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Code of Virginia
Title 46.2. Motor Vehicles
Chapter 16. Salvage, Nonrepairable, and Rebuilt Vehicles
10/9/2024

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

Except as otherwise provided in § 46.2-1602.3, 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 75 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; 2023, cc. 364, 365.

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.