Salvaged Title questions

[RayRay27]

My little 2006 Matrix was damaged in a hail storm a few weeks back so I filed a claim. The adjuster came out today to give an estimate. He said its a total loss and it will be totaled out. He gave me two options for my situation:

1) The current value of the car is $4473.00,less the salvage value of -$1582.99, = $2890.01, less your deductible-$0.00=$2890.01. This is how much they (Allstate) can pay me and I keep the car.
2) Or they can pay me $4473.00 + taxes $360.21 = $4853.21, less the deductible-$0.00=$4853.21 and Allstate takes the car.

I want to go with option 1 and keep the car and get some cash.

My question is, I will most likely end up with a salvaged title, how do I get insurance for it once it's been totalled out by my insurance? I know I can't full coverage but liability at least right. My current company probably won't provide insurance for it?

Has anyone delt with this before and how did you handle it?

Or should I take the max deal and run?

 

[DanielChase]

My little 2006 Matrix was damaged in a hail storm a few weeks back so I filed a claim. The adjuster came out today to give an estimate. He said its a total loss and it will be totaled out. He gave me two options for my situation:

1) The current value of the car is $4473.00,less the salvage value of -$1582.99, = $2890.01, less your deductible-$0.00=$2890.01. This is how much they (Allstate) can pay me and I keep the car.
2) Or they can pay me $4473.00 + taxes $360.21 = $4853.21, less the deductible-$0.00=$4853.21 and Allstate takes the car.

I want to go with option 1 and keep the car and get some cash.

My question is, I will most likely end up with a salvaged title, how do I get insurance for it once it's been totalled out by my insurance? I know I can't full coverage but liability at least right. My current company probably won't provide insurance for it?

Has anyone delt with this before and how did you handle it?

Or should I take the max deal and run?

No matter what you hear, I would solicit the adjusters input as well. Ask them if they think the car can be insured/registered/driven. They have seen this many times I’m sure. If they say you’ll have no luck and the car will only be good for parting out, I would take their word for it.

 

[gr8fulabe]

Someone was just discussing this on here the other day. Apparently in CO they can’t total a car for hail any longer.

 

[DaveInDenver]

State Farm totaled my 1991, essentially your option 1. They had no problem continuing to insure the truck. In fact the policy didn’t even change, kept full coverage on it. In the event of another claim the amount they would pay would have been substantially lower. Salvage titles don’t mean zero value.

 

[Pz10420]

I had a vehicle totaled out for hail that still had a clean title and no issues insuring or reselling when the time came.

 

[HDavis]

Colorado no longer issues salvage titles to vehicles deemed a total loss from hail. So you will still have a clean title with the carfax reporting the total loss from hail. You will have no issues insuring it through state farm or any pretty much any other insurer for that matter. We have 2 salvage vehicles insured with comp and collision through state farm. Here is language from the state site.

Salvage Vehicles | Department of Revenue - Motor Vehicle

A Salvage Vehicle does not include a vehicle that qualifies as a collector's item, horseless carriage, or street rod vehicle under article 12 of this title at the time of damage.

dmv.colorado.gov

 

[AimCOTaco]

I'm dealing with this X3 and have been told by an Allstate adjuster that if I retain the cars I won't get tagged with salvage titles.

They did tell me they'll only total my junk once so the cars determined as totaled can only have liability insurance going forward. ...not all settled so still TBD.

 

[HDavis]

I'm dealing with this X3 and have been told by an Allstate adjuster that if I retain the cars I won't get tagged with salvage titles.

They did tell me they'll only total my junk once so the cars determined as totaled can only have liability insurance going forward. ...not all settled so still TBD.

I heard this from Progressive years ago too and was able to get full coverage through a different insurer.

 

[RayRay27]

Thank you everyone for the feedback. Gonna hit up my local insurance person today to make sure before I do anything else.

 

[AimCOTaco]

If the line is busy, that's because they're on with me.
Sounds like we be havin' the same kinds of fun today.

 

[RayRay27]

Talked to my insurance guy today and it sounds like Allstate will continue to insure my car, but only basic liability coverage. Apparently it's very common to total out a car from hail and then buy it back.

 

[FJCDan]

All of the above, my 4Runner was totaled by hail. Bought it back and had to go to liability only.