Purchasing a vehicle with a salvage title can be an affordable option, but it often comes with complications, especially regarding insurance coverage. At Rate Frog, we aim to provide you with clear and comprehensive information about whether Geico covers vehicles with salvage titles and what you need to know about insuring such vehicles.
Understanding Salvage Titles
A vehicle receives a salvage title when it has been declared a total loss by an insurance company due to significant damage from an accident, flood, fire, or other events. These vehicles are typically repaired and can be legally driven again, but they carry the salvage title designation to indicate their history.
Geico’s Policy on Salvage Titles
1. Initial Coverage
Geico generally does not provide full coverage (comprehensive and collision) for vehicles with a salvage title. This is because salvage title vehicles have a history of significant damage, making them riskier to insure and more challenging to assess accurately for coverage.
2. Liability Coverage
While comprehensive and collision coverage might be unavailable, Geico does offer liability insurance for vehicles with salvage titles. Liability coverage is mandatory in most states and covers damages you may cause to others in an accident, including property damage and bodily injury.
3. State Regulations
Insurance regulations and requirements can vary significantly by state. In some states, insuring a salvage title vehicle may come with additional restrictions or requirements. It’s important to check with your state’s Department of Motor Vehicles (DMV) or equivalent agency for specific regulations.
Steps to Insure a Salvage Title Vehicle with Geico
1. Rebuilt Title
If you have repaired a salvage title vehicle and it passes a state inspection, it may receive a rebuilt title. While a rebuilt title does not completely remove the vehicle’s history of significant damage, it indicates that the vehicle is roadworthy. Geico may be more willing to provide coverage for a rebuilt title vehicle than for one with a salvage title.
2. Contact Geico
To determine if Geico will cover your salvage or rebuilt title vehicle, contact Geico directly:
- Phone: Call Geico’s customer service at 1-800-861-8380.
- Online: Visit Geico’s website and use the live chat feature or email to inquire about coverage options.
- Local Agent: Speak with a local Geico agent who can provide detailed information based on your specific situation and location.
3. Provide Documentation
Be prepared to provide the following information when inquiring about coverage for a salvage title vehicle:
- Vehicle Information: Make, model, year, and VIN (Vehicle Identification Number) of your vehicle.
- Title Status: Details about the salvage or rebuilt title, including any documentation of repairs and inspections.
- State Requirements: Any state-specific documentation or inspection reports that may be required.
Considerations for Insuring Salvage Title Vehicles
1. Higher Risk
Vehicles with salvage or rebuilt titles are considered higher risk due to their history of significant damage. This can lead to higher insurance premiums, even if coverage is available.
2. Limited Coverage Options
As mentioned, comprehensive and collision coverage may be difficult to obtain for salvage title vehicles. You might need to rely solely on liability coverage, which only covers damages you cause to others.
3. Market Value
The market value of salvage or rebuilt title vehicles is generally lower than that of comparable vehicles with clean titles. This can affect the amount of coverage and the premiums you pay.
Alternative Insurance Providers
If Geico does not provide the coverage you need for your salvage title vehicle, consider exploring other insurance providers. Some insurers specialize in high-risk vehicles and may offer more comprehensive coverage options for salvage or rebuilt title cars.
Final Thoughts
Geico typically does not offer comprehensive and collision coverage for vehicles with salvage titles but does provide liability insurance. It’s important to understand your coverage options and state regulations when insuring a salvage title vehicle. At Rate Frog, we help you explore your insurance options and find the best policies to suit your needs. Visit our platform today to compare quotes and secure the right coverage for your peace of mind!