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No, think about it... (archive)

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Posted by ptdaniel on August 28, 2001 at 12:44:43:

In Reply to: I think salvage occurs when damage = 80% of value posted by Jeff E on August 28, 2001 at 10:33:24:

If you own a car which is damaged, your policy is written so that the insurance company pays up to the insured value (presumably current market value) less your deductible. They will definitely pay for a repair as long as it is less than 100% of the car's value (you can demand that as the policy holder -- my insurance man just confirmed it). As long as you proceed with the repair then the title is never involved (no switch and/or buyback).

After all, if your insurance company was faced with two options: pay 80% of car's value to have it repaired vs. pay 100% of car's value and take on ownership, which do you think they would go for?

Now, are there perhaps some State laws which mandate a 'salvage' designation for high % damage? Maybe, I couldn't say about that (but I tend to doubt it)....



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