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Wisdom & Authority Title Solutions
|Posted on August 18, 2011 at 9:36 PM||comments (0)|
Some people might be surprised as to what constitutes a salvage vehicle. If a vehicle has been in a wreck; it doesn't necessarily classfies as a salvage vehicle. In the state of Virginia, a salvage vehicle is a one that has acquired damages and estimated repair costs that exceeding 75% of the actual cash value of the vehicle. There are arenas of salvage vehicle types and a description of each arena is listed below:
When vehicles are classified as salvage repaired or salvage rebuilt a "branding" will occur on the title. A brand is a measure that labels any physical conditions and or changes of the vehicle. For example, if the vehicle is salvage repaired; the word repaired will be located on the front of the title. Other areas that will give way for branding are water damage, fires, etc. of the vehicle. Once a title has a brand on it, the brand stays on the title and title record; even in the event the vehicle is sold.
From reading the above information, you are aware that a salvage vehicle is weighed heavily on the percentage and estimated repair costs of the actual cash value less or equal to 75%; but what if the vehicle's estimated repair costs is actually greater than 90% (the limit for declaring a vehicle a salvage)?
In the event a vehicle's estimated cost of repairs exceeds 90% of the actual cash value of the vehicle, then the vehicle is declared as non-repairable. Whenever a vehicle is classfied as non-repairable, it can't be driven and the only option for non-repaired vehicles is to be sold and or use for scrap only.
If you are purchasing a salvage vehicle; be sure to purchase from a licensed salvage dealer. Failure to do, will put you at risk for buying and operating a potentially dangerous vehicle. In the event you have a salvage vehicle dilemma you need guidance; Wisdom & Authority Titling Solutions will provide you with the solution that you need.
Virginia DMV used as a source (for some data)