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

§ 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 stolenvehicle whose estimated cost of repair exceeds seventy-five percent of itsactual cash value shall apply to and obtain from the Department either (i) asalvage 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 suchvehicle. An insurance company may apply to and obtain from the Departmenteither a salvage certificate as provided in § 46.2-1603 or a nonrepairablecertificate as provided in § 46.2-1603.2 for any other vehicle which isdetermined to be either a salvage vehicle or a nonrepairable vehicle.

(1992, c. 148; 1993, c. 376; 2000, cc. 235, 257.)