Is insurance more expensive for a car with a salvage title? Do insurance companies charge higher premiums for cars with salvage titles compared to identical vehicles with clean titles? Just wondering, thanks!
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Yes, insurance is typically more expensive for a car with a salvage title compared to an identical vehicle with a clean title. Salvage titles indicate that the car has been in a significant accident, suffered extensive damage, or was deemed a total loss by an insurance company at some point. As a result, insurance companies often consider these vehicles to be at a higher risk, leading to increased premiums.
Additionally, the resale value of a car with a salvage title is generally lower, which can impact the amount of coverage you’d want to carry. Some insurance companies may even limit the types of coverage available for salvage title vehicles. It’s always a good idea to shop around and compare quotes from different insurers to find the best policy for your specific situation.