Auto Insurance Claims: 1912 Studebaker, salvage title, insurance co

Question
Have a fire damaged 1912 Studebaker EMF Flyer 30.  Insurance co estimates cost to repair at $23,000+.  they estimate value of $20,000.  They want to pay $20,000 (policy limit) and take salvage title.  They tell me I can keep the car if they deduct salvage value.  How can the salvage have any value if the market is $20,000 and the cost to repair is $23,000.  Am I reasonable to ask them to pay me the $20,000 and let me retain the title?  The car ran before the fire.

Answer
Hi George,

You are absolutely correct. You should present your logic to the insurance company. Although it is possible the car would have some salvage value if there are any remaining usable parts. This is a point that you will just have to argue and negotiate.

Due to the age of the car, it may not be necessary that a salvage title be obtained. You should contact your state DMV to see if there is an age limit in your state after which no salvage title is required.

I hope this helps
Richard Hixenbaugh