Code of Virginia

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Code of Virginia
Title 46.2. Motor Vehicles
Chapter 16. Salvage, Nonrepairable, and Rebuilt Vehicles
9/19/2019

§ 46.2-1602.1. Duties of insurance companies upon acquiring certain vehicles.

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.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.