I have had a bunch of "salvage" vehicles over the years.....Never had trouble with titles, registration, or insurance.......Also saved a fortune on transportation.....But I wouldn't touch a flood car with a 10ft pole and currently the market is alive with these after Sandy etc. And many say "salvage" instead of "flood". You need to be careful but we once had a 1 year old Mercedes 500SL in our garage we paid $15,000 for that at that time had a market value of over $100,000......It had been rear ended in the past and repaired.