What are salvage titlesin Colorado?
Salvage title cars may have incurred damage from a variety of sources or due to a wide range of circumstances. Therefore, awrecked car title may be assigned to a salvage vehicle for a number of reasons. For example, vehicles may have sustained a great deal of damage due to:
On the other hand, it is important to note that a salvage title in Colorado is not issued to vehicles that have been damaged by hail. In addition, the amount of the damage on an auto salvage vehicle must exceed the fair market value of the car. This amount of damage must be determined by an insurance company that is deemed liable to cover the losses. Thus, your insurance company will inform you of the extent of the damage and whether or not your vehicle is eligible to receive the salvage classification.
In addition, when determining what a salvage title is, be mindful that certain types of motor vehicles are excluded from receiving this classification. These vehicles include snowmobiles, horseless carriages, off-highway cars, street rod vehicles and cars that are considered collector’s items.
Salvage Cars and Titles in Colorado
A salvage title allowsvehicle owners to sell atotaled car without having to make any repairs to it beforehand. However, for this sale to take place seamlessly, there are steps that sellers and buyers must take before and after. On the other hand, car owners may choose to keep a vehicle after its damages have been fix and paid off.Thus, when acquiring a salvage title, consider these general considerations:
- Vehicle owners must apply for and acquire this appropriate title before they may sell their salvage title cars.
- Within 60 days of purchasing a vehicle deemed a salvage, or within the same time period of having it transferred, the recipient of a salvage car must acquire a salvage title.
- Once an insurance company has settled the ongoing salvage claim and paid for the damages, car owners must acquire a damaged car title in order to keep the vehicle.
Buying and Selling Salvage Title Cars in Colorado
In order to sellsalvage cars in Colorado, you must fill out an application for the appropriate title first. These application forms may be obtainedata local Division of Motor Vehicles (DMV) office or through the state’s online portal. Be mindful that a witness must be present to sign this form as well as yourself. Furthermore, you must also pay the required fees established by the DMV, which can be impacted by factors such as the vehicle’s weight, year, make and original value.
If you buy a salvage car, you will need to acquire a rebuilt title in order to get it back on the road. Moreover, after you make the appropriate repairs to the vehicle, you must have it inspected by a state-certified inspector. If the car is indeed considered roadworthy once again, this inspector can assign itarebuilt title status. In addition, it may be beneficialto contact the Colorado inspection center beforehandin order to inquire whether they have any new special requirements for inspecting salvage title cars. Last but not least, make sure that you have all of the receipts and paperwork that document the repairs that this vehicle has undergone.
If the vehicle passes the aforementioned auto salvage inspection, you will receive a state-issued certified VIN inspection document along with a rebuilt title statement. These two documents must be signed by the inspector and brought to a local DMV office. Additionally, make sure to bring along the following:
- A completed application for a salvage title
- A bill of sale
- Payment methods for the titling service fee
You will receive your salvage titleafter all of this documentation has been received and processed by the DMV. To ensure that you have the accurate information pertaining to your particular instance, you may contact a local DMV office and confirm the documents and fees that apply to your case.
Re-Registering Salvage Cars in Colorado
Registering a car with a salvage title is not very different from registering any other car in Colorado. However, make sure to have all of the documentation that pertains to a salvage title carbefore visiting a local DMV office to re-register the vehicle.
SalvageTitle Fees in Colorado
The fees incurred bysalvage title carsin Colorado may vary from one situation to another. That is because the fees you are required to pay are going to be specific to a variety of factors relevant to your particular vehicle. For example the factors taken into consideration when calculating the fees for a rebuilt titleinclude:
- The county in Colorado in which you reside.
- The license plate type that you have isalso taken into consideration when calculating your registration fees. In general, different plates have varying fees.
- Vehicle specifications such as:
- A car’s gross weight is a factor. Typically, heavier vehicles cost more.
- The year aparticular vehicle was built.
- A vehicle’s original value when it was first sold and then assessed for sales tax is another metric used to calculate your salvage title