What’s a branded title (not) worth?

SV reX said:

In reply to Steve_Jones :

Please stop Steve. You've made your point. And you are not helping now. 

Here is the issue, you have convinced yourself it's a good truck while ignoring the very thing that says it's not. Why? You're a builder, so I'll put it in building terms. If I asked your opinion on a house, and showed you an inspection that said it had foundation issues, would you say buy it? If you asked if they've been repaired the correct way and my answer was "I think so" what would you say? 
 

Ask any dealer if a rebuilt title is a nice truck, they will say no. KBB says no. People here say no. It's not just me. We also don't know the price of this truck, is it a $10k truck? Take the chance. $40k truck? Not worth it. As just posted by someone in the insurance business, you'll get paid 40% less than a non rebuilt one, so if you're buying it for 40% less, go for it. 

Go look at it, you know enough about trucks to tell if it is going to take your use or not.  A VIN search for details is a great idea.  Use the title as a negotiating point, they know they are at a disadvantage or will learn this shortly.  

eebasist said:

Everyone saying that an insurance company places 0 value on a rebuilt vehicle is flat out wrong.   Some will not provide comp/collision on a rebuilt vehicle (Amica/Progressive do in KY).

I worked with someone whose Ciera was totalled three times.   Every time he got a payout and bought it back.

Its not like most popular vehicle in America is in short supply.   Hard pass on one with a salvage title.  

SV reX said:

Steve_Jones said:

SV reX said:

In reply to Curtis73 (Forum Supporter) :

I hear you. 
 

When my F250 was y to stalled it had 650K on it. Insurance offered me $3500. I successfully argued them up to $12,500 (which made me happy). 
 

im not afraid of that. 

You argued them up because you had full coverage. You won't have that option on this truck. If someone hits you next week, that money is gone. Most insurance companies will not pay out on it. That's the risk. 

No sir. I had NO coverage. Liability only. 
 

It was the other guy's insurance. 

That's fine... if you're not at fault in an accident, if it's not stolen, if a tree doesn't fall on it, if someone doesn't steal the catalyst, if hail damage doesn't break windows, if every other driver has an active insurance policy, if, if, if....

I think if you like it, you should do it.  I have a feeling it will be your last R-title purchase.  I did it once and said "well, I learned from that experience."  Then I did it again on a sure bet and said "well, I guess I didn't learn from that experience."  Since you asked for advice, I personally would suggest you clear your browser history so you never see that truck again.  The only way I would take that truck is if it were $1500 which I can swallow if it gets crushed or stolen.

In reply to Steve_Jones :

Steve, I know damned well what the issue is. You. Have. Made. Your. Point. 
 

Now don't be a dick.

In reply to SV reX :

Others here are saying the same thing, yet you single me out. I'm not the one being a dick. You don't want advice, you want permission. Go buy the truck. 

In reply to Steve_Jones :

...and others are also saying otherwise. 
 

Im singling you out because YOU are acting differently. 
 

I asked you nicely first, but you had to keep going.  You made your point. 

Asked and answered. Steve is trolling.

ddavidv said:

eebasist said:

Everyone saying that an insurance company places 0 value on a rebuilt vehicle is flat out wrong.   Some will not provide comp/collision on a rebuilt vehicle (Amica/Progressive do in KY).

He's right. Most of the keyboard experts here are wrong, but with the caveat that every insurer and rules in a particular state are different.

My employer allows full coverage on reconstructed title vehicles. I know, because I've paid the claims on them. They pay full price for insurance but the car winds up being worth about 30-40% less than a clean title one. 

I know we're in the same state, but the three insurers I've used here would not provide anything other than liability on my R-title Sonoma.

My concern is more that even if SV lives in a state that can provide full coverage, AND has a provider that offers full coverage, it's a big money suck given the payout.  If he doesn't get collision/comp, then the only way (out of thousands of possible means of loss) his loss is covered is if 

1- it was the other person's fault in an accident
2- they have insurance
3- they don't hit and run
4- they don't litigate

All of the other innumerable forms of loss (trees falling, hail, SV's fault in an accident, theft, etc) are just a write-off.

I'm not trying to convince him in either direction, it just sounds like there is some advice here that is saying he'll be able to recoup his losses with no problems.  I just don't want my friend making a decision in a vacuum.  He may already know all of this and he might have all the solutions and just not shared them here yet, which is why I'm not saying "DON'T DO IT," I'm just offering counterpoint that he should check into if he hasn't already.

