Indiana Total Loss Threshold
|Law||I.C. § 9-22-3-3|
Indiana Total Loss Threshold
Chapter 3. Salvage Motor Vehicles
Sec. 0.5. For purposes of this chapter, “motor vehicle” does not include:
(1) an off-road vehicle;
(2) a golf cart; or
(3) a snowmobile.
As added by P.L.219-2005, SEC.12. Amended by P.L.150-2009,
SEC.16; P.L.259-2013, SEC.20.
Application of chapter
Sec. 1. (a) Except as provided in subsection (b), this chapter applies each year to a motor vehicle, semitrailer, or recreational vehicle manufactured within the lastseven (7) model years, including the current model year. The bureau shall establish guidelines for determining the applicability of the model year effective dates for each year.
(b) The bureau may extend the model years to be covered each year by this chapter up to a maximum of fifteen (15) model years, which includes the current model year.
As added by P.L.2-1991, SEC.10. Amended by P.L.59-1998, SEC.2;
Fair market value defined
Sec. 2. As used in this chapter, “fair market value” means:
(1) the average trade-in value found in the National Automobile Dealers Association (NADA) Official Used Car Guide, vehicle valuations determined by CCC Information Services, Inc. (CCC), or valuations determined by such other authorities as are approved by the bureau; or
(2) the fair market value determined by the bureau under IC 9-22-3-3.
As added by P.L.2-1991, SEC.10
Necessity of certificate of salvage title; bureau determination of fair market value; required application for certificate of salvage title by insurance company or owner
Sec. 3. (a) A certificate of salvage title is required for a motor vehicle, motorcycle, semitrailer, or recreational vehicle that meets any of the following criteria:
(1) An insurance company has determined that it is economically impractical to repair the wrecked or damaged motor vehicle, motorcycle, semitrailer, or recreational vehicle and has made an agreed settlement with the insured or claimant.
(2) If the owner of the vehicle is a business that insures its own vehicles, the cost of repairing the wrecked or damaged motor vehicle, motorcycle, semitrailer, or recreational vehicle exceeds seventy percent (70%) of the fair market value immediately before the motor vehicle, motorcycle, semitrailer, or recreational vehicle was wrecked or damaged.
(3) The motor vehicle is a flood damaged vehicle.
(b) For the purposes of this section, the bureau shall, upon request, determine the fair market value of a wrecked or damaged motor vehicle, motorcycle, semitrailer, or recreational vehicle if the fair market value cannot be determined from the source referred to in section 2(1) of this chapter.
(c) Except as described in section 11(c) of this chapter, an insurance company shall apply for a salvage title for a vehicle that the insurance company has determined is economically impractical to repair.
(d) An owner described in subsection (a)(2) shall apply for a salvage title for any vehicle that has sustained damages of seventy percent (70%) or more of the fair market value immediately before the motor vehicle, motorcycle, semitrailer, or recreational vehicle was wrecked or damaged if the vehicle meets the criteria specified in subsection (a)(2).
As added by P.L.2-1991, SEC.10. Amended by P.L.59-1998, SEC.4;