Rebuilt Titles can get coverage with some insurance companies. However, much depends on the reason why the vehicle previously had a Salvage Title, the type of damage it received and severity of the damage. That is why it is critically important to run VIN lookup and check the history of that vehicle so as to learn what happened to it in the past.
Rebuilt Title Insurance
Can I Insure a Rebuilt Title?
Rebuilt title insurance is another issue a rebuilt car buyer may face. The common problem is that many insurance companies do not offer physical damage coverage (comprehensive and collision) for rebuilt title cars and give you only liability coverage. If you are seriously considering buying a rebuilt car, check insurance companies that offer coverage for such vehicles and get a rebuilt title insurance quote well ahead!
Which companies offer insurance for rebuilt vehicles?
Contact GEICO, State Farm, AllState or Progressive. These are the companies with the largest pool of insured vehicles, which allows them to work with higher-risk products, such as insurance for rebuilt cars. There is no answer to the question which rebuilt title insurance company is the best, contact the companies and request quotes - it’s free! Rebuilt title insurance in Florida, Texas and Georgia is also available. However, insurers may be much more cautious about the cars’s history, taking into view possibility of water damage or title washing before issuing insurance for a rebuilt title car.
Rebuilt title insurance tips
Always check VIN history and contact car insurance companies well ahead of buying a rebuilt title car! Remember this simple rule: you don’t know much your rebuilt title car really costs and its real value if you don’t know its history and the cost of insurance. Provide VIN number, ask if the can cover that vehicle and request quotes. Getting a decent insurance plan can turn out a big headache with a rebuilt title car. It’s a great way to go to consider several cars at once and getting quotes in advance for all of them. You may have to show the copies of repair receipts or other documents proving that the cars was rebuilt properly.
Rebuilt car insurance rates should not differ much from those with clean titles, what differs is damage coverage because of lower ACV (Actual Cash Value), which is much lower. However, lower coverage is only just because you buy the vehicle cheaper and I wonder why some drivers who purchased their vehicle at 60% of its common market price are so astonished about lower ACV. Some rebuilt car owners report that insurance rates were 3 times as high as with “clean” titles. However, I think if they shopped around they could have got better terms. Just don’t put it off until the very last day and never start to search for insurance AFTER buying the car.
Never, never dismiss or try to conceal the fact that the vehicle has or had a rebuilt title in the past, even if your current title is clean when buying insurance (though I would not recommend to buy such a car at all!). Always disclose the fact that the vehicle is a rebuilt type. Even if you manage to get a cheap coverage, you may not receive the compensation in case of an insured accident and, in addition, you may be blacklisted and banned from many insurance companies for future. If your insurance agent seems to overlook the rebuilt title, don’t swallow it. At this stage, the truth is not so important because now it’s you who’s paying. But when you car receives a damage or any other loss, you may get no compensation.
If finding full coverage for your rebuilt title car seems problematic, contact the facility that reconstructed the vehicle after the damage or hire a qualified mechanic and obtain a report on the current condition of the vehicle.
- Mind that comprehensive and collision coverage may be much lower that you expect.
- Don’t be mislead about salvage title and rebuilt title insurance. Rebuilt salvage title insurance may be hard but still possible to get, salvage title insurance in impossible to get.
What if I need to make insurance claim….
You rebuilt title car may be totaled again some day. Be prepared that the insurance company will attempt to lower compensations 2-fold by stating your vehicle has a low ACV or even deny your claim on a rebuilt title insurance policy. This doesn’t mean that you won’t receive the compensation that you should be yours by the law. It’s a common practice for insurance companies to find every reason to deny claims or offer lower payouts because a certain percent of the customers are not the fight type: they will not insist and put up with what they are offered, and this is very easy money for the insurance company! Don’t swallow that! Just be persistent - and in most cases the company will meet your claim and pay what is due and you won’t have to file a lawsuit. They are not interested in spending much time and efforts fighting you or losing a court case.
Rebuilt title insurance in UK
In UK, getting rebuilt title insurance maybe problematic because a rebuilt title car is an exported one. However, if the car meets all all the country’s safety and technical requirements, you have a chance.
Get insurance quotes for rebuilt cars not just before you buy the car, but even before you have it inspected buy a mechanic. Don’t get into a situation when insurance costs will devour all the finance you saved on purchasing a reconstructed vehicle instead of one without a salvage title in the history.
Don't run rusks. Run VIN check - discover what you weren't told about that rebuilt vehicle!