I'm considering buying a salvage car which already has a rebuilt title and has passed through state inspection, all that's left is to buy it. Buy I'm wondering if my insurance might go up because of it.
(by the way, all those commercials that says "get a free quote" is crap)
2007-03-17 19:21:48 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
I'm not sure what is meant by "salvage car".
If you mean that the car has already been written-off as a wreck, then I can safely say that your insurance will be much cheaper. But that it because you will not be able to insure the car comprehensively. You should still be able to cover for 3rd party damage and injury.
Example: A colleague of mine had a 1965 Mercedes in very good condition. It was insured for $5,000. After a severe hail storm the panels were covered with divots, though luckily no glass was broken. The repair bill would have been several times more the the insured value, perhaps $20,000 or more. So the insurance company wrote-off the car, paid him $5,000 and let him reinsure for 3rd party damage. So if he is in an accident, damage to the other car is covered. (Because his was already written-off, he won't get any insurance payout for it and legally he cannot instruct the other driver to fix his car.)
Get thorough inspection from a motoring organisation. The State inspection might just be the basics, but a proper engineer's test will find faults like a twisted chassis or poor maintenance that might not be obvious.
2007-03-17 19:53:24 · answer #1 · answered by templeblot 3 · 0⤊ 0⤋
Dependant what you are insuring now, there may be a difference both up in price or down.Call your insurance agent.He can give you an estimate.It also depends on things like: Does the car have anti-lock Brakes?, Air Bags, Is it 4,6, or 8 cylinders engine.Is it a 4 or 2 Door? Does it have a passive restraint seat belt system?There are too many factors involved.If you can get the vehicles' VIN Vehicle Identification Number from the Title and give it to you insurance agent before buying.He can better tell you about your question.If you do not have insurance now.Shop around.But I would definitely deal with a local agent.You can get answers and help right away from an agent, not online.
2007-03-17 19:40:21 · answer #2 · answered by tturbod2001 4 · 0⤊ 0⤋
There shouldn't be any difference in rates unless the car has visible damage evidence, and then the rate might be lower because there might be something that makes it a less insurable vehicle. A call to any insurance co can clear it up for you. Just a thought, since the car is a salvage vehicle you might be biting off more problems than you need. Personally I wouldn't buy one.
2007-03-17 19:38:51 · answer #3 · answered by rtuckinc 2 · 0⤊ 0⤋
yes it usually is because they think the car is not worth insurening it could depends on the company i wouldnt put full coverage just put on the basic insurence nothing eslse yes they have a hhard time insuring salvaged cars here in calif.so just check with your insurence they dont like insurring wrecked cars
2007-03-17 22:01:20 · answer #4 · answered by davanna m 3 · 0⤊ 0⤋
Insurance is generally based on your age, the use of the vehicle, the age of the vehicle, the type of vehicle, the horsepower...the replacement value.
As you are getting a rebuild, the value is down so you insurance should be down.
2007-03-17 19:34:48 · answer #5 · answered by ButwhatdoIno? 6 · 0⤊ 0⤋
No, it will not be more expensive, the rates really are just based on the VIN which tells them make/model/year/
doors/engine size, so it really doesn't matter.
Sure saves money on the purchase, and they usually still sell right at blue book value.
2007-03-17 21:12:37 · answer #6 · answered by netthiefx 5 · 0⤊ 0⤋