If I get into an accident (salvage / rebuilt title) how much of my cars worth will the insurance company pay?

Question

I have a 99 GST Turbo Convertible Eclipse Spyder that I bought a few years ago with a Rebuilt Salvage title. You would not even be able to tell that it was in an accident. It looks great.

I have been putting a lot of money in the car fixing it up (making it look nice and faster) and one of my friends told me the other day that if something happened to my car I would get practically nothing since it has a Rebuilt Salvage title. Is this True?

I have only had liability since I bought it and this has never came up before.

So assuming that I get hit tomorrow by a car that is insured and it totals out my car, how much of my car's worth would I get? What about all the money in parts and accessories that I put into it?

Answer 1

If the vehicle is declared a 'total loss' you are entitled to market value of your car prior to the loss. So...how much is a car with a salvage title worth? Answer: way, WAY less than another used Eclipse with a clean title. After all, why did YOU buy it? Answer: because it was cheap. No one in their right mind will pay book value for a rebuilt automobile, no matter how much you have 'fixed' it up. Custom parts and accessories add nothing to the value. Sorry.

Answer 2

Does the insurance company know it's a salvage title? A lot of companies will not give coverage to a salvage titled vehicle. Once it has a salvage title, in a total loss situation you will get market value less 30 to 50% on the average.

As far as your add ons, you never get that back except in your own enjoyment.

Answer 3

THIS IS TRUE THAT MOST INSURANCE WILL NOT INSURE A VEHICLE WITH A SALVAGE OR REBUILT TITLE BECAUSE OF LIABILITY.

LETS SAY THAT YOUR VEHICLE WITHOUT ANY EXTRAS IS WORTH $9000.00 THEN YOU WOULD LIKELY RECEIVE IF TOTALED OUT MAYBE $4500.00.

YOU NEED TO CHECK WITH YOUR INSURANCE COMPANY AND IF THEY DO KNOW ABOUT THE TITLE YOU WILL NEED TO FIND OUT WHAT THE CAR IS WORTH IF TOTALED OUT.

ALSO ANYTIME THAT YOU ADD ADDITIONAL ITEMS TO A VEHICLE YOU WILL HAVE TO NOTIFY THE INSURANCE COMPANY AND ADD THESE ITEMS TO YOUR POLICY AND IT WILL INCREASE YOUR RATES.

Answer 4

Yes: unless you can obtain special coverage for investment value. But that will cost a lot of money: if you can get it. Some states do not let this type of coverage, some companies will not write in states that do. You heard of the rock and a hard spot; you just frond yours.

Answer 5

For free insurance quotes

Answer 6

You can save a lot of money on your insurance by comparing quotes at: INSURANCEFORCHEAP.INFO