The following words, terms, and phrases when used in this chapter shall havethe meaning ascribed to them in this section, except where the contextindicates otherwise:
"Actual cash value," as applied to a vehicle, means the retail cash valueof the vehicle prior to damage as determined, using recognized evaluationsources, either (i) by an insurance company responsible for paying a claim or(ii) if no insurance company is responsible therefor, by the Department.
"Current salvage value," as applied to a vehicle, means (i) the salvagevalue of the vehicle, as determined by the insurer responsible for paying theclaim or (ii) if no insurance company is responsible therefor, 25 percent ofthe actual cash value.
"Demolisher" means any person whose business is to crush, flatten, orotherwise reduce a vehicle to a state where it can no longer be considered avehicle.
"Diminished value compensation" means the amount of compensation that aninsurance company pays to a third party vehicle owner, in addition to thecost of repairs, for the reduced value of a vehicle due to damage.
"Independent appraisal firm" means any business providing cost estimatesfor the repair of damaged motor vehicles for insurance purposes and havingall required business licenses and zoning approvals. This term shall notinclude insurance companies that provide the same service, nor shall any suchentity be a rebuilder or affiliated with a rebuilder.
"Late model vehicle" means the current-year model of a vehicle and the fivepreceding model years, or any vehicle whose actual cash value is determinedto have been at least $10,000 prior to being damaged.
"Licensee" means any person who is licensed or is required to be licensedunder this chapter.
"Major component" means any one of the following subassemblies of a motorvehicle: (i) front clip assembly, consisting of the fenders, grille, hood,bumper, and related parts; (ii) engine; (iii) transmission; (iv) rear clipassembly, consisting of the quarter panels, floor panels, trunk lid, bumper,and related parts; (v) frame; (vi) air bags; and (vii) any door that displaysa vehicle identification number.
"Nonrepairable certificate" means a document of ownership issued by theDepartment for any nonrepairable vehicle upon surrender or cancellation ofthe vehicle's title and registration or salvage certificate.
"Nonrepairable vehicle" means (i) any late model vehicle that has beendamaged and whose estimated cost of repair exceeds 90 percent of its actualcash value prior to damage, or (ii) any vehicle which has been determined tobe nonrepairable by its insurer or owner, and for which a nonrepairablecertificate has been issued or applied for, or (iii) any other vehicle whichhas been damaged, is inoperable, and has no value except for use as parts andscrap metal.
"Rebuilder" means any person who acquires and repairs, for use on thepublic highways, two or more salvage vehicles within a 12-month period.
"Rebuilt vehicle" means (i) any salvage vehicle that has been damaged as aresult of collision, fire, flood, accident, trespass, or any other occurrenceand has been repaired and the estimated cost of repair exceeded 75 percent ofits actual cash value, for use on the public highways or (ii) any late modelvehicle which has been repaired and the estimated cost of repair exceeded 75percent of its actual cash value, excluding the cost to repair damage to theengine, transmission, or drive axle assembly.
"Repaired vehicle" means any salvage vehicle that has had repairs less thanthe amount necessary to make it a rebuilt vehicle.
"Salvage certificate" means a document of ownership issued by theDepartment for any salvage vehicle upon surrender or cancellation of thevehicle's title and registration.
"Salvage dealer" means any person who acquires any vehicle for the purposeof reselling any parts thereof.
"Salvage pool" means any person providing a storage service for salvagevehicles or nonrepairable vehicles who either displays the vehicles forresale or solicits bids for the sale of salvage vehicles or nonrepairablevehicles, but this definition shall not apply to an insurance company whichstores and displays fewer than 100 salvage vehicles and nonrepairablevehicles in one location; however, any two or more insurance companies whodisplay salvage and nonrepairable vehicles for resale, using the samefacilities, shall be considered a salvage pool.
