Salvage title? Value concerns

[Racerbvd]

What everyone else said.

[Otter74]

@Porkshop Agree that as long as there isn’t anything really eyebrow-raising about a car, a salvage-title car would be worth considering for you. As for insurance, different states can be different (e.g. “rebuilt” and “salvage” are usually not the same thing, but some states have one but not the other, other states have both, etc.) but in my own case, my 911 has always been insured normally. First with State Farm on my normal policy, now on American Collectors on a stated-value policy.

[Matt Monson]

Did you buy 1979 930’s project? That’s a good solid car.

[Porkshop]

Originally Posted by Matt Monson

Did you buy 1979 930’s project? That’s a good solid car.

I sent him messages. He never replied. He has it marked sold again. That one was only 2 hours from me and I had the cash....

[dwelle]

i talked with him yesterday, i think he has sold the car.

just saw you are in clovis. i'm in visalia and have a '74 coupe that is perfect for a hot rod build, that's where i was headed. complete car less a front windshield and will need an interior. i've done all the metal work, it's ready for bodywork and paint. i have 2 other porsches to keep up with and a kid who is into building a WRX. i have limited time, so i'm at a crossroads with this one. i would consider selling it as you're local and it would be easy.

shoot me a PM with contact info if you're interested. it's a good car, and pre-smog...

[Porkshop]

Originally Posted by dwelle

i talked with him yesterday, i think he has sold the car.

just saw you are in clovis. i'm in visalia and have a '74 coupe that is perfect for a hot rod build, that's where i was headed. complete car less a front windshield and will need an interior. i've done all the metal work, it's ready for bodywork and paint. i have 2 other porsches to keep up with and a kid who is into building a WRX. i have limited time, so i'm at a crossroads with this one. i would consider selling it as you're local and it would be easy.

shoot me a PM with contact info if you're interested. it's a good car, and pre-smog...

pm sent....Thanks....

[Chalt]

Insurance guy here (from Texas) ...

The down side of a salvage title vehicle is banks typically won't lend on them, but they may still do so as a personal loan instead of an auto loan. Almost no regular insurance company will write full coverage on a salvage title vehicle. Although you should be able to get just liability on a salvage vehicle with most insurance companies. If the vehicle is old (20+yrs est) you can go through a classic car insurance carrier like Hagerty, who will write full coverage (comp and collision etc) on a salvage title.

Point is, conventional lenders and conventional insurance companies don't want to deal with salvage title vehicles.

If you are a cash buyer, the lender part won't matter, but it may matter when you sell later if lending isn't available to your prospective buyers.

If you don't use your salvage title vehicle as a daily driver, a classic car policy may work in order to get full coverage (liability, uninsured motorist, comprehensive, collision and towing). You have to make sure the policy you choose doesn't have mileage limits if you plan to drive it a lot.

So the worst case is trying to buy a very newish expensive salvage title vehicle that you need a large loan in order to purchase. In that case you'll need a lender who will loan and an insurance company who will play ball on this non-classic, non-antique car. Nothing is impossible, but this scenario is the most difficult to overcome.

[ChrisHamilton]

Originally Posted by Chalt

Insurance guy here (from Texas) ...

The down side of a salvage title vehicle is banks typically won't lend on them, but they may still do so as a personal loan instead of an auto loan. Almost no regular insurance company will write full coverage on a salvage title vehicle. Although you should be able to get just liability on a salvage vehicle with most insurance companies. If the vehicle is old (20+yrs est) you can go through a classic car insurance carrier like Hagerty, who will write full coverage (comp and collision etc) on a salvage title.

Point is, conventional lenders and conventional insurance companies don't want to deal with salvage title vehicles.

If you are a cash buyer, the lender part won't matter, but it may matter when you sell later if lending isn't available to your prospective buyers.

If you don't use your salvage title vehicle as a daily driver, a classic car policy may work in order to get full coverage (liability, uninsured motorist, comprehensive, collision and towing). You have to make sure the policy you choose doesn't have mileage limits if you plan to drive it a lot.

So the worst case is trying to buy a very newish expensive salvage title vehicle that you need a large loan in order to purchase. In that case you'll need a lender who will loan and an insurance company who will play ball on this non-classic, non-antique car. Nothing is impossible, but this scenario is the most difficult to overcome.

Many insurers offer full coverage on salvage history stuff. GEICO will with an inspection. USAA, Hartford, Progressive did don't know if they still do.

[Bucketlist]

I had a really nice 02 BMW Z4 with a salvage title for about 10 years. I knew the value implications before purchase. I didn't drive it much, car shows mainly, and my usual ins agent would write only liability at a fairly high premium. Several years ago when renewing my guaranteed value insurance on my Porsche with Leland West they were happy to add the z4 with a guaranteed value more than it was worth and at a very low premium. Sold it a couple of years ago.

