The insurance will figure a value for your car if it’s been involved in an accident, stolen, or gets damaged by some crazy storm or something. They use the cars age and mileage to figure this out. If the appraiser looks at the damage and sees that fixing it (parts and labor and paint) is going to cost more than the value they gave it…well then it is totaled.
A totaled car will retained by the insurance company and they pay you out according to your policy.
Those totaled cars can be sold for a residual value (see copart.com). And be built back up and driven. But the title is now branded as a salvaged vehicle. Anyone who buys a totaled car will get a branded title either salvage, flood title, idk what all different states have for the name of it. That branded title is tied to the vehicle by its vin number forever. That’s why you see the commenters saying they should frame swap the motorcycle to get a different vin number on it.
Salvage vehicles are those that wore at some point Involved in some kind of accident that has inflicted considerable damage to it.
It has different degrees of damage, going from minor to severe. Although the vehicles are able been repaired to it’s full functionality and safety, they’ll have it’s documentation marked as salvage forever.
Mine was marked as minor damages, I got it already repaired, if one is curious.
Anything that’s been damaged past where insurance would pay to have it fixed. Water damaged/flooded vehicles, frame damage etc. Serious damage that was more costly than insurance wanted to deal with.
It’s pretty well known not to touch one. Which is why this person is having trouble unloading it.
Explain salvaged vehicles to me pls.
The insurance will figure a value for your car if it’s been involved in an accident, stolen, or gets damaged by some crazy storm or something. They use the cars age and mileage to figure this out. If the appraiser looks at the damage and sees that fixing it (parts and labor and paint) is going to cost more than the value they gave it…well then it is totaled.
A totaled car will retained by the insurance company and they pay you out according to your policy.
Those totaled cars can be sold for a residual value (see copart.com). And be built back up and driven. But the title is now branded as a salvaged vehicle. Anyone who buys a totaled car will get a branded title either salvage, flood title, idk what all different states have for the name of it. That branded title is tied to the vehicle by its vin number forever. That’s why you see the commenters saying they should frame swap the motorcycle to get a different vin number on it.
Salvage vehicles are those that wore at some point Involved in some kind of accident that has inflicted considerable damage to it. It has different degrees of damage, going from minor to severe. Although the vehicles are able been repaired to it’s full functionality and safety, they’ll have it’s documentation marked as salvage forever. Mine was marked as minor damages, I got it already repaired, if one is curious.
Anything that’s been damaged past where insurance would pay to have it fixed. Water damaged/flooded vehicles, frame damage etc. Serious damage that was more costly than insurance wanted to deal with.
It’s pretty well known not to touch one. Which is why this person is having trouble unloading it.