|
Chapter 14, Section S: Stolen and Unrecovered Vehicles
“Title Only” for stolen and unrecovered vehicles
The Motor Vehicle Division may issue a “Title Only” to
an insurance company for a stolen and unrecovered vehicle. The insurance company pays only the title fee,
and the title is branded “Salvage.”
For issuance of title only to an insurance company for a stolen and unrecovered vehicle, the following documents are required: 1. Certificate of Title – current title with the assignment properly filled out 2. Release of Lien – as needed 3. Police Report – a copy of the stolen vehicle report from law enforcement agency 4. Written Statement – from the insurance company that the vehicle is unrecovered 5. Title Only – process transaction as “Title Only”; only title fee assessed 6. SALVAGE Brand – enter “Salvage” in brand block; stamp “Salvage” on Title and Application To justify title only issuance, make a notation in "Remarks" that the “Vehicle is a stolen and unrecovered vehicle."
Salvage-titled stolen vehicles later recovered
If a stolen vehicle for which a “Salvage” title was issued is recovered at a later date, and the insurance company wants MVD to issue a title without the "Salvage" brand, the following documents are required: 1. Certificate of Title – applicant must surrender the Salvage-branded title 2. Statement from a licensed auto repair mechanic - that the vehicle has minimal damage, or does not have chassis damage, undercarriage damage, or damage to the running gear 3. Statement from the insurance company - that the vehicle was "Stolen and Unrecovered" and that there was no damage, or that damage did not exceed the vehicle's retail value 4. Police report – indicating that the stolen vehicle has been recovered.
Fees – Process as a “Title Change.” |