"Salvage vehicle" means (i) any late model vehicle which has been (a)acquired by an insurance company as a part of the claims process other than astolen vehicle or (b) damaged as a result of collision, fire, flood,accident, trespass, or any other occurrence to such an extent that itsestimated cost of repair, excluding charges for towing, storage, andtemporary replacement/orental vehicle or payment for diminished valuecompensation, would exceed its actual cash value less its current salvagevalue; (ii) any recovered stolen vehicle acquired by an insurance company asa part of the claims process, whose estimated cost of repair exceeds 75percent of its actual cash value; or (iii) any other vehicle which isdetermined to be a salvage vehicle by its owner or an insurance company byapplying for a salvage certificate for the vehicle, provided that suchvehicle is not a nonrepairable vehicle.
"Scrap metal processor" means any person who is engaged in the business ofprocessing vehicles into scrap for remelting purposes who, from a fixedlocation, utilizes machinery and equipment for processing and manufacturingferrous and nonferrous metallic scrap into prepared grades, and whoseprincipal product is metallic scrap.
"Vehicle removal operator" means any person who acquires a vehicle for thepurpose of reselling it to a demolisher, scrap metal processor, or salvagedealer.
(1979, c. 401, § 46.1-550.6; 1988, cc. 842, 865; 1989, c. 727; 1992, c. 148;1993, c. 376; 2000, cc. 123, 235, 257; 2003, c. 304; 2009, c. 664.)
The following words, terms, and phrases when used in this chapter shall havethe meaning ascribed to them in this section, except where the contextindicates otherwise:
"Actual cash value," as applied to a vehicle, means the retail cash valueof the vehicle prior to damage as determined, using recognized evaluationsources, either (i) by an insurance company responsible for paying a claim or(ii) if no insurance company is responsible therefor, by the Department.
"Current salvage value," as applied to a vehicle, means (i) the salvagevalue of the vehicle, as determined by the insurer responsible for paying theclaim or (ii) if no insurance company is responsible therefor, 25 percent ofthe actual cash value.
"Demolisher" means any person whose business is to crush, flatten, orotherwise reduce a vehicle to a state where it can no longer be considered avehicle.
"Diminished value compensation" means the amount of compensation that aninsurance company pays to a third party vehicle owner, in addition to thecost of repairs, for the reduced value of a vehicle due to damage.
"Independent appraisal firm" means any business providing cost estimatesfor the repair of damaged motor vehicles for insurance purposes and havingall required business licenses and zoning approvals. This term shall notinclude insurance companies that provide the same service, nor shall any suchentity be a rebuilder or affiliated with a rebuilder.
"Late model vehicle" means the current-year model of a vehicle and the fivepreceding model years, or any vehicle whose actual cash value is determinedto have been at least $10,000 prior to being damaged.
"Licensee" means any person who is licensed or is required to be licensedunder this chapter.
"Major component" means any one of the following subassemblies of a motorvehicle: (i) front clip assembly, consisting of the fenders, grille, hood,bumper, and related parts; (ii) engine; (iii) transmission; (iv) rear clipassembly, consisting of the quarter panels, floor panels, trunk lid, bumper,and related parts; (v) frame; (vi) air bags; and (vii) any door that displaysa vehicle identification number.
"Nonrepairable certificate" means a document of ownership issued by theDepartment for any nonrepairable vehicle upon surrender or cancellation ofthe vehicle's title and registration or salvage certificate.
"Nonrepairable vehicle" means (i) any late model vehicle that has beendamaged and whose estimated cost of repair exceeds 90 percent of its actualcash value prior to damage, or (ii) any vehicle which has been determined tobe nonrepairable by its insurer or owner, and for which a nonrepairablecertificate has been issued or applied for, or (iii) any other vehicle whichhas been damaged, is inoperable, and has no value except for use as parts andscrap metal.
"Rebuilder" means any person who acquires and repairs, for use on thepublic highways, two or more salvage vehicles within a 12-month period.
