SB 264 – Certificate of salvage title

Senate Bill 0264 – Certificate of salvage title. Passed 47-3. This is a good bill, I think. It tightens up the law concerning how damaged a vehicle must be before a salvage title must be obtained. Basically, if the cost of repair exceeds 70% of the fair market value, an insurance company or self-insured business has to get a salvage title. The computation of the repair has to include the costs of parts and labor and exclude the cost of reinstalling airbags, tires, sound systems, and sales tax on the parts and material. Before this, instead of the 70% mark for insurance companies, the law said a salvage title was necessary only where repairs were “economically impractical.”