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Re: Salvage Value
"Finney, Andrew/DEN" <afinney@CH2M.com> writes:
>woman was saying something about subtracting
>the salvage value and you get to keep the car.
This has nothing to do with the title. This
happened when my '84 5KS was hit. The
insurance company will calculate the damages
up to the "book" value of the car. If damages
exceed the value of the car, the numbers stop
there. Then, IF, you want to keep the car,
they will make you pay whatever the car would
be worth if they took possession of the car and
had to sell it.
You can actually make out alright, as with my
5KS, they paid out book (+/- $1500), "sold" the
car back to me for $250 (what they would have
gotten for a salvaged 5KS at auction) and cut
me a check for $1250. No title annotations
etc. unless they take actually transfer
possession of the vehicle. I fixed the
damage for $100, although I haven't painted
I am in MA, but these procedures usually have
very little variations from state to state.
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