salvage title

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Posted: Sat Apr 04, 2009 2:28 am Post subject: salvage title

About to settle with ins co. .... no paperwork signed yet. We have a vehicle which ins has deemed totaled. We have agreed on CMV, less deductible, keep vehicle, less salvage value. Who maintains salvage title? I think me, since salvage value is being deducted from my cash settlement. Does ins co. get salvage title, then forward to me? Help! _________________ Register Now to have your Insurance queries solved.

curiousmom

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Posted: Sat Apr 04, 2009 4:12 am Post subject:

In some cases they may want to do this. In other cases they may just notify the state that the vehicle was handled as a total loss so that they state can change the title. In some cases the insurance company might not do anything. In some states they are not required to inform the state of this (some states I know of don't need a salvage title if the value is under an amount such as $1500). If they ask for the title, they will have it changed. If they don't, expect that they will notify the state. If they don't notify the state consider yourself lucky. I'm guessing you have the title at this point (you should).

tcope

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Posted: Sat Apr 04, 2009 2:35 pm Post subject:

most of the time it does depend upon the 'year of make' of vehicle if the vehicle is really old and does not have any good value (CMV) then the norms will not be very stringent.but for the new vehicle they (insurance company) need to inform it to the state.

buckisaa

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Posted: Sun Apr 05, 2009 5:42 am Post subject:

You get the salvage title if you are keeping the car. They will want a copy of the front and back for thier file so that they can verify that you had the title turned into a salvage title. I've never seen an insurance company get the salvage title since the vehicle is still in your name. If they would be taking the vehicle, then sometimes they have the title turned into a salvage title and sometimes the salvage yard does it. 100% of companies that I have worked for want a copy of the salvage title, no matter who is keeping the vehicle. If they let you keep the vehicle without you getting a salvage title on it, they could be sued if you got into an accident in an unsafe vehicle. _________________ Can I say I’m working if I stare blankly at my computer all day?

Dasfuk

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Posted: Mon Apr 13, 2009 2:34 pm Post subject:

I delt with this once and wanted to keep my car. The insurance co requested I send them the title so that it could be marked a salvage and they were suppose to return the title to me.