Form Vr-028 Application For Salvage Certificate/owner Retention Page 2

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“Salvage” Definition:

“Salvage” means any vehicle that has been damaged by collision, fire, flood, accident, trespass, or other occurrence to the extent the cost to repair the

vehicle for legal operation safely on a highway exceeds 75% of the fair market value prior to sustaining the damage, as determined under §13-506(C) (4) has

been acquired by an insurance company as a result of a claim settlement; or has been acquired by an Automotive Dismantler and Recycler as an

abandoned vehicle under §25-201 of this Article for rebuilding or for use as parts only. For purpose of this section, a vehicle has not been acquired by an

insurance company if an owner retains possession of the vehicle upon settlement of a claim concerning the vehicle by the insurance company.

Salvage Certificates

Salvage Certificates are ownership documents:

• An insurance company retains a vehicle as a result of a claim settlement.

• An automotive dismantler and recycler acquires the vehicle for rebuilding or parts.

Brands:

All salvage certificates are branded. A brand is a simple way of identifying the current or previous condition of a vehicle for the purpose of protecting the

interest of the consumer.

A Salvage Certificate is branded according to the categories listed below:

• Damage is greater than 75% of the fair market value and repairable.

• The vehicle is not rebuildable, will only be used for parts, and is not to be retitled.

• Abandoned Vehicle or Acquired in the normal business of an Automotive Dismantler & Recycler.

• Recovered Stolen with damage 75% or less than fair market value will be issued a Salvage Certificate branded “Recovered Salvage”.

• Flood Damage

• Recovered Stolen with damage 75% or less of fair market value and requesting a Certificate of Title, complete an Application for Certificate of Title

(VR-005) and submit a $100.00 fee along with the Application for a Salvage Certificate (VR-028).

• Damage is 75% or less of fair market value.

Owner Retention:

The MVA is notified of an owner retention when the cost to repair the vehicle for highway operation is greater than 75% of the fair market value, the vehicle

has sustained flood damage, or the vehicle is non-repairable and will be used for parts only. The insurance company must state, on this application the

cost to repair the vehicle for highway operation is greater than 75% of the fair market value, the vehicle has sustained flood damage, or the vehicle is non-

repairable and will be used for parts only.

Please Note:

A Salvage Certificate will be issued for parts only.

The title certificate to this vehicle must accompany this application.

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