2006 Code of Virginia § 46.2-1603 - Obtaining salvage certificate or certificate of title for an unrecovered stolen vehicle

46.2-1603. Obtaining salvage certificate or certificate of title for anunrecovered stolen vehicle.

A. The owner of any vehicle titled in the Commonwealth may declare suchvehicle to be a salvage vehicle and apply to the Department and obtain asalvage certificate for that vehicle.

B. Every insurance company or its authorized agent shall apply to theDepartment and obtain a salvage certificate for each late model vehicleacquired by the insurance company as the result of the claims process if suchvehicle is titled in the Commonwealth and is a salvage vehicle.

C. Every insurance company or its authorized agent shall apply to theDepartment and obtain a certificate of title for each stolen vehicle acquiredby the insurance company as the result of the claims process if such vehicleis titled in the Commonwealth and has not been recovered at the time ofapplication to the Department. For each recovered stolen vehicle, acquired asa result of the claims process, whose estimated cost of repair exceedsseventy-five percent of its actual cash value, the insurance company or itsauthorized agent shall apply to the Department and obtain a salvagecertificate. The application shall be accompanied by the vehicle's titlecertificate and shall contain a description of the damage to the salvagevehicle and an itemized estimate of the cost of repairs up to the point wherea nonrepairable certificate would be issued. Application for the certificateof title shall be made within fifteen days after payment has been made to theowner, lienholder, or both. Application for the salvage certificate shall bemade within fifteen days after the stolen vehicle is recovered.

D. Every insurance company or its authorized agent shall notify theDepartment of each late model vehicle titled in the Commonwealth on which aclaim for damage to the vehicle has been paid by the insurance company if (i)the estimated cost of repair exceeds seventy-five percent of actual cashvalue of the vehicle and (ii) the vehicle is to be retained by its owner. Nosuch notification shall be required for a vehicle when a supplemental claimhas been paid for the cost of repairs to the engine, transmission, or driveaxle assembly if such components are replaced by components of like kind andquality.

E. Every owner of an uninsured or self-insured late model vehicle whichsustains damage to such an extent that the estimated cost of repairs exceedsseventy-five percent of the actual cash value of the vehicle prior to beingdamaged shall similarly apply for and obtain a salvage certificate. If noestimated cost of repairs is available from an insurance company, the ownerof the vehicle may provide an estimate from an independent appraisal firm.Any such estimate from an independent appraisal firm shall be verified by theDepartment in such a manner as may be provided for by Department regulations.

F. The fee for issuance of the salvage certificate shall be ten dollars. If asalvage vehicle is sold after a salvage certificate has been issued, theowner of the salvage vehicle shall make proper assignment to the purchaser.

G. The Department, upon receipt of an application for a salvage certificatefor a vehicle titled in the Commonwealth, or upon receipt of notificationfrom an insurance company or its authorized agent as provided in subsection Dof this section, shall cause the title of such vehicle to be cancelled andthe appropriate certificate issued to the vehicle's owner.

H. All provisions of this Code applicable to a motor vehicle certificate oftitle shall apply, mutatis mutandis, to a salvage certificate, except that noregistration or license plates shall be issued for the vehicle described inthe salvage certificate. A vehicle for which a salvage certificate has beenissued may be retitled for use on the highways in accordance with theprovisions of 46.2-1605.

(1979, c. 401, 46.1-550.8; 1982, c. 671; 1989, c. 727; 1992, c. 148; 1993,c. 376; 2000, cc. 235, 257.)