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In Reply to: Re: Re: Salvage Title posted by Lee on August 18, 2003 at 15:23:26:
Guilty as charged.
Auto coverage is for actual cash value, which is market value for the vehicle at the moment before the accident.
Would you pay more or less for a vehicle with a salvage title? If the answer is less, you then know why the insurance company is making a deduction for the salvage title. Is it fair? Yes.
: Keith sounds like an insurance guy to me!
:
: : : My 98 Jeep with a salvage title was swept away and totaled in a flash flood.
: : : The Insurance Company (Farmers Insurance Group)wants to settle for book minus 25% because of the title.
: : : I had full coverage and was never told I would not be 100% covered.
: : : The Jeep was in perfect Running order and didnt have a scratch on it.
: : : Can anybody give me some advise
: : : Jon
: : Jon--a "branded" title reduces the value of the vehicle, so it is reasonable to for them to deduct this amount. Would you pay the same amount (did you?) for a vehicle with a normal title as opposed to a salvage title? Your coverage is for actual cash value, therefore the deduction is reasonable and even a bit low as far as an estimate of reduced value for a salvage title.