|
There are many opinions on buying salvage cars. Hopefully Chris will do a posting on the topic, as he is very knowledgeable in that arena.
As for your insurance question, laws and rules differ in different states and across insurance companies; check with your agent before you buy the car. The only experience I have with this is when I "totaled" a 740 by sliding on ice into a brick mailbox in my neighborhood. The damage was such that my insurance company presented me with three options, as follows. 1) total the car and be paid FMV. 2) Once the car was totaled, I could have bought it back from the company for a hundred bucks, and then I could fix it as a salvage vehicle. In this case, I would have been able to get libility coverage on the car, but would be ineligible for full coverage regardless of how well I did the repairs. 3) I would receive less money than #'s 1 or 2, but I could do the repairs and not then have a "salvage vehicle." I chose #3, so now four years later, the car looks good and would be much easier to sell than if it had the salvage title --though the repairs would be identical. I was lucky in being able to make the choice; a little more damage and I would have had to go with a full total. Again, I still could have bought the car from the company and done the repairs, but my options in terms of insurance and resale would have been limited. Hope that helps.
|