"Rebuilt vehicle" means (i) any salvage vehicle that has been damaged as aresult of collision, fire, flood, accident, trespass, or any other occurrenceand has been repaired and the estimated cost of repair exceeded 75 percent ofits actual cash value, for use on the public highways or (ii) any late modelvehicle which has been repaired and the estimated cost of repair exceeded 75percent of its actual cash value, excluding the cost to repair damage to theengine, transmission, or drive axle assembly.
"Repaired vehicle" means any salvage vehicle that has had repairs less thanthe amount necessary to make it a rebuilt vehicle.
"Salvage certificate" means a document of ownership issued by theDepartment for any salvage vehicle upon surrender or cancellation of thevehicle's title and registration.
"Salvage dealer" means any person who acquires any vehicle for the purposeof reselling any parts thereof.
"Salvage pool" means any person providing a storage service for salvagevehicles or nonrepairable vehicles who either displays the vehicles forresale or solicits bids for the sale of salvage vehicles or nonrepairablevehicles, but this definition shall not apply to an insurance company whichstores and displays fewer than 100 salvage vehicles and nonrepairablevehicles in one location; however, any two or more insurance companies whodisplay salvage and nonrepairable vehicles for resale, using the samefacilities, shall be considered a salvage pool.
"Salvage vehicle" means (i) any late model vehicle which has been (a)acquired by an insurance company as a part of the claims process other than astolen vehicle or (b) damaged as a result of collision, fire, flood,accident, trespass, or any other occurrence to such an extent that itsestimated cost of repair, excluding charges for towing, storage, andtemporary replacement/orental vehicle or payment for diminished valuecompensation, would exceed its actual cash value less its current salvagevalue; (ii) any recovered stolen vehicle acquired by an insurance company asa part of the claims process, whose estimated cost of repair exceeds 75percent of its actual cash value; or (iii) any other vehicle which isdetermined to be a salvage vehicle by its owner or an insurance company byapplying for a salvage certificate for the vehicle, provided that suchvehicle is not a nonrepairable vehicle.
"Scrap metal processor" means any person who is engaged in the business ofprocessing vehicles into scrap for remelting purposes who, from a fixedlocation, utilizes machinery and equipment for processing and manufacturingferrous and nonferrous metallic scrap into prepared grades, and whoseprincipal product is metallic scrap.
"Vehicle removal operator" means any person who acquires a vehicle for thepurpose of reselling it to a demolisher, scrap metal processor, or salvagedealer.
(1979, c. 401, § 46.1-550.6; 1988, cc. 842, 865; 1989, c. 727; 1992, c. 148;1993, c. 376; 2000, cc. 123, 235, 257; 2003, c. 304; 2009, c. 664.)
The following words, terms, and phrases when used in this chapter shall havethe meaning ascribed to them in this section, except where the contextindicates otherwise:
"Actual cash value," as applied to a vehicle, means the retail cash valueof the vehicle prior to damage as determined, using recognized evaluationsources, either (i) by an insurance company responsible for paying a claim or(ii) if no insurance company is responsible therefor, by the Department.
"Current salvage value," as applied to a vehicle, means (i) the salvagevalue of the vehicle, as determined by the insurer responsible for paying theclaim or (ii) if no insurance company is responsible therefor, 25 percent ofthe actual cash value.
"Demolisher" means any person whose business is to crush, flatten, orotherwise reduce a vehicle to a state where it can no longer be considered avehicle.
"Diminished value compensation" means the amount of compensation that aninsurance company pays to a third party vehicle owner, in addition to thecost of repairs, for the reduced value of a vehicle due to damage.
"Independent appraisal firm" means any business providing cost estimatesfor the repair of damaged motor vehicles for insurance purposes and havingall required business licenses and zoning approvals. This term shall notinclude insurance companies that provide the same service, nor shall any suchentity be a rebuilder or affiliated with a rebuilder.
"Late model vehicle" means the current-year model of a vehicle and the fivepreceding model years, or any vehicle whose actual cash value is determinedto have been at least $10,000 prior to being damaged.
