ABOUT SALVAGE CARS FOR SALE
(See Ferrari example at
bottom of page)
WHAT ARE INSURANCE SALVAGE
They were insured vehicles - some were stolen and then recovered, or they sustained repairable damage from
collision, vandalism or floods. The vehicle owner
receives a cash settlement as compensation for damages or loss. The vehicle then becomes property of the insurance company and is resold at a
deeply discounted price. The 32 major insurance companies process over
200,000 salvage vehicles each week.
THEFT RECOVERED VEHICLES? For example, you park your insured vehicle at an airport parking. You then depart and return later to find it stolen. The police can't find it so your insurance company then pays you a cash settlement equal to the car's market value. However, a few months later the car is found, it may be fully intact or it may have incurred some damage or some parts may be missing. The car is no longer yours, it now belongs to your insurance company and becomes one of the more than 200,000 vehicles processed for sale each week by an insurance company.
FLOOD AND WATER DAMAGED
VEHICLES? These are vehicles having been exposed to various depths and duration of water from storm floods that occur during extended and excessive periods of rainfall. In rarer instances, vehicle flooding can occur in coastal areas from high ocean tides during severe storms.
VANDALIZED AND STORM DAMAGED VEHICLES? A vandalized vehicle has sustained a various degree of destruction at the hands of a
vandal. It can include having parts stolen or physical damage. Storm
damage can occur in the form of hail, fallen tree limbs, airborne debris and water damage.
COLLISION DAMAGED VEHICLES: When a vehicle comes into accidental contact with another vehicle or object resulting in physical damage to the vehicle.
for full access to our entire inventory of more than 15,000 salvage vehicles and project cars for sale.
(see photos below)
People often ask us, "why doesn't the
insurance company just pay to have these vehicles repaired for their
customers?" Here's an example why insurance
companies often decide not to repair a vehicle. One of our customers recently purchased a low mileage 1997 Ferrari 355 GTS from one of our featured inventory facilities in Atlanta, Georgia, USA. The Ferrari had
sustained easily repairable front end damage. However the front bumper and a fender that were needed to repair the car were on back-order from the Ferrari factory in Italy for approximately 10 months. During those 10 months the insurance company would have been paying $50 per day for the Ferrari to sit
idle in a
body shop in addition to a $57 per day rental car expense to provide the Ferrari owner with a replacement vehicle.
The insurance company wisely decided to pay the Ferrari owner the replacement cost of the car to avoid a lengthy and costly wait for parts. And once an insurance company commits to repairing a vehicle they are at risk of whatever unforeseen issues may be uncovered during the repair process in both cost and time. They frequently find it simpler and much more cost effective to pay the owner a settlement and to then sell the car in a damaged condition rather than to repair it. Our service enables you to purchase these cars, trucks, motorcycles and boats that come direct from insurance settlements for typically 1/2 to 1/3 or their Kelley Blue Book or NADA value. We've been in the salvage car business since 1976 and have enabled thousands of customers worldwide to purchase vehicles at deeply discounted prices.
FERRARI 355 GTS
- The insurance company sold this easily repairable Ferrari 355 GTS instead of having
it repaired for the owner.
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