Buying a salvage car and getting it restored is always an exciting experience, but what if your hard-earned possession gets involved in an accident. This is a thought that might worry many people who buy salvage title cars for sale. While salvage cars have been declared as total loss by insurance companies, the question that comes to mind is, can there be any claim to make up for the losses if a salvage car gets involved in an accident? Unfortunately, there is no definitive answer to the question as the aftermath will depend upon a number of factors that we will discuss in this blog post. Read on.
The car’s title at the time of accident
This is the foremost factor that will decide the outcome in case a salvage car gets involved in an accident. Being declared total loss, salvage cars cannot be driven on public roads. Even if you get a salvage car completely restored, you have to apply at the local DMV to get the “salvage” title changed to “rebuilt.” If a salvage car is driven on the road without retitling, the compensation will be the least of the owner’s worries. In such cases, consult a lawyer as soon as possible and don’t keep any details from them.
If the car has a “rebuilt” title
If you have got the rebuilt title for your car and it gets involved in an accident that was caused by the fault of the other party, the compensation will depend upon the other party’s insurance company. That said, you need to keep in mind that when a car is given a rebuilt title, its market value depreciates by 20-40 percent. The insurance company of the other party keeps this into consideration when deciding the compensation amount, which may not be enough to completely cover the damage caused to your vehicle.
The Bottomline
In the light of all that we have discussed so far, it would be safe to say that if you are planning to buy a salvage car and get a rebuilt title, make it a point to drive it safely as any mishap can result in serious financial loss, if not anything worse. If you are looking to buy salvage title cars for sale, look no further than AutoBidMaster, one of the leading online auto auction platforms, which gives you access to the largest auto auction inventory in North America. Register with us to buy salvage cars at unbelievably low prices. If you have any questions about our car auctions in New Jersey, simply call: +1 (503) 298-4300(Monday through Friday, 5:00 AM to 4:00 PM) or or click here to connect with our support team.
