Vehicle owners need to apply for a salvage title in South Carolinaif they possess a motor vehicle that is totaled or smashed. ... Read More
A title certificate for salvage vehicles is a legal document that motorists need to obtain when they own a damaged car and want to rebuild it. Motorists may apply for a damaged car titlecertificate through the South Carolina Department of Motor Vehicles (SC DMV). In general, SC residents who want to classify their vehicles assalvage title carsare required to submit anoriginal title at the DMV in order for them to receive the salvage classification.
An insurance company may take a totaled car in South Carolinaas part of the settlement for a claim at the moment when the insurance agent declares the vehicle as a total loss. Conversely, insurance companies may also leave the motor vehicle with its owner. In general, a vehicle is declared a total loss when it has a loss of 75 percent of its fair market value. Therefore, insurance agencies may declare a smashed caras a total loss if it has lostover 75 percent of its value or when its value is under $2,000.Furthermore, an auto salvagetitle will be issued for vehicles that are declared as a total loss, unless one of the following statements is true:
- The vehicle cannot be rebuilt
- The car has an antique vehicle title
- The vehicle has damages of less than 75 percent of its market value and has not endured water or fire damage
- The vehicle has a value of less than $2,000
In general, vehicle owners must be specific in their application forms regarding whether or not their salvage title carscan be rebuilt, as well as detailing how these vehicles got damaged. After preparing the necessary documentation for a salvage or rebuilt title in South Carolina, applicants may choose whether to send them via mail or submit them in person at a local DMV office.
Insurance companies thatwish to get a salvage title in SC must hire a person to represent them and complete an application form in the name of the company.Moreover, these assigned individuals must pay the applicable fees related to the titling process.In addition, insurance companies may be required to sign and complete a request for salvage titleand to provide a power of attorney if another company or agent is performing the procedure in their name.