"Licensee" means any person who is licensed or is required to be licensedunder this chapter.
"Major component" means any one of the following subassemblies of a motorvehicle: (i) front clip assembly, consisting of the fenders, grille, hood,bumper, and related parts; (ii) engine; (iii) transmission; (iv) rear clipassembly, consisting of the quarter panels, floor panels, trunk lid, bumper,and related parts; (v) frame; (vi) air bags; and (vii) any door that displaysa vehicle identification number.
"Nonrepairable certificate" means a document of ownership issued by theDepartment for any nonrepairable vehicle upon surrender or cancellation ofthe vehicle's title and registration or salvage certificate.
"Nonrepairable vehicle" means (i) any late model vehicle that has beendamaged and whose estimated cost of repair exceeds 90 percent of its actualcash value prior to damage, or (ii) any vehicle which has been determined tobe nonrepairable by its insurer or owner, and for which a nonrepairablecertificate has been issued or applied for, or (iii) any other vehicle whichhas been damaged, is inoperable, and has no value except for use as parts andscrap metal.
"Rebuilder" means any person who acquires and repairs, for use on thepublic highways, two or more salvage vehicles within a 12-month period.
"Rebuilt vehicle" means (i) any salvage vehicle that has been damaged as aresult of collision, fire, flood, accident, trespass, or any other occurrenceand has been repaired and the estimated cost of repair exceeded 75 percent ofits actual cash value, for use on the public highways or (ii) any late modelvehicle which has been repaired and the estimated cost of repair exceeded 75percent of its actual cash value, excluding the cost to repair damage to theengine, transmission, or drive axle assembly.
"Repaired vehicle" means any salvage vehicle that has had repairs less thanthe amount necessary to make it a rebuilt vehicle.
"Salvage certificate" means a document of ownership issued by theDepartment for any salvage vehicle upon surrender or cancellation of thevehicle's title and registration.
"Salvage dealer" means any person who acquires any vehicle for the purposeof reselling any parts thereof.
"Salvage pool" means any person providing a storage service for salvagevehicles or nonrepairable vehicles who either displays the vehicles forresale or solicits bids for the sale of salvage vehicles or nonrepairablevehicles, but this definition shall not apply to an insurance company whichstores and displays fewer than 100 salvage vehicles and nonrepairablevehicles in one location; however, any two or more insurance companies whodisplay salvage and nonrepairable vehicles for resale, using the samefacilities, shall be considered a salvage pool.
"Salvage vehicle" means (i) any late model vehicle which has been (a)acquired by an insurance company as a part of the claims process other than astolen vehicle or (b) damaged as a result of collision, fire, flood,accident, trespass, or any other occurrence to such an extent that itsestimated cost of repair, excluding charges for towing, storage, andtemporary replacement/orental vehicle or payment for diminished valuecompensation, would exceed its actual cash value less its current salvagevalue; (ii) any recovered stolen vehicle acquired by an insurance company asa part of the claims process, whose estimated cost of repair exceeds 75percent of its actual cash value; or (iii) any other vehicle which isdetermined to be a salvage vehicle by its owner or an insurance company byapplying for a salvage certificate for the vehicle, provided that suchvehicle is not a nonrepairable vehicle.
"Scrap metal processor" means any person who is engaged in the business ofprocessing vehicles into scrap for remelting purposes who, from a fixedlocation, utilizes machinery and equipment for processing and manufacturingferrous and nonferrous metallic scrap into prepared grades, and whoseprincipal product is metallic scrap.
"Vehicle removal operator" means any person who acquires a vehicle for thepurpose of reselling it to a demolisher, scrap metal processor, or salvagedealer.
(1979, c. 401, § 46.1-550.6; 1988, cc. 842, 865; 1989, c. 727; 1992, c. 148;1993, c. 376; 2000, cc. 123, 235, 257; 2003, c. 304; 2009, c. 664.)
