Virginia law requires insurance companies to obtain salvage or nonrepairable certificates from the Department when they acquire certain vehicles, such as late model or recovered stolen vehicles with repair costs exceeding 75% of their value. The law also specifies exemptions for repairable vehicles, provided proper notification is given. These provisions ensure proper documentation and classification of vehicles involved in insurance claims.
When they acquire a late model or recovered stolen vehicle with repair costs exceeding 75% of its value, they must obtain the appropriate certificate from the Department.
Yes, repairable vehicles are exempt if the responsible insurance company notifies the Department, and the Department can correct misclassified vehicles.
Insurance companies can obtain salvage certificates or nonrepairable certificates, depending on the vehicle's condition and classification.
If a vehicle is incorrectly declared repairable, the Department may require the vehicle's certificate status to be corrected upon discovery.