What is Salvage title? How to articles Buyer Tips

How Can Newcomers Buy Salvage Cars from Insurance Companies?

By Mike Richards Updated: 05/22/2019 Posted: 07/11/2017

When you’re looking to score an incredible deal on a vehicle, there’s one particular category of vehicle into which you should look. Every year in the United States, there are approximately 3 million vehicles transform from “junk yard”cars to newcomers with salvage title. That vast majority of these are owned by insurance companies and auctioned off to the highest bidder through auctions.

Until recently, these auctions had primarily only been available to bidders in possession of dealer’s licenses. But, this has changed recently. That’s due to the advent of online dealer auctions that provide access to ordinary consumers. Through these websites, anyone with an Internet connection – even those living outside of the U.S. – can no buy salvage cars from insurance companies.

But, what is a salvage car or truck? Why would you want to buy one for private using or business? That’s what we’re going to be exploring below.

Why You Might Want to Buy a Salvage Car

Many newcomers to online dealer auto auctions make the mistake of believing that salvage cars are all junk vehicles, scrap deserves recycling. The truth is otherwise, though. In fact, salvage cars come in a variety of different qualities thanks to the laws that determine when a car is designated as salvage.

The basics are this: When an insurer pays out 75% of a car’s value from a policy, that vehicle becomes salvage. Of course, this will happen in instances where a vehicle sustains damage and the cost of repairs are in excess of the vehicle’s worth. But, there are other reasons.

For one, insurers often pay out policies to expedite claims. Also, there are instances like theft recovery when a policy is paid out for a stolen vehicle, and then that vehicle is recovered. Because the policy was paid out, the vehicle must be designated as salvage, even if no damage was sustained.

The point is that there’s a salvage car for virtually anyone. If you want to make repairs to a classic vehicle, salvage cars are an excellent place to start. If you’re looking for a cheap vehicle for getting around, you may want to buy a salvage car. Simply put, you won’t be able to get a lower price anywhere else.

How to Sign Up for Online Dealer Auctions for Salvage Cars

To really understand why so many choose to buy salvage cars, you need to get a feel for what’s out there and just how great the deals are. To do this, you’ll need to sign up for a website that provides access to dealer auctions online. Sometimes its enough to create account with your contact info. Through them you can buy salvage cars from insurance companies.

These websites function in exactly the same way as auction sites you might already be familiar with – like eBay for example. To get started, you merely need to create an account by providing basic information about yourself. After that, you can begin browsing the thousands and thousands of salvage cars available.

When you decide you want to buy a salvage car, it’s only a question of making a deposit to establish your buying power. After that, you can start bidding and can even get assistance in the process from an auction specialist assigned to you. In the end, when you buy salvage cars from insurance companies online, you’ll find it’s incredibly easy, convenient and affordable!