What Does Salvage Title Mean?
You may have heard the term salvage title when buying a used car. When selling your car privately some people will ask if your vehicle has a clean title. A clean title is in reference to a salvage brand. The insurance company can salvage your vehicle after it has been badly damaged in an accident. The insurance company will pay off the owner of the vehicle, and it will be a written off as a complete loss. This means the insurance company will not repair the car. Your insurance company will write a check for the estimated value of the vehicle prior to the accident.
Your insurance company may offer you to keep the damaged automobile at reduced price. Sometimes the insurance company will keep the car then sell it at a salvage auction.
A body shop will purchase cars from a salvage yard or from the owner of the vehicle and partially fix it to improve its cosmetic appearance. Some times the damage is less expensive to fix by a family owned body shop that has a lower cost of overhead, but this does not mean the vehicle will run optimally after the body and/or mechanical repairs.
You may also come across the term junk title. This may give you a better idea of what you are buying if you were to purchase such a car. Salvage brands are given when the cost of repairs are at least three quarters of the cars value prior to the accident. It isn’t just an accident that could do this – it could be a fire, flood damage or anything else as well.
This 75% is a key factor to remember when it comes to a salvage vehicle. A major collision that produces a salvage title will greatly reduce a cars value. When buying this type of car or truck beware that there has been a major collision. Take a look over the car completely. If possible take it to your local mechanic to make sure there is no major frame or mechanical damage.
If you would like to sell your running, salvage car or truck, call or email us today for a free quote. We pay the highest price for salvage vehicles in Los Angeles.