what is salvage value?

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what is salvage value?
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I got a paper tat said the settle amount is 1135 from Sate Farm...but then on the paper i have to sign in order to get the check there is no mentioning of the settlement amount except it says the salvage value of the car is 550. is the salvage value the money i'll be getting for the damages of the car?

Thank You

Entidtil

You will get $1135. and they will take your car. If you want to keep the car and repair it on your own you can buy it back from them for the salvage value of $550. So if you keep it you will have the car and $585. to do with what you wish.

Fal

salvage value is what the car is worth as recyclable metal. Usually about $3 or so per pound. This total is used when the the cost to repair the car exceeds the retail value of the car. In other words, it's not financially sound to the insurance company to repair the vehicle, rather pay what it's worth as scrap iron.

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Salvage value is what the car is worth if it's beyond fixing.Totaled

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