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Insurance companies typically consider a car salvage when the cost of repairing the vehicle after an accident or other incident exceeds a certain percentage of its value. This threshold can vary depending on the insurance company and the jurisdiction, but it's often around 75% to 90% of the car's pre-accident value.
Here's a simplified breakdown of the process:
Assessment: After an accident or incident, the insurance company assesses the extent of the damage to the vehicle.
Estimate: They then estimate the cost of repairs needed to restore the vehicle to its pre-accident condition.
Comparison: This estimated repair cost is compared to the actual cash value (ACV) of the vehicle, which is its value before the accident.
Threshold: If the repair cost exceeds a certain percentage of the ACV (often 75% to 90%), the insurance company may decide to declare the vehicle a total loss and issue a salvage title.
Decision: Once declared salvage, the insurance company typically takes ownership of the vehicle and may sell it to a salvage yard or auction it off. In some cases, the policyholder may have the option to buy back the salvage vehicle.
It's important to note that the specific criteria for declaring a vehicle salvage can vary by jurisdiction and insurance company policy. Additionally, insurance companies may also consider other factors such as state laws, safety regulations, and potential liability issues when making this determination.
