Totaled vehicle buyback, how's that work?

77GreenMachine said:
All of that about salvage vehicle is incorrect. As someone who has owned and sold several salvage title vehicles, this is first hand experience…

Salvage simply means insurance determined it costs more than it’s worth to repair the vehicle. You cannot get full coverage insurance on it, just liability. There can also be no loan on the vehicle because of this.

There is absolutely no issue owning or registering a salvaged title vehicle in the state of NC or surrounding states for that matter 🙄

You simply disclose the salvaged title to any potential buyer. Some of you boomers are really showing your age with so much distress about this non-issue 🤣

It’s always funny hearing people say “I’d never own a vehicle with a salvage title”
That’s ridiculous. Sure it’s worth less because of it but long as you buy it right to begin with that doesn’t matter.
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Just to be clear. I have bought many salvage vehicles. In both NC, SC, FL and GA I have been forced to have the vehicle inspected and in one state also bonded in order to complete registration. This was early 2000s. I didn't just make something up cause I read it in a soccer mom blog.

I can also attest, that State DOT rules... YMMV depending on what Dmv you're working with. In all of those occasions in each of those states I was in a large city and the DMV was known for being hard asses.

YMMV, I can also attest that some insurances will *flat out reject* to insure a salvage vehicle or give higher than normal rates. If your insurance happens to be one of them, you would then need to add "shopping around" for insurance to your list of things to do with a newly acquired salvage title. Sometimes this can sink you faster than you can paddle, if you recently got a ticket. For example. Your rates with a *new* provider would be higher than they should, than with your current provider showing your history does not normally reflect tickets.

If you're in the habit of buying and selling. Some things become easy to swallow. Its the cost of doing business. However, the first rule of business. Know your customer. The worst advice ever given is to sell something because you want it. You sell something that the potential customer wants. Like it not, agree with it or not, there are grey areas and sometimes speed bumps with salvage title - and the age we live in now the is a wide uniform acceptance that salvage titles are to be avoided by your A-typical budget oriented individual trying to get a set of wheels. Usually they just lost theirs, or something. They don't have time to dick around with extra paperwork unless it is *worth it* to them.

From the NC DMV website
....if the salvaged or totaled car is newer than six model years, title applicants will be required to inspect their motor vehicles for anti-theft through the state’s DMV license and theft bureau.

Furthermore, when selling or buying salvage title cars, both legal entities involved in the process must satisfy certain requirements and provide the necessary information about the motor vehicle....

After obtaining a salvage title in NC, drivers need to either sell the car or repair it and apply for a rebuilt title certificate.
 
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ckruzer said:
From the NC DMV website
....if the salvaged or totaled car is newer than six model years, title applicants will be required to inspect their motor vehicles for anti-theft through the state’s DMV license and theft bureau.
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FYI this is just another form you fill out, and they run it in through that database when you go to the tag office to get your tag.

ckruzer said:
From the NC DMV website
Furthermore, when selling or buying salvage title cars, both legal entities involved in the process must satisfy certain requirements and provide the necessary information about the motor vehicle....
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Such as mileage, VIN number, sales price, etc. Nothing special was required when I did it a couple years ago other than the form above, and checking the "I understand it's a salvage title" box on the title application.

ckruzer said:
After obtaining a salvage title in NC, drivers need to either sell the car or repair it and apply for a rebuilt title certificate.
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This part definitely applies in this scenario. They will probably require a DMV inspector to sign off on it before issuing a salvage/rebuilt title.
 
jeepinmatt said:
FYI this is just another form you fill out, and they run it in through that database when you go to the tag office to get your tag.


Such as mileage, VIN number, sales price, etc. Nothing special was required when I did it a couple years ago other than the form above, and checking the "I understand it's a salvage title" box on the title application.


