Salvage Vehicles

“Salvage vehicle” shall mean a motor vehicle that an insurance company obtains from the owner as a result of paying a total loss claim resulting from collision, fire, flood, accident, hail damage, trespass, un-recovered theft, or another occurrence. A motor vehicle that is ten (10) years old or older with a value of one thousand five hundred dollars ($1,500) or less or a motor vehicle with damage that will require the replacement or repair of five (5) or fewer minor component parts will not fall under the definition of salvage vehicle.