Code of Virginia § 46.2-1602.1. Duties of insurance companies upon acquiring certain vehicles.
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/va/title-46-2/chapter-16/46-2-1602-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 .