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How to Insure Cars from Wholesale Auctions in Virginia?

Date: 10/17/2015 |Category: Car Auctions, Car Insurance

Buying vehicles through wholesale auctions is one of the best ways for residents of Virginia to find cars and trucks at great prices. These types of auctions are a great option for those who have been trying to find quality vehicles without spending a fortune, as you can often get them at or very close to the manufacturer’s price.

One of the only issues is that going through the wholesale auctions will typically require that you have a dealer’s license. Since the majority of people out there do not have this type of license, there’s a great way to work around this problem.

You can find wholesale auctions and then work with a dealer that can act on your behalf for the auction. Many of the dealers are able to provide advice on buying, bid for you, and they may also be able to offer some help when it comes to shipping as well.

These auctions tend to have many different types of vehicles for sale. You can locate brand new vehicles in some cases. Other times, you might find vehicles that have been leased or that are nearly new, which can still be a great buy.

Getting Insurance

If you buy from wholesale auctions and have new or nearly new vehicles that have completely clean titles, you will find that getting insurance is generally very easy. You can get full coverage for the vehicles, and it will cost you the same as insuring any other type of vehicle in the same condition. All you need to do is find an insurance company that you like and that offers good rates.

What About Salvage Titles?

However, some of the cars that you may find at auction could have salvage titles attached to them. This does not mean that you should avoid those cars, especially if you can get a good deal and then repair them. This simply means there will be more work to be done and that it will be a bit more difficulty to get insurance coverage.

You will not be able to drive a salvage vehicle or get insurance until you rebuild it. These vehicles could have varying degrees of damage, so it is important that you check the history of the vehicle and determine what type of issues need attention. Try to get an estimate on what it will cost to fix, as this can help you determine whether it is worth buying or not.

Getting the Car Retitled

After you rebuild the vehicle, you will need to have the car or truck go through an inspection carried out by the state of Virginia’s DMV law enforcement services office. Fill out a Request for Repaired or Rebuilt Salvage Vehicle Examination for an appointment. You will also need the original salvage certificate and to pay some fees. The inspection is to ensure that none of the parts used in the repair, or the vehicle itself, have been stolen.

Once you pass the inspection, you can then turn the salvage title into a rebuilt title, which it will carry for life. Make sure you have all of the paperwork needed for the inspection and titling. This includes the original salvage title, the bill of sale, and receipts from the parts used for reconstructing the vehicle.

Insuring a Salvage Car

Getting insurance for these vehicles is possible. However, most companies will only offer only liability insurance. Those who want to have more coverage will find that it’s harder to locate insurance companies willing to provide it simply because they have a difficult time determining the value of a rebuilt vehicle.

Still, with some legwork, you can find insurers such as Progressive that may have plans available to you. Check out some insurance companies before you buy one of these vehicles to see what policies they might have and to get an estimate of how much it will cost you.

Insuring vehicles from wholesale auctions in Virginia is typically an easy process. Even when you have a rebuilt title, you should be able to find companies that can offer you the coverage you need.

Read more on the official Procedures in This State, or on Rebuilt Title Laws for Other US States. Explore our Vehicle Auctions and find info on Buying With Us.

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