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Can I buy full coverage for a salvage vehicle?

An automobile will often receive a salvage title if and when it has been salvaged or repaired after sustaining damage incurred from an automobile accident. In order for a vehicle to be "totaled" and to receive a salvage title, the damages inflicted must cost more to repair than the current market value of the car. Salvage vehicles are generally thought to have a considerably lower value than ordinary cars. This belief is due to the fact that a salvage vehicle may have safety issues stemming from a reduction of structural stability or a distinct amount of necessary damage repair work. According to federal law, a salvage vehicle must hold a salvage title, and the fact that it is salvaged must be indicated on the registration of the vehicle.  

There are always going to be a few automobile insurance companies that may view a salvage vehicle as unsafe or as an unnecessarily high risk or even completely unacceptable to insure. Insurance providers such as these may refuse to insure your vehicle or else charge astronomically high premiums for such a car. These fees may be considerably high, even if a minimum of liability insurance is needed. There are insurance providers who will insure a salvage vehicle for full coverage. You should be aware, however, that should the vehicle be totaled in an accident, you will receive a settlement amount that will be far less of than the market price of the same vehicle without a salvage title. Therefore, to maintain full coverage on a salvage vehicle may not be the most financially wise decision.  

There are many insurances providers who will not extend full coverage to salvage vehicles. This includes collision insurance and comprehensive insurance. It is possible to find a company who will. If you do find such a company, it is important to ascertain what their policies are on vehicle value assessment for salvage cars. The vehicle value assessment will determine how much money you will receive in the event that your car is totaled, stolen, or destroyed by natural causes (i.e. fire).  Typically, the settlement you receive will be about fifty percent of what it would be normally for a car with a non-salvage title. Once you have settled on several companies that interest you, you can phone an agent to inquire about the specifics of their vehicle value assessment policies. 

The best way to search for an insurance company that will offer full coverage for a salvage vehicle is by using comparison shopping techniques to browse through insurance providers. By comparison shopping, you can discover an insurer that will offer you your desired coverage at affordable rates. You can utilize comparison shopping techniques by obtaining free quotes on car insurance online. This allows you to receive different prices on what a policy would cost you with multiple vendors. It is a quick and simple process designed to save you money. Check out comparison shopping so you don't have to pay too much for your insurance.

 

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