Every insurance company which acquires, as a result of the claims process, any late model vehicle titled in the Commonwealth or any recovered stolen vehicle whose estimated cost of repair exceeds seventy-five percent of its actual cash value shall apply to and obtain from the Department either (i) a salvage certificate or certificate of title as provided in § 46.2-1603 or (ii) a nonrepairable certificate as provided in § 46.2-1603.2 for each such vehicle. An insurance company may apply to and obtain from the Department either a salvage certificate as provided in § 46.2-1603 or a nonrepairable certificate as provided in § 46.2-1603.2 for any other vehicle which is determined to be either a salvage vehicle or a nonrepairable vehicle.
1992, c. 148; 1993, c. 376; 2000, cc. 235, 257.
Structure Code of Virginia
Chapter 16 - Salvage, Nonrepairable, and Rebuilt Vehicles
§ 46.2-1601. Licensing of dealers of salvage vehicles; fees
§ 46.2-1601.1. Advertising and display of license; business hours
§ 46.2-1601.2. Acts of officers, directors, and partners
§ 46.2-1601.3. Grounds for denying, suspending, or revoking licenses
§ 46.2-1602. Certain sales prohibited; exceptions
§ 46.2-1602.1. Duties of insurance companies upon acquiring certain vehicles
§ 46.2-1603. Obtaining salvage certificate or certificate of title for an unrecovered stolen vehicle
§ 46.2-1603.1. Duties of licensees
§ 46.2-1604. Rebuilders required to possess certificate of title or salvage certificate
§ 46.2-1605. Vehicles rebuilt for highway use; examinations; branding of titles
§ 46.2-1606. Certificates of title issued by other states; nonnegotiable titles
§ 46.2-1607. Inspection of records and examination of inventory
§ 46.2-1608. Maintenance and contents of records
§ 46.2-1608.1. Reports to police department; local ordinance; holding period; penalty