Rebuilt cars and full coverage insurance

[jfman]

Rebuilt cars and insurance.
I'm looking at a rebuilt BMW. I know all about the pros and cons of buying rebuilt vs. a never wrecked car and what to look for in a rebuilt car etc.. I have owned a few rebuilt cars but it's the first time I am looking at one that is nice enough that I want to get full coverage on it, hence my question...

Any problems getting full coverage on a rebuilt car? Anybody has any experience insuring a rebuilt?

[Ed]

is the title clean? some insurance companies deny full coverage to vehicles with a salvaged title.

[thinkfast®]

rebuilt/salvage title = NO full covg

you can play w/ your agent and get phys damage, but come claim time they will DENY on misrep

thanks for playin

[jfman]

rebuilt/salvage title = NO full covg

you can play w/ your agent and get phys damage, but come claim time they will DENY on misrep

thanks for playin

Are you sure about that. I hear all kinds of different stories.

Some folks have told me that it doesnt really affect anything unless if the car was ever totaled, they would only give me 75% of the real value.

Some say they wont even cover it.

[thinkfast®]

Im sittin at my desk underwriting personal auto policies for my 5th year. yea Im pretty sure homey!

on the reals the car has to be deemed "totaled" for you to have a salvage title, they dont just give those out.. and for you to have a "rebuilt" title, its tough as hell to get but if you know the work needed go for it

I know that you will not have an easy time getting that car covered, no major companies will do it. you are better off looking for a company that covers high-risk/gray market vehicles, salvage/rebuilt/kit cars usually fall into line w/ a carrier like that.. sorry but I dont know any off hand :dunno:

[jfman]

Im sittin at my desk underwriting personal auto policies for my 5th year. yea Im pretty sure homey!

on the reals the car has to be deemed "totaled" for you to have a salvage title, they dont just give those out.. and for you to have a "rebuilt" title, its tough as hell to get but if you know the work needed go for it

I know that you will not have an easy time getting that car covered, no major companies will do it. you are better off looking for a company that covers high-risk/gray market vehicles, salvage/rebuilt/kit cars usually fall into line w/ a carrier like that.. sorry but I dont know any off hand :dunno:

The car doesnt have a salvage title, it's a rebuilt title. In this state, youre not even supposed to drive a salvaged car. Who do you underwrite for ? Idependent?

[thinkfast®]

I work at an MGA, so we have a handful of companies to underwrite for on the personal side. who told you salvage cars cant be driven? If you can title them, you can register them, registered veh = GA tags = legal to drive.

Like I said before to insure it w/ what you want will be hard, but there are companies out there. you probably wont be getting anything close to blue book value because of the salvage, which is why I wouldnt go thru the trouble of putting phys damage on it in the first place.

[allmotoronly]

I have had one, and had no problem with full coverage insurance. I actually totalled it again and got the same payoff as if the car had never been rebuilt in the first place. the only problem you will have is if you want to trade it in at a dealership. they try to jew you on the price if it is rebuilt.

[thinkfast®]

^^ who was your coverage with??

[unkn0wndj]

I work at an MGA, so we have a handful of companies to underwrite for on the personal side. who told you salvage cars cant be driven? If you can title them, you can register them, registered veh = GA tags = legal to drive.

Like I said before to insure it w/ what you want will be hard, but there are companies out there. you probably wont be getting anything close to blue book value because of the salvage, which is why I wouldnt go thru the trouble of putting phys damage on it in the first place.

I usually agree with you, but no. A "Salvage" title means no state inspection has been done and it's not able to apply for a tag. Once you take your salvage car to get inspected and it passes, it's technically a "Rebuilt" title. You take the paperwork to the tag office after 7 days, so that it clears in the system, and they will assign you the tag.

[speedminded]

Why not make a 30 second phone call to your current insurance provider and ask?

I can't imagine you couldn't get full coverage on a car with a rebuilt title, tons of used car lots sell them and you have to have full coverage when its financed....

[thinkfast®]

tons of used car lots sell rebuilt cars?? good luck financing that...

[speedminded]

tons of used car lots sell rebuilt cars?? good luck financing that...buy here pay here lots...

[speedminded]

My Triumph Daytona 955i was purchased from an insurance auction with a salvage title...before they changed the law stating you had to be a licensed rebuilder it was inspected for like $75, issued a rebuilt title, and had full coverage on it without issue.

Without calling my own insurance company I can't verify if you can still get full coverage on a rebuilt title :dunno:

[redrumracer]

have you looked into possibly getting something like a show car coverage or something like that were there is an agreed upon value of the car?

[sunsetvette]

Depending on your record and your insurance company you can also insure the car for a specific amount. That kind of coverage is usually more expensive but there no questions asked about mods, etc.

[rickgiblin]

hey just to let you know, you CAN get full coverage on a totaled/rebuild car... i have full coverage on mine and its got salvage/rebuilt title. theres no trick about it. i have allstate and im fully covered

[rickgiblin]

but now about financing a rebuilt title car from a credit union or bank, more than likley, they wont do it, they wouldnt finance my car.

[speedminded]

but now about financing a rebuilt title car from a credit union or bank, more than likley, they wont do it, they wouldnt finance my car.I got a personal loan when I bought mine so didn't even have to deal with any of it and the interest was only about 1-2% higher.

[jfman]

I got a personal loan when I bought mine so didn't even have to deal with any of it and the interest was only about 1-2% higher.

+1 :D