total loss vehicles News

The $900 Billion Auto Aftermarket: Where Total Losses Turn Into Big Gains

Mike Rosser, a 41-year veteran of the salvage car business, remembers a day when auctions for junked cars drew 30 guys standing in the sun, inspecting mangled cars for intact alternators and transmissions. On this February morning, though, the suburban …

R.I. Regulators: Insurers Must Pay ‘Fair Market Value’ for Total Loss Vehicles

Rhode Island’s Department of Business Regulation, Insurance Division, issued a bulletin Monday stating that pursuant to the state law, auto insurers must pay the “fair market value” for a vehicle that is declared a total loss. R.I. Gen. Laws ยง …