Sec. 3. (a) A certificate of salvage title is required for a vehicle that is manufactured within the last seven (7) model years and meets any of the following criteria:
(1) An insurance company has determined that it is economically impractical to repair the wrecked, destroyed, or damaged vehicle and has made an agreed settlement with the insured or claimant.
(2) If the owner of the vehicle:
(A) is a business that insures its own vehicles; or
(B) acquired the vehicle after the vehicle was wrecked, destroyed, or damaged;
the cost of repairing the wrecked, destroyed, or damaged vehicle exceeds seventy percent (70%) of the fair market value immediately before the vehicle was wrecked, destroyed, or damaged.
(3) The vehicle is a flood damaged vehicle.
(b) The bureau may issue a salvage title to a vehicle that is subject to IC 9-17 upon the request of the owner of the vehicle.
(c) A person that knowingly or intentionally fails to apply for a salvage title as required by subsection (a) commits a Class A infraction.
[Pre-1991 Recodification Citation: 9-1-3.6-4(b) part; Pre-2016 Revision Citation: 9-22-3-1.]
As added by P.L.2-1991, SEC.10. Amended by P.L.59-1998, SEC.4; P.L.110-2006, SEC.1; P.L.188-2015, SEC.79; P.L.198-2016, SEC.383.
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