1. Natural Disasters
Natural disasters such as earthquakes, tornados, hail, floods, and hurricanes can greatly damage a car and earn it a salvage title as a result. While there are natural disasters such as hail that may sometimes cause noticeable damage to a car’s exterior, we also have floods that often cause damage that is not readily apparent on the outside. Flood damaged vehicles at large are deemed unfit to be restored and are mostly harvested for any working OEM parts. You can, on the other hand, find hail damaged vehicles that may be restored without a hassle.
2. Stolen and Recovered
Cars get stolen every day in the US, and in most cases, panic stricken owners start making phone calls to the police and their insurance companies. The police will start their search and the insurance company deals with their customers’ claims. While some stolen cars get recovered soon, others take weeks or months on end to get recovered. Insurance companies, generally speaking, tend to pay off the full cost of the vehicle if it doesn’t get recovered in three weeks or 30 days in some cases. In cases where stolen vehicles are found after they have been compensated for by insurance companies, then they’re auctioned away to wishful buyers.
3. Totalled or Accident damaged
When a car has been involved in an accident and incurs damages that require a significant amount for repair, generally greater than what the car’s worth, then the insurance company will consider the car totaled. Although the standard valuation differs from state to state, the national standard limit is 75 percent of the vehicle’s total value - so if an accident-damaged vehicle’s repair expenses exceed 75 percent of its value, insurance companies see replacing the as a more viable option. This is how accident-damaged or totalled vehicles end up with a salvage title in auto auctions.
Wrap up
The above-listed are just some of the salvage titles you can find at online auto auctions. Learning about the title and the details when purchasing a salvage car can be an immensely helpful tip to land great deals.Search for a reputable car auction online that offer salvage cars in Florida, California, and Texas, among others US states and start bidding to bring home your dream vehicle for an unbelievably low price.