“Totaled vehicle” or “totaled” means:
(1) A vehicle that is declared a total loss by an insurer that is obligated to cover the loss or that the insurer takes possession of or title to.
(2) A vehicle that is stolen, if it is not recovered within 30 days of the date that it is stolen and if the loss is not covered by an insurer.
(3) A vehicle that has sustained damage that is not covered by an insurer and that is such that the estimated cost to repair the vehicle is equal to at least 80 percent of the retail market value of the vehicle prior to the damage. For purposes of this subsection, “retail market value” shall be as reflected in publications relied upon by financial institutions doing business in this state. [1991 c.820 §2]Section: Previous 801.513 801.515 801.520 801.522 801.524 801.525 801.526 801.527 801.529 801.530 801.535 801.540 801.545 801.550 801.555 Next
Last modified: August 7, 2008