Everyone needs insurance to own a vehicle in this country. It’s the law and there’s no avoiding it. However, when it comes to insurance for salvage cars for sale, it’s not as straightforward as most people are used to.
While you can find a lot of really great deals on these types of vehicles, it’s important that you not spend a nickel until you know how insurance for salvage cars for sale works. Otherwise, you could be pretty pleased with your purchase up until you find out how much it’s going to cost you to get insurance.
You’re Going to Need to Repair Your Vehicle
Before we get too far into this topic, we should point out something very important: you need to repair your salvage vehicle.
Maybe this goes without saying. After all, if a vehicle has been given this label by the government, it probably doesn’t need to be said that it’s in pretty bad shape. Nonetheless, if it runs, you might be tempted to simply make do, especially if you just need something temporarily while you save up for a better vehicle.
Unfortunately, the government says that any salvage cars for sale must be repaired before being driven. After your winning bid, you’ll need to have your vehicle brought to either your home or a mechanic.
Why Many Insurance Companies Won’t Help You
Insurance salvage cars for sale are given this label because the damage to them is so extensive that they’re basically uninsurable. The insurance company just wants to get rid of them – instead of paying for repairs – because they’d rather take whatever they can get for them. This helps explain how their prices can be so low.
Again, this is important to know ahead of time because too many buyers only find this out later when they let their insurance company know they need coverage and get turned away.
The smart thing to do is to plan ahead. Speak to your insurance company beforehand. Find out what their policy is toward insuring salvage cars for sale. They might give you certain parameters you need to follow in order to receive coverage. You may even receive a quote ahead of time, which will help a lot when considering how much to spend.
If you get bad news from your current insurance company, don’t give up. Keep looking. What is most likely to happen is that a company will agree to insure you once you take care of the repairs the government requires and others they’d prefer too.
Of course, you have to expect a higher premium as well. You’ll probably have to get liability insurance after the vehicle is restored.
Although insurance can be a bit of a challenge with salvage cars, you should now be ready to plan ahead and avoid major issues. If you’d like help buying the best possible vehicle within your budget, auto auction mall is here to help. We can search from more than 200,000+ vehicles up for auction across the country and find one that fits your guidelines.