Auto Insurance Claims: Salvage Value, grand prix gtp, salvage value

Question
Our 2002 Pontiac Supercharged V-6 Grand Prix GTP was totaled in an accident. I would like to know what would be a fair price to buy back the vehicle from insurance.  We plan to use the engine for another vehicle.  

Answer
Hi Andrea,

Generally the salvage value of a totaled vehicle will be about 10% of the pre-damage value of the car. So if the pre-damage value was $8,000.00, the salvage value would be about $800. If the car is not so popular it may be less. You should ask the insurance company to get 2 or 3 salvage bids and provide you with the name & phone of who they got the bids from so you can verify.

I hope this helps
Richard Hixenbaugh