This part definitely applies in this scenario. They will probably require a DMV inspector to sign off on it before issuing a salvage/rebuilt title.
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Im glad to hear they streamlined it now. Before with NC I think all they wanted was a $50 safety inspection or something like that. When I did one a few years later in either Ga or Fl, they required the vehicle to be bonded. Im glad things have changed. Messing with DMV cubicle kings is never fun.
 
ckruzer said:
Im glad to hear they streamlined it now. Before with NC I think all they wanted was a $50 safety inspection or something like that. When I did one a few years later in either Ga or Fl, they required the vehicle to be bonded. Im glad things have changed. Messing with DMV cubicle kings is never fun.
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It was surprisingly easy. Which is the rarest of compliments for anything DMV related.
 
willness33 said:
The left turn guys' ins co just called and are offering to handle my claim. Guess that bodes well for me?
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It likely means they know they are at fault. I assume your insurance knows though? If they are wanting to low ball, I would try to let your insurance help fight for you. Most of the time they will, assuming it is a different company.
 
Like @77GreenMachine I've owned several salvage title vehicles over the years and it's been a very simple process to own/register/insure all of them but I have always only had liability insurance on any of them.

Wife wrecked the commuter car she had in nursing school and I think it cost about $450 to keep it although this was probably 6 years ago and it was only worth about $3000 at the time. I replaced a broken taillight and removed the damaged rear bumper and I daily drove it for over a year.

I've also bought, repaired and registered 2 cars from insurance auction. Both were over 10 years old but the DMV process was very simple and easy. They just check the VIN number and that's about it.

Just figure out how much you'll have in parts to fix it, guesstimate on time needed to make the repairs and how much the buyback is then add all that up and see if it's worth it or not.
 
The only time I had to get it "inspected" was a salvage title motorcycle from out of state. When I registered it in NC I had to bring the bike to a DMV theft location (luckily its less than 5 miles from my house) and had them come out and look at it, and then check the VIN's and run them through some database, it was pretty simple for me.
 
RatLabGuy said:
If you insure it with Hagerty, you can state the value of the insurance. They don't care what it's worth, you get what you set it at.
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I can do that with Farm Bureau, but I've never tried it with a salvage title. And Hagerty can be picky on what they do and don't cover. I did a quick look and didn't see anything about salvage/rebuilt titles, but it does say "no offroad or recreational vehicles."

Duane
 
In SC you can absolutely get full coverage on a vehicle with a "rebuilt title" (SC term for salvage)
Souce: I have 2 in the yard on my policy currently. Currently insured by Travelers, previously by Cincinnati and before that Liberty Mutual.

All 3 insured full coverage on 1 of the 2. The last 2 did both.
 
In NC you can absolutely get full coverage on rebuilt cars. had Allstate, but switched to Farm Bureau of NC both had no problem. That is all I buy at this point. 2015 Jetta full coverage, 2015 Altima full coverage, 2015 JKUR full coverage. I did have to get the JK inspected at DMV because I bought it out of SC, but it was as simple as stopping by, them checking VIN and giving me a paper to take to tag office.
 
Ron said:
In SC you can absolutely get full coverage on a vehicle with a "rebuilt title" (SC term for salvage)
Souce: I have 2 in the yard on my policy currently. Currently insured by Travelers, previously by Cincinnati and before that Liberty Mutual.

All 3 insured full coverage on 1 of the 2. The last 2 did both.
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SC doesn't count, we have the XJ fully insured and tagged, no doors full cage and trailer light cans mounted inside for tail lights. Even occasionally go to Matthew's and York Tech. No tickets yet. Lol

20210726_064106.jpg20210724_151844.jpg
 
The other insurance co has officially totaled it. I've yet to hear from anyone from my co even though I did the whole online claim thing AND called them. Next week sometime they are going to offend me on what they think it's worth.
 
CLRracer said:
I can do that with Farm Bureau, but I've never tried it with a salvage title. And Hagerty can be picky on what they do and don't cover. I did a quick look and didn't see anything about salvage/rebuilt titles, but it does say "no offroad or recreational vehicles."

Duane
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And yet I have a very beaten 89 4runner w/ a lift, exocage, winch, etc... and a 93 p/u that is a dented rustbucket insured by Hagerty.

They did initially question the 4runner. I told them I don't really do it much anymore, just occasional rides with my kids, and they let it go.

The thing I like about Hagerty is they don't seem to care what the insured value is, it's just a flat rate per amount value. You set the amount, thy tell the rate. It can all be done on the site, you can trial-and-error different amounts to figure out the ratio of cost per coverage.

