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1512 Technology Drive Ste 101, Chesapeake, VA 23320

Wisdom & Authority Title Solutions

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Salvage Vehicles & Title Branding

Posted on August 18, 2011 at 9:36 PM Comments 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:
 
  • Salvage Repaired: is when the vehicle has an estimated cost of repair that is 75% or less of the actual cash value of the vehicle
  • Salvage Rebuilt: is when the vehicle has an estimated cosf of repair that  is more than 75% , but doesn't go beyond 90% of the actual cash value of the vehicle
 
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)

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