Indiana Code 9-22-3-3. Certificate of salvage title required; violation
(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.
Terms Used In Indiana Code 9-22-3-3
- flood damaged vehicle: means a passenger motor vehicle that satisfies either of the following:
Indiana Code 9-22-3-2.5
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(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.