Salvage Title

tim944 · 03-02-2005, 08:42 AM

Maybe some of you guys have had to deal with this issue:

Got stuck in a hail storm this past September. The insurance adjuster tells me that it's totaled. My question is, do I forget about the insurance claim, or go ahead and let them total it and then fix it and get a salvafe title?

Are there any draw backs to the salvage title?

legion · 03-02-2005, 10:03 AM

I would say the main drawback is if you try to sell it.

If you go the "total" route, I would keep all documentation. An educated buyer would understand the situation and understand that if it was properly fixed, it will make no difference. The key here is why it was totaled--for cosmetic damage. It will not affect the drivability and no mechanical systems were damaged (I'm assuming).

seaboltman · 03-02-2005, 10:07 AM

It is my understanding, that once a car is repaired, and proven to be safe, you can have the salvage title removed. Any draw backs to a slavage title, might include reduced selling price, if you ever choose to. Look into it though, see if you get new (increased) rates on a car with a salvage title or any extra taxes that might have to be payed.. im guessing here but this is the kind of stuff that they bite us with.

I would let the insurance company pay for enough just before its considered "totaled" and then out of pocket comes the rest.

carsontc · 03-02-2005, 11:20 AM

different laws in different states regarding this...

most of us have spent twice what the car is worth already and with our NA cars being about 20 years old, do you think the resale will be that much lower…that this should even be a concern ?

if it was me and I liked the car I'd get it fixed and not worry about the title status

nowadays if the car gets 'keyed' the insurance company will probably 'total it' as a result

the real question is it worth paying insurance for this type of additional coverage. how much would you save if you drop all but liability as I did 3 years ago?

Dave L · 03-02-2005, 11:43 AM

My car was totaled last August. I have been looking for a suitable replacement since then. I have found one (currently in storage) but at a big premium. My car was rear ended and as a result the trunk area was buckeled, and the fender was folded ahead of the rear wheel. I was given the option to take the payout of $12000 or I could have it fixed to a miximum of $10000. I took the check, but only because there may have been structural damage and I didnt want a poor handeling porsche (kind of seems silly)

If you can replace the hood and sunroof and have a great car with a salvage title go for, but only if you want to keep it for a long long time.

mambodave · 12:23 PM

youll never be able to sell it for even half of what its worth....

I had a corvette that ws a theft recovery with NO damage. The title was branded "Salvage"

the KBB of a reg title car was $14k...the salvage value was about 30%...i had to take a huge hit on it..

ALso..if a car has ever had "salvage history" no insurance company will carry collision insurance on it...

Id say do it..but understand youll never sell it for what its reall worth.

There are so many of these n/a's around..that a buyer ould liekly just go for a reg title vehicle.

Id buy it back from the ins co..part it out and buy another car...

speedracing944 · speedracing944's Garage

Have them total it out and then buy it back. Drive as is with the dings in it. There is a reason why golf balls have dimples.

Use the money for either replacement carbon fiber panels (hood, fenders sunroof) or use it as a down payment on a turbo.

If it was me I wouldn't fix it. I would drive it. Its not like it will handle worse or not be as fun to drive with hail damage.

BTW if the back window is busted out its a good excuse to go buy the light weight Lexan window.

good luck

Speedy

projektporsche1 · 03-02-2005, 06:54 PM

my car has been salvage... From what i can tell has been fixed ack for the most parts right..... It had a new fender front valence and stuff like that....... I cant tell when driveing it..... and I DO haev collision on mine. it will just be harder to sell and you want get what you want out of it......

jimbilly · 03-03-2005, 10:25 AM

If they pay you off for the total they will likely offer the car to your for salvage value, -which is usually very-very low, like a couple hundred bucks.
IMO, a salvaged title affects the value less as the car accumulates higher mileage, ie; a 951S w/ 30k should have a clean title to be worth top dollar, and you'd expect to pay several thousand less if it had a 'rebuilt' title. But as that same 951S approches 200k miles, it's more just a matter of condition and maintenance of the car.
A prospective buyer is almost always going to try to hammer you on price when you're selling a car w/ a salvaged title, just as a negotiating tactic.

PCA 944 · 03-03-2005, 11:42 AM

Salvage titles always lower the value of your car. Prospective buyers about to drop 8k on a used Porsche don't want a car that was previously totaled and possible rebuilt cheaply.

So unless you have all the maintence records and clear documentation on why the car has a salvage title, I would aviod it. Also why would the insurance company consider your 944 totaled on account of a hail storm? Unless there were 20lb ice blocks dropping from the sky, I don't see why a 944 would be mechanically damaged.

prooutlaw · 03-03-2005, 11:48 AM

It all boils down to :
How bad is the car damaged
How much is the insurance Co. willing to pay
How much do you have invested in the car
There is nothing wrong with driving a car that has a salvage title and you know the history on ( like your own )

legion · 03-03-2005, 11:52 AM

Totalling a car has nothing to do with the condition of the vehicle. It's a simple comparison:

Which is less? The cost to repair the vehicle or the cost of the vehicle?

As our cars get older, it takes less and less damage for them to be totalled. Heck, a rough 924 could probably be totalled for a cracked windshield.

That being said, totalling a car has less and less meaning the older it gets. My wife had her '87 Pontiac 6000LE totaled because someone backed into the bumper in a parking lot. The cost of replacing the bumper was greater than the value of the car. Further, she was able to keep the car because it was so old (and worthless) the insurance company didn't even want to bother selling/scrapping it.

Different insurers have different approaches to salvage. Different states have different laws regarding vehicle titles. Look in to both.

Also...this is a good excuse to get fiberglass or carbon fiber body panels...

tim944 · 03-03-2005, 12:41 PM

Thanks for all the advise. I really like the carbon fiber component idea. I'm sure there's a lot of threads to be looked at on that topic.