Insuring a salvage title vehicle isn’t just as easy as insuring a regular vehicle. There are other aspects to be taken into consideration. We put together this short guide to help you understand the ins and outs of salvage title vehicle insurance and help you avoid some of the common pitfalls. Once ready, check online whether you’re looking for basic insurance or high-risk SR-22 insurance quotes. Read on and never be confused about salvage insurance again!
Salvage Title Vehicle Insurance is a Little Different
Salvage title vehicles are different because they have been ‘saved’ from the scrapyard. At some point the car has been written off. This means that at some point in the car’s history an insurer has deemed it unworthy of repairing… a ‘total loss’. It may not have been an actual write off. There are other reasons why your car may be marked as salvage. We will look at this more in a moment.
These vehicles are sometimes reclaimed by mechanics or people who are skilled with car restoration, repaired, and sold on as a cheaper option to buying a brand new car. This often isn’t the case. A salvage title vehicle is hit or miss. It may be just fine, but it may need a lot more maintenance than a normal car. Often, you will need to find a specialist firm willing to issue insurance for a salvage title vehicle. It isn’t impossible although they are trickier to find.
Why Would a Vehicle be Given a Salvage Title?
If you decide to purchase the salvage title vehicle and absorb the cost of the insurance then you have every right to proceed. Salvage titles can be anything from mechanics repairing vehicles to true labours of love wherein an old classic has been fully restored. There are other reasons why a salvage title might be awarded, some of which are as follows:
- Some have been left to weather damage, leading to the former insurer to pronounce it unfit until it is restored.
- The dealership where the car was on lease from was subject to closure for some reason.
- The car may have been stolen and recovered, leading the insurers to have written it off. In this case you may have a car that is still in perfect condition.
- It may have been a victim of an act of God.
- Kit cars- those that are imitations of big brand name cars but have been built using different components – are often labelled with the salvage title.
Insuring your Salvage Title Vehicle
When it comes to insurance, mainstream insurers are unlikely to offer you a deal. Shop around though, and you will find someone.
When you apply for that insurance it is likely that the firm will send someone to inspect the vehicle. They will carefully document any existing damage to ensure that they do not incur the costs of this in any future accidents. It is probable that you will find public liability auto insurance easier than you will find physical damage insurance. This second part is where insurance firms are wary with regards to salvaged title vehicles.
There are firms out there who specialise in insuring salvage title vehicles. We would advise that you shop around until you find someone able to give you the best deal on car insurance for your salvage title vehicle. Remember that you do have a choice in insurers, even if that choice is slightly more limited than it may be with other cars.