often can only be transferred to a licensed junkyard.
You should contact the insurance company about either paying you the added value for the after-market addons, or be given access to it so that you can remove them.
If the insurance company allows you to keep title to the vehicle, they will only pay you fair market value, less the salvage value as it currently sits.
2006-07-13 05:26:51 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
In Ca you can "buy back" or "retain salvage"
depending on your policy
they will pay your "actual cash value" vehicle less your deductable and less the value of the salvage (what the insurance company can sell the car to wrecking yard for)
$5000 acv
- 500 ded
- 500 salvage
= $4000 pay out not inc taxes and dmv reimb
so keep the salvage, strip it and call your local wrecker to p/u the car
to put in the car back on the road is different, same pay out, now you must negotiate with a bodyshop to fix the car regardless of what you were paid by the insurance.
then you must have inspected by CHP for safety and retitle the car as a salvage, all at your own expense
2006-07-13 16:09:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Until the insurance company pays you off and THEN TAKES OWNERSHIP, the car is yours to do as you please. I would strip it of any valuable aftermarket parts/accessories and then let them take it.
No, you are not guaranteed any option to buy it back as salvage... you have to ask and then pay them the price they set. Usually it's cheap but I've been surprised sometimes and turned it down. Once the insurance company pays off, they are the new owner of the car.
2006-07-13 04:40:20 · answer #3 · answered by Les 4 · 0⤊ 0⤋
It would not seem solid to me. oftentimes, once you purchase a automobile from someone, this is an "as is" deal. i imagine the courts will assume that you had sufficient chance to analyze the automobile formerly making the acquisition, and inspite of the guy ought to or received't have reported about its problem is your difficulty. It sounds harsh, yet you won't be able to assume the courts to be responsible for each undesirable purchase human beings make. If it became from a dealership, it will be a diverse tale, although.
2016-10-14 10:28:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would say that you still own the car so you can remove the parts if you like. It's your car, Right!
2006-07-13 04:34:21 · answer #5 · answered by Betty C 1 · 0⤊ 0⤋
You better remove the parts before they take it
2006-07-13 04:32:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes you should be able to buy the salvage.
2006-07-13 04:31:35 · answer #7 · answered by Mike Hunt 5 · 0⤊ 0⤋
just break into the lot at night and steal YOUR parts back, becasue the law gives YOUR parts to the towing/slavage company who picks it up.
2006-07-13 04:30:49 · answer #8 · answered by Anonymous · 0⤊ 0⤋
YOU NEED TO TALK TO THE INSURANCE COMPANY THAT IS PAYING YOU. WHEN MY TRUCK WAS TOTALED, MY INSURANCE COMPANY TOLD ME I COULD HAVE IT.
2006-07-13 04:32:50 · answer #9 · answered by MRS. A 3 · 0⤊ 0⤋
Don't give them the title!
2006-07-13 04:41:17 · answer #10 · answered by Retarded Dave 5 · 0⤊ 0⤋