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SB 82 - This act modifies the definition of "salvage vehicle." Under the act, the definition is modified to include later model year vehicles (damaged during a year that is no more than three years after the manufacturer's model year designation) that are damaged to the extent the total cost of repairs to rebuild it exceeds 80% (up from 75%) of the fair market value of the vehicle prior to the time the vehicle was damaged. The definition is further modified by including vehicles that have been declared salvaged by an insurance company as a result of settlement of a claim. Current law requires the settlement be for a claim for loss due to damage or theft. In addition, when determining whether a vehicle is salvage or not, the total cost of repairs shall not include the cost of repairing hail damage. The act exempts persons transferring ownership of a motor vehicle or trailer to an insurance company due to theft or casualty loss from providing the transfer notice required by Section 301.196. The act repeals a provision of law that requires purchasers apply for a salvage title on vehicles seven years old or less and optional for vehicles older than seven years of age. The act also provides that an insurer may obtain an original title without a prior salvage designation on a stolen vehicle that has not been declared a salvage vehicle. The current law only allows the issuance of an original title without a salvage designation (Section 301.227). STEPHEN WITTE
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