The Car and Truck Fleet and Leasing Management Magazine

New Va. Law Amends Salvage Title Requirements

March 14, 2012

RICHMOND, VA – Virginia Governor Bob McDonnell has approved a bill that amends the state’s salvage vehicle laws. The new law, which goes into effect on July 1, adds a new type of vehicle classification – a “repairable vehicle” -- along with an exemption that lets insurers dispose of such vehicles at auction without having to apply for a salvage title certificate.

The new law defines “repairable vehicle” as any late-model vehicle that’s repaired to its pre-loss condition by an insurance company, but is not accepted by the vehicle’s owner during the claims process and becomes the property of the insurer as a result.

The law previously had a broader definition for “salvage vehicle” that included any late-model vehicle acquired by an insurance company as part of the claims process, with the exception of a recovered stolen vehicle.

State law defines a late-model vehicle as the current-year model and five preceding model years, or any vehicle whose actual cash value was at least $10,000 prior to the collision damage. 

 

Twitter Facebook Google+

Comments

Please note that comments may be moderated. 
Leave this field empty:
 
 

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.

FleetFAQ

Fleet Tracking And Telematics

Todd Ewing from Fleetmatics will answer your questions and challenges

View All

 

Fleet Management And Leasing

Merchants Experts will answer your questions and challenges

View All

 

Sponsored by

A subcompact car is defined by the U.S. Environmental Protection Agency (EPA) as having a total cubic volume (for cargo and passengers) of between 85 and 99 cubic feet.

Read more

Up Next

More From The World's Largest Fleet Publisher