Salvage Total Loss Title-auto Insurance
- Thread starter kjvisser
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Did you call a local independent insurance agency and have a talk with them? IF you got a lot of questions, might be best to call ahead and get an appointment. They can help you find what insurance coverage you need for your situation and should have multiple appointments with insurance carriers to find the best price to meet those needs.
State minimum in my state is 25/50/25. Not a week goes by I don't see an insured getting the form letter saying their liability limits have/will be exceeded.
I tell all my friends to carry 100/300/100 minimum. My best friend is currently being sued for $375k on an accident he caused. He had 25/50/25. I was hit by a girl with 100/300/100 policy. My medical bills & lost wages alone are ~$200k and still going. Carry enough liability coverage to at least cover your 401k worth.
Even though you had the car inspected, you may want to check what they value the car at. It's typical to have a value of your insurance buy-back price. Meaning if you paid $1k to keep it and repair it yourself, if it totals again, they'll only pay you $1k for it (max) even if it's repaired. If this is the case, you should drop comp, collision and umpd coverage.
I tell all my friends to carry 100/300/100 minimum. My best friend is currently being sued for $375k on an accident he caused. He had 25/50/25. I was hit by a girl with 100/300/100 policy. My medical bills & lost wages alone are ~$200k and still going. Carry enough liability coverage to at least cover your 401k worth.
Even though you had the car inspected, you may want to check what they value the car at. It's typical to have a value of your insurance buy-back price. Meaning if you paid $1k to keep it and repair it yourself, if it totals again, they'll only pay you $1k for it (max) even if it's repaired. If this is the case, you should drop comp, collision and umpd coverage.
- 409
Here's another way to think about this. If you total your car, your loss is limited to the value of your car. If you total someone else's car an injure them, there is no limit to the loss you could incur. Liability coverage is far more important than comp/collision for protecting your future. The answer to how much should you have is "As much as you can afford". I usually won't write a policy with less than 100/300/100 limits. The cost difference is usually not that much between that and state minimums and 9 times out of 10 when I show someone that, they will chose the higher coverage. Even if you don't have the assets to protect, you have income to protect.
kj, did you ask the lizard. As blue said, go see a local indy agent, they will be able to help you. Also as full auto said, get enough liability to cover your 401k. It won't cost you more money to use an agent, in fact it will save you money now, and protects your assets.
best14rates
Expert
I recommend talking to a local agent they can be WAY more helpful and then you are supporting you local community and not some online gecko that you have no idea who you are talking to and have a different person each time. A Local agent you can put a face and a name to and they Should be fully capable to have just as good of rates and possible better coverage. I recommend higher limits also as others have suggested . Our state limits are only 25/50/10 which doesn't cover much how ever most here in our state have no insurance or if they do and they have any assets or homes and ect. They file the
Homestead act to protect most of the assets they have so they can't be sued
Homestead act to protect most of the assets they have so they can't be sued
- 117
I am an agent in NC. I never write a policy below 50/100/50 and if someone insists on 30/60/25, I send them on their way. The difference is rarely more than $5 a month.
Since you retained the salvage on the vehicle, insurance companies are unlikely to grant you full coverage, as the previous damage to the car nearly exceeded the value. I would suggest getting the minimum amount required for liability property damage, and perhaps a little more for the bodily damage liability amounts. In addition I would suggest electing to pay for the uninsured motorist option in your coverage plan, as it is very little additional each month, and will protect you in the case of an uninsured motorist hitting your car.
geneseehill
Expert
- 28
2003 Ford Focus with a rebuilt or salvaged title is worth less then wholesale generally or trade in value. I would not put COMP or COLL on it. Many carriers won't write it anyways. Progressive will.
sosteen517
New Member
Never buy less than 100/300 for BI. The savings for a lower limit is simply not worth the risk of going out of pocket after an at fault accident. If your vehicle has been salvaged it is unlikely that you can purchase comp/collision.
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