What are salvage title cars in Indiana?
A salvage car titlegoes by many other names in the state of Indiana and across America. The Indiana Bureau of Motor Vehicles (BMV) defines this type of title as proof of ownership for a vehicle that has been deemed to be a “total loss” due to a wreck or some other form of damage.Traditionally, this auto salvagedistinction only applies to vehicles that are newer than seven model years old, although older vehicles can be considered salvageable upon review.When your vehicle is labeled as salvage, it is often done as such because insurance companies have deemed it too expensive to fix under your coverage.
The reasons for this kind of distinction are clear, in that previously a totaled car should be labeled differently than undamaged used cars. With a wrecked car title in Indiana, a vehicle may well be put up for sale without too much additional information regarding why it has such a title. There are many different reasons why a vehicle might be labeled as salvage, including the following:
- A major accident
- Flood damage
- Stolen and unrecovered
- Damaged due to weather or human causes
Some car dealers give advancedrepaired vehicle title and history information to interested buyers, such as information about flood titles, exact details of past repairs and information on the current condition of the engine and motor.However, other rebuilt titledealers leave much of that information as a mystery. Thus, to prevent any fraud from sneaky auto salesmen trying to pass off cars as undamaged, finding out as much title information as you can before buying your next used vehicle is key.
Why You Might Choose to Obtain an Indiana Salvage Title
Before buying a previously flooded or smashed car in Indiana, you should be aware of your potential risks. However, there can be many positive aspects of obtaining one of these vehicles. First, salvage carsare often cheaper than other used cars on the market. When buying a used car, checking to see if it functions properly should be a top priority. Additionally, if your vehicle is the one that has been damaged, salvaging it can be a much cheaper option than getting a new vehicle as long as it still works properly after retitling.
Salvage titles are also often labeled regarding what their previous damage has been. If the damage caused to a salvaged vehicle in the past was purely aesthetic and did not affect any of the internal components, then it can be just as reliable to drive as a new or used car with a clear title. While there are clear dangers associated with getting one of these vehicles, doing as much research as possible beforehand can prevent you from making a purchase or keeping a vehicle that you will later regret.
How can I prepare for a damaged car titleapplication in Indiana?
Salvage cars in Indiana can be acquired from nearly any certified auto dealer in the state, but the process of getting that designated title for your own vehicle is slightly more involved. If your vehicle experiences a total loss, then you must file an application with the Indiana BMV in order to legally continue your ownership of the vehicle. Otherwise, the rights of that vehicle will be transferred to your insurance company. They will then proceed to either sell it to a scrapyard or get it repaired and resell it to an auto dealer. To get the most out of your auto salvage experience, preparing for your application is a necessary step. For your application, you will need:
- Your identifying information, including your name and address.
- Your auto insurance company’s information,including their name, address and your agent’s name.
- Your vehicle information, including your vehicle identification number, the reason for salvaging and more.
- Your vehicle’s original title, including another form if it was not first titled in Indiana.
- A nominal fee payment, which can be attached to the rest of your application.
Your future rebuilt title will have a much higher likelihood of becoming a reality if you are to prepare this information before reaching out to the Indiana BMV. Additionally, you will have a greater chance of receiving your new salvage title sooner by paying an additional expediting fee at the time of your application.
Performing Your Indiana Auto Salvage Application
Applying for your totaled car to receive a new title can be accomplished by collecting the above information, using it to fill out the appropriate application forms and mailing them to your Indiana BMV. You will be able to receive your new salvage titlein the mail after your information has been processed. Then, this title will serve as your new proof of ownership for your vehicle and it will be a necessary document to provide if you ever do decide to sell the vehicle in the future. Keep in mind that these titles do make it much more difficult for auto dealers to determine the proper value of your vehicle.
Many residents have wondered, “What is a salvage title in Indiana?” but have not learned about them quickly enough to make the best decisions about their vehicles when they needed to. By learning this crucial Indiana BMV information ahead of time, you can be prepared to take action if your vehicle ever becomes too damaged for your auto insurance to cover it. While title salvaging can come with its own concerns if you are not careful, it can also be an excellent way to continue driving your damaged vehicle without breaking the bank.