My 2002Ford F250 was totalled. It had a salvage title and they only want to give me half of what it is worth.

Question

My truck is registered in Texas. It was damaged over 2 years ago and all repairs were brought up to original specs. It passed all inspections and has been used to tow a 5th wheel. It is not a broken down truck. The other party with Progressive insurance has admitted guilt and takes full responsibility for the accident.

Answer 1

Pal, any vehicle with a salvage title is worth (at best) half what any other truck is worth. This isn't done with some magic formula or KBB or anything like that -- it's based on market research. Nothing is worth more than what someone is willing to pay for it. No matter how nice your truck may have been prior to the loss it STILL had a salvage title. In the car-biz that's like having leprosy. You can always file a claim with your own insurer -- maybe they will place a higher value on the truck but be warned: you will NEVER be paid what a comparable truck with a clean title is worth.

Answer 2

Here's something to think about:

You go to the car lot looking for a 2005 Chevy 2500. The sales man tells you he has two - they are exactly alike in every way. They both have the same number of miles and features. He is asking the exact same price for either. The only difference is that one of them is a re-built total loss. (That means that at the time it was wrecked the cost to repair it equaled or exceeded 75% of the car's value). But - it's been fixed and it's a really good repair job- looking at the truck you can't tell it was ever damaged.

Which one would you buy?

Probably not the prior total loss truck.

Why would you pay full price for a repaired salvage vehicle when you can get one that has never been wrecked before for the same money? Most folks would not pay full price for a jacket that was missing a button. Why is a truck different?

Was it a re-built salvage when you bought it? If so, did you know about that history and pay full price for it - or did you get a reduced price?

Once the salvaged vehicle has been repaired - inspected and a branded title issued - it does gain back some of it's value but it does not go all they way back to full retail value. The concept is called Diminished Value.

Sorry but due to the total loss history - the truck is not worth full retail value. If the prior damage was something minor - that would not affect the trucks value - but a hit that equals at least 75% of the market value is going to affect the value of the repaired vehicle.

Answer 3

when a vehicle has a "BRANDED" title such as yours, you will never get what blue book says it is worth due to the salvage title. and regardless what you do to restore it, it still is only woth half of KBB, ( kelly Blue Book )

Answer 4

I hate to tell you, but I use to work at a bank and delt with vehicles alot in different situations. And you are not going to get much more then what the blue book shows.