Has your vehicle ever met with an accident or faced a hurricane? If yes, then you are probably aware of the difficulties and problems related to the ownership of an accidental or damaged vehicle. Many people got their cars damaged during Hurricane Sandy. If a car has suffered more than 2/3rd damage, then the car insurance company may tag it as a total loss vehicle; and give it a salvage title.
In short, repairing will not pay off as the total cost for repairs will be more than the car value itself. However, you must be curious as to how these vehicles can be titled as salvaged vehicle? The insurance companies always have expert technicians who help in the assessment and repair of the damaged car. Many of these insurance companies sell off these damaged vehicles in online auctions such as a hurricane Sandy auto auction.
After the car owners file a claim, a trained claims professional inspects the vehicle, after which calculations regarding repair costs are made including spare parts and labor charges. The insurance company then compares the repair costs with the actual value of the vehicle. If then, it is found that the repair costs might increase the car’s current market value itself; it may be declared as totaled or salvage.
After the vehicle is declared a total loss you’ll have the following options:
- To accept a salvage title and keep it
- Accept the cash offered by the insurance company
- Use the vehicle for parts
- Sell the vehicle
Once the vehicle has been declared a total loss, the following points must be remembered:
- Vehicles cannot be taken on the road legally
- With registration cancelled, the registration plates must be removed.
- A salvage title will be stamped on the vehicle.
A salvage title doesn’t mean the end of other options. Once titled as salvage, it doesn’t mean that the vehicle can’t be repaired, or retitled. Salvage vehicles can be back on the road with repairs and a successful inspection by the transport authority of the state.
Even if you plan to sell your vehicle, the very best option is to sell it on a flood damaged car auction or a salvage car auction possibly.
How to sell a salvage title car?
Once your car has been totaled and you’ve obtained the salvage certificate, you’re now eligible to sell this car. You can also take it to a dealer and sell the car for cash. However, online auctions are a good choice as a lot of buyers will be available online to buy used or salvaged vehicles. In short, this also means that there are better chances of selling it at a better price. Since the buyer will not be confined to a single location, the ball is in the court of the owner.
If you want to make a good deal with a salvage vehicle or would like to sell your salvage car, try to contact salvage auction companies. Online auctions are ideal as people from all over the world can access and buy their favorite cars at affordable prices.
People willing to take part in the auction will have to simply register online on a reputed auction website. Whether it’s a hurricane Sandy auto auction or a flood damaged car auction, make the most of it. Sell your salvage titled vehicles online and reap a decent profit. In fact, a lot of people buy cars through online auctions. After placing a security deposit, one can bid on a vehicle of their choice.