The biggest thing about Hagerty is they are a secondary insurer. Its really weird. You have to have at least 1 other vehicle with coverage by somebody else, you can't only have them, but they can be the only ones for a particular vehicle.
Other thing is the vehicle has to be 20+ years old
 
RatLabGuy said:
And yet I have a very beaten 89 4runner w/ a lift, exocage, winch, etc... and a 93 p/u that is a dented rustbucket insured by Hagerty.

They did initially question the 4runner. I told them I don't really do it much anymore, just occasional rides with my kids, and they let it go.

The thing I like about Hagerty is they don't seem to care what the insured value is, it's just a flat rate per amount value. You set the amount, thy tell the rate. It can all be done on the site, you can trial-and-error different amounts to figure out the ratio of cost per coverage.

The biggest thing about Hagerty is they are a secondary insurer. Its really weird. You have to have at least 1 other vehicle with coverage by somebody else, you can't only have them, but they can be the only ones for a particular vehicle.
Other thing is the vehicle has to be 20+ years old
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Last I called them, the vehicle is not supposed to be your daily driver either. Just an occasional use vehicle. But that was a few years ago.
 
paradisePWoffrd said:
Last I called them, the vehicle is not supposed to be your daily driver either. Just an occasional use vehicle. But that was a few years ago.
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That may be the case. Or there is a mileage cap. Given how cheap it is, I'm sure the lack of mileage is part of the actuarial calculation.
 
RatLabGuy said:
And yet I have a very beaten 89 4runner w/ a lift, exocage, winch, etc... and a 93 p/u that is a dented rustbucket insured by Hagerty.

They did initially question the 4runner. I told them I don't really do it much anymore, just occasional rides with my kids, and they let it go.

The thing I like about Hagerty is they don't seem to care what the insured value is, it's just a flat rate per amount value. You set the amount, thy tell the rate. It can all be done on the site, you can trial-and-error different amounts to figure out the ratio of cost per coverage.

The biggest thing about Hagerty is they are a secondary insurer. Its really weird. You have to have at least 1 other vehicle with coverage by somebody else, you can't only have them, but they can be the only ones for a particular vehicle.
Other thing is the vehicle has to be 20+ years old
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look up condon skelly.
They do the same. in fact they underwite haggerty or will insure you direct.
 
RatLabGuy said:
And yet I have a very beaten 89 4runner w/ a lift, exocage, winch, etc... and a 93 p/u that is a dented rustbucket insured by Hagerty.

They did initially question the 4runner. I told them I don't really do it much anymore, just occasional rides with my kids, and they let it go.

The thing I like about Hagerty is they don't seem to care what the insured value is, it's just a flat rate per amount value. You set the amount, thy tell the rate. It can all be done on the site, you can trial-and-error different amounts to figure out the ratio of cost per coverage.

The biggest thing about Hagerty is they are a secondary insurer. Its really weird. You have to have at least 1 other vehicle with coverage by somebody else, you can't only have them, but they can be the only ones for a particular vehicle.
Other thing is the vehicle has to be 20+ years old
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Hey I just looked at the site for like 30 seconds, I can't help they don't follow their own rules lol.

Duane
 
willness33 said:
As of last evening they made what I consider to be a very reasonable offer so I keep jeep, collect parts for a week or 2 and then put it back together in a day or 2.
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Just let me know when you're ready for those AEV fenders and Rubicon express longarms I have sitting in the shop ;)

Obviously I'm never going to use them :laughing:
 
CLRracer said:
I can do that with Farm Bureau, but I've never tried it with a salvage title. And Hagerty can be picky on what they do and don't cover. I did a quick look and didn't see anything about salvage/rebuilt titles, but it does say "no offroad or recreational vehicles."

Duane
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Farm Bureau will insure a salvage title vehicle and they offered me full coverage. We just did it with the TJ this week. I was surprised but when I said liability only and second vehicle they offered full coverage and just changed the deductibles for it to a higher threshold than our other vehicles and added it to the policy.
 
willness33 said:
The kid wants tube fenders. Figure this is the time to do them.
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Did I mention that the highline fenders come with steel tube flares? ;)
 
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