Salvage Vehicles

An insurance company that acquires ownership of a motor vehicle in this state and is required to apply for a salvage certificate of title as provided in Section 301 will use the First Reassignment by Licensed Dealer section on the back of the title to transfer ownership of said vehicle. The insurance company will list the purchaser, who may be the insured, a rebuilder or dismantler, in the reassignment section. The purchaser must attach to the certificate of title a signed statement that indicates the type of occurrence, including: collision damage, hail damage, flood damage, recovered theft, or unrecovered theft. If the purchaser is a company, the statement must be on company letterhead.