Application by insurer for certificate of salvage title
Sec. 11. (a) This section applies to the following persons:
(1) An insurance company that declares a wrecked or damaged
motor vehicle, motorcycle, semitrailer, or recreational vehicle
that meets at least one (1) of the criteria set forth in section 3 of
this chapter and the ownership of which is not evidenced by a
certificate of salvage title.
(2) An insurance company that has made and paid an agreed
settlement for the loss of a stolen motor vehicle, motorcycle,
semitrailer, or recreational vehicle.
(b) A person who owns or holds a lien upon a vehicle described
in subsection (a) shall assign the certificate of title to the insurance
company described in subsection (a). The insurance company shall
apply to the bureau within thirty-one (31) days after receipt of the
certificate of title for a certificate of salvage title for each salvage or
stolen vehicle subject to this chapter. The insurance company shall
surrender the certificate of title to the department and pay the fee
prescribed under IC 9-29-7 for a certificate of salvage title.
(c) When a self-insured entity is the owner of a salvage motor
vehicle, motorcycle, semitrailer, or recreational vehicle that meets at
least one (1) of the criteria set forth in section 3 of this chapter, the
self-insured entity shall apply to the bureau within thirty-one (31)
days after the date of loss for a certificate of salvage title in the name
of the self-insured entity's name.
(d) Any other person acquiring a wrecked or damaged motor
vehicle, motorcycle, semitrailer, or recreational vehicle that meets at
least one (1) of the criteria set forth in section 3 of this chapter,
which acquisition is not evidenced by a certificate of salvage title,
shall apply to the bureau within thirty-one (31) days after receipt of
the certificate of title for a certificate of salvage title.
As added by P.L.2-1991, SEC.10. Amended by P.L.268-2003,
SEC.24.
Last modified: May 27, 2006