Re: What does "HAD a Salvage title" mean vs HAS? - Saab 900 Bulletin Board - Saabnet.com
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Re: What does "HAD a Salvage title" mean vs HAS?
Posted by Blayne (more from Blayne) on Mon, 19 Mar 2001 07:52:34
In Reply to: What does "HAD a Salvage title" mean vs HAS?, Wil W 
[Profile/Gallery]
, Mon, 19 Mar 2001 03:12:30
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It is dependent on state laws. I am writing this just to illustrate another possible scenario. In Ohio, an insurance company may total a car which causes the car (and the title) to be salvaged. At that time, the owner can accept the pay off value of his or her insurance on the vehicle. In addition, there is a salvage value. He or she (or another interested party) can purchase the vehicle as a salvaged vehicle. The owner of the vehicle can then have a vehicle inspected (most likely after work has been done on the vehicle) by the Ohio State Highway Patrol. If it checks out under their guidelines, the owner will be issued a new title. Thus, the vehicle is no longer salvaged. A real life example is a friend of mine who had an 1986 car that was in perfect condition with low mileage. The market value was approximately $4000. He was hit and it was minor body damage. Due to the age of the vehicle, his insurance company totaled the car. He was given a settlement much below the market value of the car. At that time, he purchased the salvaged vehicle from his insurance company for $10. He used a portion of the settlement money to fix the body work. Now, he is driving the car with a new title. I hope this is helpful.
Posts in this Thread:
- What does "HAD a Salvage title" mean vs HAS?, Wil W , Mon, 19 Mar 2001 03:12:30
- I have one of these cars, Andras, Mon, 19 Mar 2001 17:04:40
- Hey, at least the guy is honest!, JohnB, Mon, 19 Mar 2001 10:58:05
- Re: What does "HAD a Salvage title" mean vs HAS?, Blayne, Mon, 19 Mar 2001 07:52:34 <-- Viewing This Message
- Re: What does "HAD a Salvage title" mean vs HAS?, johnf, Mon, 19 Mar 2001 06:55:18
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