Full coverage insurance on a rebuilt title car?

[Rock44]

Hey all,
Finally in the market for an 03-04 and there is an excellent example of a rebuilt title silver 03, 40k miles, minimal mods done (mufflers and intake tube). The price is right but my dilemma is which insurance companies will offer full coverage on a rebuilt title? I’m 0 for 3 calling companies and asking, so I figured I’d ask the forum.

Side note, I’d be retitling it in SC, it’s listed as rebuilt in FL. My understanding is the rebuilt status follows it to SC and I don’t have to start from square 1 here as if it’s salvage.

Used the search function and while salvage/rebuilt titles were discussed, insurance specifically was not discussed. If I can’t get full coverage and collision then I’m not doing it.

 

[COOL COBRA]

Have you perused agreed value policies?

 

[Rock44]

No I have not.
40k mile car I can get for 16.5k
Only mods are pulley, catback, air filter.
Repair looks legit. Cannot tell it was ever in a wreck.
Getting an insurer for full coverage has been tough.

 

[COOL COBRA]

If your concern for getting full coverage is to secure your purchase price, set an agreed value at or above that & you’re set.
All my cars except my ‘13 are covered that way. My broker says 10 years or older allows that. So after next year I’ll add the ‘13.
Your premium will reflect the agreed value.
I’d call around & ask to save time.

 

[Blackoyote]

Unfortunately it'll vary by state, but I've had full coverage on rebuilt title vehicles in NC through Progressive and Geico.

 

[helloWorld]

I have full coverage insurance on my salvage title V through USAA.

 

[Cobra Jet]

If the VIN is already marred by a salvage, rebuilt or Lemon event, that VIN will always be marked, period. It’s already flagged by Insurance Databases and follows through to many of the “VIN reporting” tools available to the public, and also flowed through any Auction site. You’ll never get away from the VIN being flagged. If it’s a Ford, OASIS will also show such status when the VIN is run through.

Sure there are some states where a title can be washed and the paper title shows good, but it’s the VIN - once that VIN has been flagged with “salvage”, “rebuilt” or even a “Lemon Buy Back” - the VIN will always have that status.

The other thing to think about is this:
Sure, there are deals to be had with salvage, rebuilt or Lemon’d vehicles - but if you were to sell it in the future, the potential buyer is going to run the VIN like many do and will either hard pass, or make a ridiculous low ball offer. You’ll never get clean VIN money for a VIN that has event history.

As you are also finding out, some States or Insurance Co.’s will not Insure a vehicle that has salvage or rebuilt history. Yes, again the title can be “good”, but as was stated above, the VIN is the key that holds the damaging event history. Insurance Co. don’t care about a paper title that shows clean or was washed, they’re looking up the VIN…

—-

If you just have to have a 03/04 and don’t care about future resale $$$, then sure it’s a good deal, if it can be insured.

 

[Dirks9901]

I have owned quite a few rebuilt titles and never had an issue in michigan. I know it varies state to state.

With a 16.5k buy in for that car, thats a really good deal. At that price, it won’t be a easy re-sell but not even close to impossible. I have never really had an issue with re-selling rebuilt title cars. You just will be dealing with some extra lowballers. The thing with rebuilt titles is to obtain/keep all repair info and keep your buy in low. Re-sell will be going to cash buyers so the price needs to be on planet earth.

If you don’t care about selling or re-selling, grab that car when you can find an insurance provider.


Sent from my iPhone using svtperformance.com

 

[Rock44]

Thanks for all the responses!

Progressive will do it, albeit the premiums are $222 more per six months for full coverage/collision than it would be if the car had a clean title, but I can live with it. This car looks to be in great condition and I am going to see it today. Fingers crossed for a good test drive/inspection.

With this buy in, and the condition it looks to be in, I should have no problem selling it, however I am (hoping to) buying to enjoy the car for a long time but of course plans do change unexpectedly.

I will follow up with this thread on success or failure of the purchase.

He wants to throw some NIB 03/04 heads as well for a few hundred. I don't need them but eBay shows them selling for 1200+, so may be a good investment? Dude just needs cash.

 

[AustinSN]

I would buy the heads for sure.

 

[Corbic]

If the car is not a daily, it will qualify for collectors insurance. Again, you'll be doing an agreed value.

I've heard Insurance payouts are typically 75% of Bluebook on Salvage/Rebuilt titles.

A Cobra, even with a good title would worry me without an agreed value. A lot of bluebooks and "valuations" still blend them in with GTs as a Trim level and the older '99/'01 cars

KBB for example. So you'd be eligible for 75% of $16,000 in a total loss. $12k

 

[boost88]

Seems like you found them. I have full coverage on my rebuilt title cobra too. However I don't remember it being expensive at all

Thanks for all the responses!

Progressive will do it, albeit the premiums are $222 more per six months for full coverage/collision than it would be if the car had a clean title, but I can live with it. This car looks to be in great condition and I am going to see it today. Fingers crossed for a good test drive/inspection.

With this buy in, and the condition it looks to be in, I should have no problem selling it, however I am (hoping to) buying to enjoy the car for a long time but of course plans do change unexpectedly.

I will follow up with this thread on success or failure of the purchase.

He wants to throw some NIB 03/04 heads as well for a few hundred. I don't need them but eBay shows them selling for 1200+, so may be a good investment? Dude just needs cash.

Sent from my SM-G988U using the svtperformance.com mobile app

 

[Rock44]

Ended up getting it! It’s way too loud now and has a driveline vibration at 65-80mph but otherwise I love it. Going to hopefully remedy both of those in short order.

Not new to SVTP but to the Cobra world...

Not new to SVTP but to the Cobra world...

Flew to Florida last night to check out and eventually drive back an 03 Cobra in Satin Silver. Made a judgment call, the gauge wasn't showing boost and although I had never had a Cobra before, it felt slow. However engine checked out, compression was good, no odd noises, no smoke out the...

r.tapatalk.com

 

[Cobra Jet]

Ended up getting it! It’s way too loud now and has a driveline vibration at 65-80mph but otherwise I love it. Going to hopefully remedy both of those in short order.

Not new to SVTP but to the Cobra world...

Not new to SVTP but to the Cobra world...

Flew to Florida last night to check out and eventually drive back an 03 Cobra in Satin Silver. Made a judgment call, the gauge wasn't showing boost and although I had never had a Cobra before, it felt slow. However engine checked out, compression was good, no odd noises, no smoke out the...

r.tapatalk.com

Get some pics up!

So when you inspected it, did you notice anything out of the ordinary with the floor pans, frame rails, upper inner fenders, rad support or the rear taillight panel (with plastics removed from trunk)?

 

[Rock44]

Everything looked good except I can tell someone jacked it up using the wrong point under the car a couple times. Took the carpet and plastic out of the trunk to inspect. Frame rails were good, did not inspect upper inner fenders more than just feeling with my hand but seem fine.