Salvage Title
A Salvage Title is a designation placed on a vehicle's title after it has been declared a total loss by an insurance company. Once a vehicle has a salvage title, it cannot be legally driven on public roads in most states until it is repaired and re-inspected, after which it receives a Rebuilt or Reconstructed title.
Related terms
Total Loss Threshold
The Total Loss Threshold is the percentage of a vehicle's pre-loss value at which an insurer must declare it a total loss. Thresholds are set by state law (statutory) or insurance company policy (contractual) and typically range from 65% to 100%.
Salvage Retention
Salvage Retention (or 'owner retention') is your right to keep your totaled vehicle by accepting a reduced settlement equal to ACV minus the salvage value. It can make sense if the vehicle is repairable, has sentimental value, or has aftermarket equipment you want to keep.
Rebuilt Title
A Rebuilt Title is issued after a previously salvaged vehicle has been repaired and passed a state-required inspection, allowing it to be legally driven and registered. Rebuilt-titled vehicles are typically worth 20-40% less than equivalent clean-titled vehicles.
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