How Do You Purchase Damaged Vehicles From An Insurance Company?
Insurance companies purchase damaged or salvaged vehicles for a variety of reasons. Most cars were involved in accidents and were “totaled,” that is, the cost of repair exceeded the car’s market value. Other cars were recovered after theft or were damaged because of a natural disaster, such as a flood. Inventories usually include both old and new makes or models, of both import and domestic models. If you purchase a vehicle with a salvage title, you might be unable to get collision or full insurance coverage. Determine an overall budget and gather the necessary cash because you might have to pay for the car immediately. You can spend less than $1,000 for a damaged older model (such as a 2000 Nissan Sentra), although its condition likely will be horrible. Some auctions provide financing options; most auction charge each buyer fees based on their winning bid (e.g., 5 percent). Search for auctions in your area so that you can inspect the inventory before making a purchase. Many insurance
