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Question
My son's car was involved in an accident that possibly resulted in it being a total loss. The driver at fault had no insurance so the damages are being covered by our Uninsured Motorists coverage. The car had a Salvage Title when we purchased it 3 years ago. What affect will the Salvage Title status have on the value that is place on the vehicle. We have State Farm insurance and live in Texas. Thanks.
Hi Gary,
A vehicle with a salvage title is generally worth about 40% to 50% less than a vehicle with no salvage title. You should check average values in your area on www.autotrader.com and you can expect State Farm to offer you half of that.
I hope this helps
Richard Hixenbaugh
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Answers by Expert:
Richard Hixenbaugh
Expertise
Auto insurance claims procedure, auto coverage, liability issues, auto damage questions, how to deal with the insurance company, loss of use and diminished value.
Experience
I have been involved in the insurance industry for over 25 years. I have experience in underwriting, sales, claims adjusting, auto damage estimating, auto value appraising and diminished value appraising. I have testified as an expert witness over 35 times.
Organizations
Society of Certified Auto Appraisers
Education/Credentials
Completed all required courses for the Florida Property-Casualty agents license and the Florida claims adjusters license. I have attended various courses on auto damage estmating, vehicle appraising and am ASE certified in collision damage analysis.
Past/Present Clients
My company has done work for consumers nationwide.
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