- Found to need repairs whose cost exceeds the value of the vehicle; or
- Designated as a total loss by an insurer under the terms of its policy as a result of the vehicle being damaged.
The bill clarifies that a motor vehicle that is designated as a total loss and also qualifies as a salvage vehicle will be branded as a salvage vehicle.
When the department of revenue issues a new title with the total loss or salvage brand, it also notifies the owner and senior lienholder.
Collector's item and street rod vehicles are exempt.
$97,142 is appropriated to the department of revenue from the Colorado state titling and registration account in the highway users tax fund to implement the bill.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)