FrankReynoldsCPA

I'm trying to decide if I want to keep paying for collision and comprehensive insurance or cut them and just pay for liability insurance. My car has a rebuilt title(the jackass didn't mention it to me when he sold it, and the bank had to send me the title, so I didn't get to look at it). If I were to get in an accident, would the insurance adjuster look at the rebuilt title in determining the value of the car? If so, how much would I expect to be deducted from the car? Obviously if it is significantly lower, that means it would take less damage for them to total it, and then I would just be stuck with a small check. If this is the case, I'm considering just paying Liability only, since it wouldn't be worth it anyhow.

What are your thoughts or experiences with this situation?

KBB gives it a value of $4,020 if I exclude the rebuilt title. They won't give a value for one with a rebuilt title.

blacksc400

iTrader: (4)

Some ins companies don't even cover salvage vehicles. Check with your insurance company.

KillaIS250

iTrader: (1)

Is your insurance company aware that your vehicle is a rebuilt/savlaged title? Because like ^^ said, some insurance companies will not cover cars with such titles. You don't want to find this out when you are trying to make a claim, find out now.

Many insurance companies will not fully insure a car that has a salvaged/rebuilt title. They will only provide liabiltiy coverage in most cases. If thats the case with your insurance company, your paying them for coverage they would just deny you for in the event of a claim anyway. Having had a salvaged car before, i'd recommend you just stay with the liability only coverage. It doesn't really make sense to have full coverage on a car thats value is so low, because insurance is only going to cover the fair market value of the car...which in your case is the car WITH the salvaged title on it. If the KBB is $4,000....my bet would be they wouldn't give you more than $2000 if it was totaled out.

Btw why didn't you take the seller to small claims court after finding out it was a rebuilt title? I would have taken him there and got back at least half what i paid since it was salvaged and not disclosed to you!

bagwell

if your insurance co has the VIN (which they HAVE to), then they know its a salvage title.

Just call them and ask about what they would pay if its totaled or stolen.

FrankReynoldsCPA

Yeah, i feel like an idiot for not going after the bastard for it. I can't believe he even got financing for it(his bank had the title). Banks won't generally give loans for older vehicles or vehicles with salvage/rebuilt titles.

I don't know if the ins. company knows. My dad just added it to his plan and I just pay my portion. It's $30 a month.

Kind of afraid to call them because if they don't know and then they drop me.....I can't drive my car...