Intelligence Law Glossary - Salvage Automobile


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Salvage Automobile

Administrative Law

28 CFR § 25.52 [28 CFR PART 25—DEPARTMENT OF JUSTICE INFORMATION SYSTEMS: SUBPART B—National Motor Vehicle Title Information System (NMVTIS)]

For purposes of this subpart B:
[…]
Salvage automobile
means an automobile that is damaged by collision, fire, flood, accident, trespass, or other event, to the extent that its fair salvage value plus the cost of repairing the automobile for legal operation on public streets, roads, and highways would be more than the fair market value of the automobile immediately before the event that caused the damage. Salvage automobiles include automobiles determined to be a total loss under the law of the applicable jurisdiction or designated as a total loss by an insurer under the terms of its policies, regardless of whether or not the ownership of the vehicle is transferred to the insurance carrier.