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Q

I bought a car that had a rebuilt title (so stated on the title). I insured this car with an insurance company by simply providing them with registration information, which is all they required. (I didn't withhold any information). This car was previously insured by the previous owner by the same company. Now my car has been deemed totaled by the insurance company due to flood damage. I was contacted by them with a settlement amount which I accepted. I am to return a Power of Attorney and the title in exchange for my settlement check. Is it possible that once they get the title and see it was a rebuilt title they will decrease my settlement amount, or do they know this prior to offering a settlement. Just curious and wondering if I should expect a check for lower than what they have said they were settling for. Thanks for your help.


A

It appears you have been forthcoming with your insurance company in the past about the rebuilt title, which is a good thing.

Most likely your auto insurance company has done their research based on the car having that type of title before offering you the settlement amount. If you still have concerns you should contact your insurance agent, or claims representative, who can answer your specific questions.

We can insure a vehicle with a salvage title, through some of our insurance companies.


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1 Responses to "I bought a car that had a rebuilt title (so stated on the title). I insured this car with an insurance company by simply providing them with registration information, which is all they required. (I didn't withhold any information). This car was previously insured by the previous owner by the same company. Now my car has been deemed totaled by the insurance company due to flood damage. I was contacted by them with a settlement amount which I accepted. I am to return a Power of Attorney and the title in exchange for my settlement check. Is it possible that once they get the title and see it was a rebuilt title they will decrease my settlement amount, or do they know this prior to offering a settlement. Just curious and wondering if I should expect a check for lower than what they have said they were settling for. Thanks for your help."
  1. marcus

    Insurance agents carry their own insurance for cases like this, it is called errors and offers insurance. Agents generally don't ask about what kind of title it is so in the event you get into a accident your covered and so are they. You will get paid the full amount of a clean title car (hence the name errors and offers ) just make sure your car is clean because they will deduct for dirty seats, etc.

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