Definition Definition

Salvage title

Salvage title is an automobile title with a notation that the vehicle has been damaged in excess of approximately 70% of its pre-accident market value. The exact percentage depends on the insurance provider and any applicable laws and regulations. This notation gets applied to a title when an insurance company pays a total-loss claim on a vehicle, but then sells the vehicle at an auction center.

Share it: CITE

Related Definitions

  • Salvage Parts
    Salvage Parts refers to parts salvaged from a vehicle, often...
  • Title
    Title sometimes referred to as the "pink slip." The legal...
  • Branded title
    Branded title is a permanent designation on a vehicles title,...