What is a salvage Certificate?

What is a salvage Certificate?

What is a salvage Certificate?

A salvage certificate or title is one that is issued after a vehicle sustains an established amount of damage, and it is only issued to the registered owner of the vehicle. The damage sustained by the vehicle must be so much that it becomes uneconomical to repair it. This damage in some states is a set monetary value, and in others it is a percentage value usually 75% of the actual cost of the vehicle.

Obtaining a salvage certificate

Salvage titles are issued by the department of motor vehicle (DMV) at the state level. Before it is issued, the DMV needs supplemental information such as detailed insurance reports, the old car title, and the relevant application fees. In some cases insurance reports are not needed, as the DMV conducts its own assessment. The issuance of the title usually happens in two weeks or more, depending on the processing time needed for your vehicle and the state.

Types of salvage title

When obtaining a salvage title it is important to know what you intend to do with the vehicle. If the vehicle has been assessed, and it is determined that it has the possibility of being repaired, then a regular salvage title with no stipulations is required. This allows the owner to sell the vehicle to a salvage dealer who will be able to repair it for resale.

If however the vehicle is in such a state of disrepair, and has absolutely no chance of being restored to working condition, then the owner may want to consider what is called a no repairable vehicle certificate. This is a type of salvage title that is issued when the intention of the owner is for the vehicle to be sold as scrap metal. Scrap metal dealers will buy the vehicle from you to supplement their trade. There may be some restrictions to selling the vehicle as parts to be reused in other vehicles, so do not try this until you are certain it is legal to do so.

Salvage titles have versatility. They may be obtained with the intention to repair a vehicle, or they may be obtained with the intention to sell the vehicle as scrap metal. Either way a salvage certificate is a silver lining in the cloud of a damaged vehicle, as it allows you to get rid of that old vehicle while getting an income. Although the earning potential may not be great, it still places a few dollars in your pocket.

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