§ 31-46-3 - Salvage by non-insurer.
SECTION 31-46-3
§ 31-46-3 Salvage by non-insurer. –If the total cost of repairs to rebuild or reconstruct the motor vehicle to itscondition immediately before it was wrecked, destroyed or damaged, and forlegal operations on the roads or highways, exceeds seventy-five percent (75%)of the fair market value of the motor vehicle immediately preceding the time itwas wrecked, destroyed or damaged, and the motor vehicle is less than seven (7)years beyond the date of manufacture, the owner shall return within ten (10)days to the division of motor vehicles, the certificate of title of thatvehicle and obtain a salvage certificate of title for that vehicle asprescribed for by the administrator of the division of motor vehicles. For thepurposes of this section, "fair market value" shall mean the retail value of amotor vehicle as set forth in a current edition of any nationally recognizedcompilation of retail values, including automated databases, or frompublications commonly used by the automotive industry to establish the valuesof motor vehicles, or determined pursuant to market survey of comparablevehicles with regard to condition and equipment. If any person, individual, orcorporation or other owner sells the motor vehicle for any reason, that ownershall make application for a salvage certificate of title. The division ofmotor vehicles shall issue the salvage certificate of title on a formprescribed by the administrator of the division of motor vehicles that shall beof a color easily distinguished from the original certificate of title andshall bear the same number and information as the original certificate oftitle. The administrator of the division of motor vehicles shall charge theowner a fee of fifty dollars ($50.00) for the cost of processing each salvagecertificate of title.