[Matt Monson]

I had no issue adding my salvage/branded title cars to my insurance policy (Progressive). I just entered the vin and they were insured.

[911heaven]

Thank God we never had this salvage title BS in Japan for as long as I've been around. These days there is something related to it so I've heard, but I'm well out of the bus. side. I've bought, sold, exported heaps of cars that were hit, stolen recovered (some with fire extinguishers gone off inside to hide finger prints), fire damaged and flood damaged etc. I just sold my baby here still dismantled after water damage 25 years later, a Ruf BTR III 89' and it wasn't with a salvage title. The new owner won't be dealing with that BS either.

[Unobtanium-inc]

Originally Posted by Matt Monson

I had no issue adding my salvage/branded title cars to my insurance policy (Progressive). I just entered the vin and they were insured.

But have you made a claim on any of them for total lost? In my experience Insurance companies are real big on taking your money on the front end without a lot of checking, and then when it comes time to write a check they suddenly get very diligent.
This happened to me with a Scirocco, they insured it fully, took pictures and said I was good. Then when I made a claim for parts stolen they said they weren't covered because the parts were aftermarket. I argued that everything they photographed was covered, they cut me a check. Then I got my bill for the next billing cycle six months later, they went up on my rates almost dollar for dollar for the check they cut me. So, I won the battle but lost the war.

---Adam

[Matt Monson]

Originally Posted by Unobtanium-inc

But have you made a claim on any of them for total lost? In my experience Insurance companies are real big on taking your money on the front end without a lot of checking, and then when it comes time to write a check they suddenly get very diligent.
This happened to me with a Scirocco, they insured it fully, took pictures and said I was good. Then when I made a claim for parts stolen they said they weren't covered because the parts were aftermarket. I argued that everything they photographed was covered, they cut me a check. Then I got my bill for the next billing cycle six months later, they went up on my rates almost dollar for dollar for the check they cut me. So, I won the battle but lost the war.

---Adam

That’s not specific to a salvage title vehicle. I’ve seen that many times on modified cars. A good practice is to keep your receipts if you’re going to modify a car. Makes sense if one is going to put several thousand dollars worth of seats or wheels and tires on a $10k car. On resale those parts don’t add much to value, but in an accident or theft what we care about is what it costs to make us whole. It’s also why often it’s more cost effective to take their lower number, buy the car back, and part it out or move the parts to the next one you buy.

Insurance companies are the devil. I 100% agree with your comment about them willing to take, but not give back. The key is to know the rules of their game and protect yourself as best you can to not get screwed by their little game.

[Porkshop]

Originally Posted by dwelle

i talked with him yesterday, i think he has sold the car.

just saw you are in clovis. i'm in visalia and have a '74 coupe that is perfect for a hot rod build, that's where i was headed. complete car less a front windshield and will need an interior. i've done all the metal work, it's ready for bodywork and paint. i have 2 other porsches to keep up with and a kid who is into building a WRX. i have limited time, so i'm at a crossroads with this one. i would consider selling it as you're local and it would be easy.

shoot me a PM with contact info if you're interested. it's a good car, and pre-smog...

So just to update this thread. I appreciate all the input posted here. Especially the one I quoted above. I have made a deal with Mark Dwelle for his 74 project and will start a build thread once I get it home. He made me a great deal.... Now for the rain to stop....

[Matt Monson]

Sweet.

[ItzaMe]

Salvage cars are sweet. They have lots of character.

Glad to see you struck a deal. The 74 looks like it has super solid bones!

Looking forward to seeing the build thread.

I couldn't find the thread on the 930 for sale. Interested in what he sold it for.

[Matt Monson]

Originally Posted by ItzaMe

Salvage cars are sweet. They have lots of character.

Glad to see you struck a deal. The 74 looks like it has super solid bones!

Looking forward to seeing the build thread.

I couldn't find the thread on the 930 for sale. Interested in what he sold it for.

I think you’re mixed up. His 930 was a nice car. Not sure he ever advertised it. His ‘74 was the salvage project.

[ItzaMe]

Originally Posted by Matt Monson

I think you’re mixed up. His 930 was a nice car. Not sure he ever advertised it. His ‘74 was the salvage project.

Yea I probably mixed it up

[Matt Monson]

Originally Posted by ItzaMe

Yea I probably mixed it up

1979 930 is Derrick’s screen name. I suspect that’s where the confusion came from. He was selling a salvage ‘74 911 normal.

[ItzaMe]

Originally Posted by Matt Monson

1979 930 is Derrick’s screen name. I suspect that’s where the confusion came from. He was selling a salvage ‘74 911 normal.

Ahh yup makes sense..

I see the 74 now. Interesting car!