Rebuilt Title Insurance Cost

When a car is damaged in a collision, it may be given a rebuilt title. This means that the car has been rebuilt or repaired and is now back on the road. While rebuilt cars can be a good deal for some people, they can also come with their own set of challenges. One of these challenges is finding the right insurance coverage at an affordable cost.

What is a Rebuilt Title?

A rebuilt title is a type of title that is given to a car that has been damaged in an accident or other event, and has been repaired or rebuilt. This means that the car is no longer considered to be new, and it may have some history of damage or repairs. The car will be marked with a rebuilt title to indicate that it has been rebuilt or repaired, and is now back on the road.

Rebuilt titles can be a good option for people who are looking for a good deal on a car. Since these cars have been damaged and repaired, they are often sold at a lower price than other cars. However, there are some risks associated with buying a rebuilt car.

Why is Insurance More Expensive for Rebuilt Cars?

One of the reasons that insurance can be more expensive for rebuilt cars is that they are considered to be higher risk than other cars. Since these cars have a history of damage or repairs, there is a higher likelihood that they will be involved in another accident or need additional repairs in the future. This means that insurance companies may charge higher premiums to cover the increased risk.

In addition, some insurance companies may be hesitant to insure rebuilt cars at all. This is because they may be more difficult to assess for damage, and there may be less information available about the car’s history. Some insurers may require additional inspections or paperwork before they will cover a rebuilt car.

How Much Does Rebuilt Title Insurance Cost?

The cost of insurance for a rebuilt car will depend on a variety of factors, including the car’s value, the level of coverage you choose, and your driving record. On average, you can expect to pay about 20% more for insurance on a rebuilt car than you would for a similar car with a clean title.

For example, if you were to buy a 2018 Toyota Camry with a clean title, you might expect to pay around $1,200 per year for insurance. If you were to buy the same car with a rebuilt title, you might expect to pay around $1,440 per year.

How Can I Save Money on Rebuilt Title Insurance?

While insurance for a rebuilt car may be more expensive than insurance for a clean title car, there are still ways to save money. Here are some tips:

FAQs

What is the difference between a salvage title and a rebuilt title?

A salvage title is given to a car that has been totaled by an insurance company, meaning that the cost of repairs exceeds the car’s value. A rebuilt title is given to a car that has been repaired and is now back on the road. The main difference between the two is that a salvage title car may be more difficult to insure, while a rebuilt title car can typically be insured.

Can I get full coverage insurance on a rebuilt car?

Yes, it is possible to get full coverage insurance on a rebuilt car. However, the cost of this coverage may be higher than it would be for a similar car with a clean title.

Can I get liability-only insurance on a rebuilt car?

Yes, you can get liability-only insurance on a rebuilt car. However, remember that liability insurance only covers damage or injuries that you cause to other people or their property. It does not cover damage to your own car.

How do I find insurance for a rebuilt car?

You can start by contacting your current insurance company to see if they offer coverage for rebuilt cars. If they do not, you can search online for companies that specialize in insuring rebuilt cars. Be sure to compare quotes and coverage levels from multiple companies to find the best deal.

What should I look for when buying a rebuilt car?

When buying a rebuilt car, it’s important to do your research and inspect the car carefully. Look for any signs of damage or repairs, and ask the seller for information about the car’s history. Get a mechanic to inspect the car before you buy it, and be sure to get a vehicle history report to check for any accidents or other issues.

Conclusion

Insurance for a rebuilt car can be more expensive than insurance for a clean title car, but there are still ways to save money. By choosing a car with safety features, choosing a higher deductible, shopping around, and driving safely, you can help lower your insurance premium. Remember to do your research and inspect the car carefully before buying a rebuilt car, and be sure to get the right insurance coverage to protect your investment.