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« on: February 23, 2023, 02:03:22 PM »
For what's it worth.
Salvage titles in OH ( probably most states ) are the results of the insurance industry. Most insurance companies will total a vehicle when the cost to repair it is at 75-80% of it's value. They then factor in the possibility of supplements ( additional repairs required in addition to the estimate), car rental time and salvage value. So most of the time they will total( write of as a total loss ) a vehicle at less that the standard 75% value. A "totaled" vehicle doesn't necessarily have anything to do with how badly a vehicle is damaged. Example "A". A 20 year old vehicle W/125K on the odometer is in a minor fender bender. Vehicle needs a headlamp, grille, dent in the fender repaired and refinish the fender and bumper cover. Estimate to repair is $1000. Insurance co. says the value of the vehicle is $1500. While the $1000 estimate is less than 75% ( $1125 )of the vehicle's value more often than not they will total it because they factor in their total costs. Would they need to rent a vehicle for the client while the vehicle is being repaired? A supplement might be needed after repairs begin. Plus thy factor in the salvage value of the vehicle. In this case perhaps the salvage value is $300. The insurance Co. pays out $1500 to settle the claim, get $300 from the salvage yard for the vehicle and they are done! vs $1000 min repair costs and maybe a $150 rental or more with a risk of additional repair costs ect.Insurance will total this vehicle most of the time. Example "B". A 2023 F150XLT 4x4 with 3K miles is broadsided, heavy damage. $60,000+ truck. Estimate to repair is $35,000, well under the $45,000, 75% total threshold. Vehicle is repaired no salvage title. Which one is damaged worse? which one would you want? In OH you go to the salvage auction and buy vehicle "A". You pay $500 put a headlamp in it, pound out the fender a little and it's good to go. But it has that salvage title. No problem here. Just take the vehicle to your local Ohio Highway Patrol station and have it inspected. If they give it a passing inspection now you can take it to a license bureau, get plates and done. A salvage title will hurt the value, but perfectly legal if done by the book.