In reply to Curtis73 (Forum Supporter) :

You and I are on the same page, saying the same things, be careful, you'll get accused of trolling. 

I've bought two rebuilt title cars and have been super pleased both times.  Just know what you're getting, and understand it'll be harder to sell.  If you're good with that, do it.

Steve, I'm not sure what you do for a living,  but ddavidv and SJKSS both work (worked?) in car insurance, and they disagree with you.  

This might be a question that is really state-specific.  I have been able to get full coverage on branded title vehicles where I live (MO) and have always heard the rule of thumb is 30% off for prior salvage if it's been repaired well,  and go lower from there if it hasn't. 

Steve_Jones said:

ddavidv said:

Asked and answered. Steve is trolling.

Please show me where, be specific. Quote the post where I'm trolling. You can't. If I am, then the other 3 saying the same thing I am must be right?

SV reX said he heard you, you weren't being helpful to him, and asked you to stop. You posted 2x more still insisting he was wrong. 

This is gold

I'll only buy and Rebuilt title car if it's under 3k. Salvage only for parts. I try not to buy expensive things that I can't sell in 90 days simply because I at any moment move overseas on 3 to 6 months notice. 

Just a follow up...

I checked with my insurance company.  In GA, StateFarm will write full coverage replacement value policies on cars with rebuilt titles. 
 

I didn't buy it, but the insurance would have covered it. 

In reply to SV reX :

Glad you checked.  Sorry for beating a dead horse earlier, just didn't want you to end up being stuck.

Now go find another R-title truck :)

ddavidv said:

eebasist said:

Everyone saying that an insurance company places 0 value on a rebuilt vehicle is flat out wrong.   Some will not provide comp/collision on a rebuilt vehicle (Amica/Progressive do in KY).

He's right. Most of the keyboard experts here are wrong, but with the caveat that every insurer and rules in a particular state are different.

My employer allows full coverage on reconstructed title vehicles. I know, because I've paid the claims on them. They pay full price for insurance but the car winds up being worth about 30-40% less than a clean title one. 

I had no issue getting full coverage on my Corvette with a rebuilt title in New York.  The required pics which I've had to do with any used car I've owned but otherwise there were no hoops to jump through.  The payout will be reduced if something happens to it but so was the purchase price. 

As far as buying another I doubt I would.  If you haven't registered one yet in your state try to talk to someone at the DMV that knows what they're talking about.  My local office gave me a bunch of bad advise so I spent 7 months and about $1000 getting it legal, and once the process started they confiscated the title from NC so I couldn't really try to sell it until the process was done.     

I know in PA and CA, it's liability only.  I don't think I owned a branded title when I lived in TX or LA, so I won't speak for those states.

Nope. I work in PA. My own employer provides full coverage on R title vehicles.  It's probably company dependent and there may be numerous ones that won't provide collision or comp on them. 

A little more info to add...

A REBUILT title is different than a SALVAGE title. 
 

In GA and FL, a rebuilt title is one that was previously salvage, but can now be driven on the road.  Repairs were made, money was spent putting it in good condition again, it has been inspected by a state agency to insure it was rebuilt properly, and it is legal again to drive in the road. Insurance companies don't have an issue with it's value because someone repaired it and added value back to a vehicle that once had no value. 
 

A salvage title can't be driven legally on the road, and can't be insured. It has no value to an insurance company. 
 

Don't know how it works in other states. 

In reply to SV reX :

 

When I called the NY DMV about registering a car with a North Carolina reconstructed title I was told as long as it was rebuilt and not salvage I would be ok. When I took the title in I was told that NY doesn't recognize reconstructed titles from other states and I would have to go through a new inspection here. I would make sure your state will let you register it before picking up a rebuild from another state. 

As another datapoint, safeco in KY would not write me a collision policy for my rebuilt title car, but they did sell me a comprehensive policy.  I'm not sure why one and not the other.  I guess they see an event that triggers the comprehensive policy as a lower probability than hitting a car or tree on the road.  My assumption is also that without a collision policy, they won't get involved if another driver hits me, so maybe they're trying to avoid getting into any sort of a valuation battle with another insurer.

Also, the rebuild process varies wildly from state to state.  In KY, all they wanted to see were receipts for parts to "prove" that I didn't use stolen stuff.  The only other inspection was the same stuff they check on out of state vehicles coming in plus seatbelts, glass, headlights, turn signals, brake lights, and a horn.