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 Management And Leasing

Merchants Experts will answer your questions and challenges

View All
Sponsored by

Designed to run on only natural gas, natural gas vehicles are fueled with compressed natural gas (CNG) or liquefied natural gas (LNG).

Read more

Accident Costs Calculator

DO YOU KNOW HOW MUCH REVENUE IT TAKES TO OFFSET FLEET ACCIDENT COSTS?
Use this calculator to see how much extra sales revenue your company needs to generate to make up for the profits lost as a result of fleet accidents.
Launch Accident Cost Calculator 

Up Next

More From The World's Largest Fleet Publisher