Salvage vehicles: Duties of insurance company and relinquishing owner; application for salvage title; sale of vehicle; rebuilt and restored vehicles; retention; exclusion of nonrepairable vehicles.
1. Except with respect to a nonrepairable vehicle, when an insurance company acquires a motor vehicle as a result of a settlement in which the motor vehicle is determined to be a salvage vehicle, the owner of the motor vehicle who is relinquishing ownership of the motor vehicle shall endorse the title of the motor vehicle and forward the endorsed title to the insurance company. The insurance company or its authorized agent shall forward the endorsed title, together with an application for salvage title to the state agency within 30 days after receipt of the endorsed title.
2. Except as otherwise provided in subsection 1, before any ownership interest in a salvage vehicle, except a nonrepairable vehicle, may be transferred, the owner or other person to whom the motor vehicle is titled:
(a) If the person has possession of the title to the vehicle, shall forward the endorsed title, together with an application for salvage title to the state agency within 30 days after the vehicle becomes a salvage vehicle.
(b) If the person does not have possession of the title to the vehicle and the title is held by a lienholder, shall notify the lienholder within 10 days after the vehicle becomes a salvage vehicle that the vehicle has become a salvage vehicle. The lienholder shall, within 30 days after receiving such notice, forward the title, together with an application for salvage title, to the state agency.
3. An insurance company or its authorized agent may sell a vehicle for which a total loss settlement has been made with the properly endorsed title if the total loss settlement resulted from the theft of the vehicle and the vehicle, when recovered, was not a salvage vehicle.
4. An owner who has determined that a vehicle is a total loss salvage vehicle may sell the vehicle with the properly endorsed title obtained pursuant to this section, without making any repairs to the vehicle, to a salvage pool, automobile auction, rebuilder, automobile wrecker or a new or used motor vehicle dealer.
5. Except with respect to a nonrepairable vehicle, if a salvage vehicle is rebuilt and restored to operation, the vehicle may not be licensed for operation, displayed or offered for sale, or the ownership thereof transferred, until there is submitted to the state agency with the prescribed salvage title, an appropriate application, other documents, including, without limitation, an affidavit from the state agency attesting to the inspection and verification of the vehicle identification number and the identification numbers, if any, for parts used to repair the motor vehicle and fees required, together with a certificate of inspection completed pursuant to NRS 487.860.
6. Except with respect to a nonrepairable vehicle, if a total loss insurance settlement between an insurance company and any person results in the retention of the salvage vehicle by that person, before the execution of the total loss settlement, the insurance company or its authorized agent shall:
(a) Obtain, upon an application for salvage title, the signature of the person who is retaining the salvage vehicle;
(b) Append to the application for salvage title the title to the motor vehicle or an affidavit stating that the original title has been lost; and
(c) Apply to the state agency for a salvage title on behalf of the person who is retaining the salvage vehicle.
7. If the state agency determines that a salvage vehicle retained pursuant to subsection 5 is titled in another state or territory of the United States, the state agency shall notify the appropriate authority of that state or territory that the owner has retained the salvage vehicle.
8. A person who retains a salvage vehicle pursuant to subsection 6 may not transfer any ownership interest in the vehicle unless he has received a salvage title.
Last modified: February 25, 2006