New Va. Law Amends Salvage Title Requirements
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.