                                 CODE OF VIRGINIA

DUTIES OF INSURANCE COMPANIES UPON ACQUIRING CERTAIN VEHICLES (§ 46.2-1602.1)

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.

HISTORY: 1992, c. 148; 1993, c. 376; 2000, cc. 235, 257; 2023, cc. 364, 365.