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I've typically heard and read 10%, 15%, or 20%.
However, I just got told the salvage price to keep my minivan is equal to 40% of its value. I think I'm getting ripped because the highest salvage percentage I'd heard until now was 25% --- and that was for a very desirable vehicle.....not an every day minivan.
This is for a 2000 Honda Odyssey in 2011.
I believe they are jacking up the salvage percent because I complained that the adjuster did not give a fair assessment on the condition of my van. Flat lied saying that there were oil leaks (NOT !), transmission in need of repair and slipping (NOT !), etc. Mind you, this man couldn't find the transmission dip stick. I realized that he was never going to find it so I finally told him that it was yellow and it still took him quite a while to find it. And I'm a dumb woman.....
Anyway, I provided maintenance records performed by the dealer for the life of the van and inquired what the salvage amount would be if I decided to keep the van. (It was rear ended rendering the tail gate unusable, but still drivable). Allstate then offered me a few hundred dollars more against the value and then stuck a 40% salvage on it. Interesting how it went from being a piece of sh!t according to the adjuster to having a salvage of 40% of the value.
I've been with them for over 40 years and have had two small claims on auto (12+ years ago) and never a house claim. That's what you get for loyalty, huh?
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∙ 12y ago
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We were in an accident that was not our fault. Allstate is going to cut us a check for the value of the car minus the salvage value. Why are they subtracting the salvage value from the check?
Because, that is what they feel you can still obtain by disposing of the car, metal value etc......
How much does a salvage title reduce value?
A salvage title will reduce the value of an automobile by about 50 percent. However, in some cases, it will reduce the value by 80 percent.
What are some of the advantages offered by Allstate homeowners insurance?
There are many advantages offered by Allstate homeowners insurance. Some of these advantages include actual cash value coverage which covers property based on it's market value.
If your insurance company says your car is a total loss but you want to have it fixed can they charge you a salvage fee to keep your own car?
Any vehicle, whether a total loss or not, has a value. A totaled vehicle, of course, has a significantly lesser value (assuming the actual total loss has already been settled with the vehicle owner). This value can be anywhere from 5 - 25% of the pre-loss value of the vehicle. If you decide to keep a totaled vehicle after settling with an insurance carrier, they can legally remove the salvage value from your settlement. It shouldn't be much, and you can request that they actually get a salvage quote from a salvage yard. The idea behind this is that you can't legally profit from a loss. In your case, if your totaled vehicle has a salvage value, and you're keeping the vehicle, the insurance carrier must deduct that salvage value. Otherwise, you will get a full settlement, and still retain a vehicle with some value. But...try working with the carrier on what that salvage amount is going to be. Sometimes they'll adjust it to get the loss settled, since you never "really" know what the salvage value is going to be until the vehicle is sold at a salvage yard auction.
Do you have a right to retain a totaled vehicle for salvage value or can insurance carrier require you to give them car?
Yes, you have the right to retain you car at salvage price at time of settlement.
How does the insurance company determine the salvage value of a vehicle?
Salvage vehicle value is highly subjective but if the car was properly reconstructed and is roadworthy it is worth roughly 60% of a comparable clean titled car. Go to nada.com to get an idea of the car's value. If it's salvage but not roadworthy, maybe 25% of the value of a comparable clean titled car.
What is a restored salvage title?
it just means that said vehicle has been damaged and an insurance company has considered it to be damaged beyond its value. if it is a "rebuilt" salvage title then it can be used as any other vehicle on the road, it just may effect the cost of insurance.
Difference between scrap value and salvage value?
Salvage value is defined as the value of the product after its useful life .In other words it is the value after depreciation. Salvage value also known as scrap value.
How to compute after tax salvage value?
Salvage Value - [Tax * (Market Value - Book Value)
What are the insurance salvage rights for homeowners contents that has been replaced?
Generally, under most homeowner's insurance policies, when an insurance company pays you for the damaged or destroyed object, they are in effect buying that object from you at its value before the loss. Therefore, the object then belongs to the insurance company, to dispose of as they see fit. Sometimes, if they feel there is any salvage value, they will sell it at auction. If of no percieved value to them, they may allow you to keep it, and usually will sell it back to you at the estimated salvate value. This is usually also true for "totaled" vehicles.
What to do or should know when your auto insurance salvages a vehicle?
In the U.S., Auto Insurance companies do not salvage a vehicle. If the vehicle claim is paid out as a total loss it is sold or auctioned off to a salvage or a junk yard. The junk yard may crush the vehicle for scrap metal value or salvage parts from the vehicle or even to re-title the car on a salvage title but this is totally up to the salvage yard or whomever the yard then re-sells the vehicle too.
What is the value of a salvage vehicle?
The value of a salvage vehicle is roughly 60% of the value of a comparable car with a clean title.
