§ 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 stolen vehicle whose estimated cost of repair exceeds seventy-five 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.)
Sections: Previous 46.2-1600 46.2-1601 46.2-1602 46.2-1602.1 46.2-1603 46.2-1603.1 46.2-1603.2 46.2-1604 46.2-1605 46.2-1606 46.2-1607 46.2-1608 46.2-1609 46.2-1610 NextLast modified: April 16, 2009