Quick Insurance question

[HOOCBB]

This is an open question to those that work in insurance or those that have dealt with this situation in the past.

Basically, my car is totaled and I am looking at the owner retained salvage route to keep it and fix it (it's not that bad). My question is 2 fold.

1 - Since I am still carrying a note, will I be able to get full coverage insurance on the car once it is fixed?

2 - And, again, since I am carrying a note, will I have to pay the car off, fix it, AND apply for a salvage title before I can register the car again?

I will also consult with my agent, but I wanted to see what DFWM said beforehand.

[sc281]

This is an open question to those that work in insurance or those that have dealt with this situation in the past.

Basically, my car is totaled and I am looking at the owner retained salvage route to keep it and fix it (it's not that bad). My question is 2 fold.

1 - Since I am still carrying a note, will I be able to get full coverage insurance on the car once it is fixed?

No.

2 - And, again, since I am carrying a note, will I have to pay the car off, fix it, AND apply for a salvage title before I can register the car again?

YES, but I'm probly wrong on this one as I've never been in that situation.

I will also consult with my agent, but I wanted to see what DFWM said beforehand.

Based on my experience with State Farm.

[A_A_G]

Your insurance company is going to send the pay off amount to the leinholder FIRST and issue you the difference. If you want to keep salvage they'll deduct it from your amount.

[A_A_G]

Based on my experience with State Farm.

My pop's ranger was deemed a total loss by them and he retained the salvage. I asked him if he was told he'd have to file for a salvage title and he said no. Its been over a year and no issues. Now my bro had the same situation a few months later with Allstate and they sent him all the forms to send in to the DMV for a salvage title...

[HOOCBB]

Anyone else? Juggz, Tony, anyone else working in insurance?

[GE]

Depends on the company. Some will make it be a branded salvage title. If that's the case, you then have to get it inspected by DPS in order for it to be good to go again. At least that's how it was years ago, not sure if that's still the case anymore.

[Hay Burner]

Depends on the age of the car, %of acv the estimate was, type of loss. My info is a year old , but if the car is older than five years old and the damage estimate is not more than 100% of the ACV then the title does not have to be branded. Flood losses always get branded
Lien holders don't like to hold paper on totals so yes the lien has to be satisfied first, as stated before the ins co will pay the l/h first then if any left over you get paid less deductible if applicable. As for insurance it depends on the company.

Keep in mind too that a branded title does have an adverse effect on the value of the car.

[mystic96]

I bought back my 96 Cobra after I totalled it. I already had the title free and clear in my name though.

I was able to retain the original title to the car. Even comes up clean on Carfax.

[MutherjuggZ]

This is an open question to those that work in insurance or those that have dealt with this situation in the past.

Basically, my car is totaled and I am looking at the owner retained salvage route to keep it and fix it (it's not that bad). My question is 2 fold.

1 - Since I am still carrying a note, will I be able to get full coverage insurance on the car once it is fixed?

2 - And, again, since I am carrying a note, will I have to pay the car off, fix it, AND apply for a salvage title before I can register the car again?

I will also consult with my agent, but I wanted to see what DFWM said beforehand.

1) You can not keep full coverage on a salvage title vehicle.. Once all repairs are done have it inspected and the title changed up to the "reconditioned/restored title" status.

Once the title is @ the 'reconditioned / restored' level, you can obtain physical damage coverage on the car again.

Are you keeping it because the payoff is higher than the total loss?

2) Call YOUR lender in particular to find out their preferences on this question. Every lender has different methods to their protocol.

[HOOCBB]

1) You can not keep full coverage on a salvage title vehicle.. Once all repairs are done have it inspected and the title changed up to the "reconditioned/restored title" status.

Once the title is @ the 'reconditioned / restored' level, you can obtain physical damage coverage on the car again.

Are you keeping it because the payoff is higher than the total loss?

2) Call YOUR lender in particular to find out their preferences on this question. Every lender has different methods to their protocol.

I am on the phone with them now. The bitch put me on hold about 10 minutes ago and hasn't come back yet. 2 more minutes and I am hanging up and calling back. This is bullshit the way they are treating a customer.

[Frank]

I am on the phone with them now. The bitch put me on hold about 10 minutes ago and hasn't come back yet. 2 more minutes and I am hanging up and calling back. This is bullshit the way they are treating a customer.

Dude, are you serious? With all the wrecks due to weather I can completely believe they are overwhelmed and will be for weeks.

[HOOCBB]

Dude, are you serious? With all the wrecks due to weather I can completely believe they are overwhelmed and will be for weeks.

And if you think an adjuster has seen all of those cars by now, your a fucking idiot.