[GeoStL] Re: FW: Re: Vehicle titles - NGR
- From: Elkie <elkcooker44@xxxxxxxxx>
- To: geocaching@xxxxxxxxxxxxx
- Date: Fri, 19 Sep 2008 20:48:37 -0700 (PDT)
Here is the procedure I followed in March when my Honda got hit.
http://www.insurance.missouri.gov/laws/bulletin/07-03.htm ;
07-03: Motor Vehicle Salvage Title Procedure
To: Missouri Property & Casualty Insurers
From: Doug Ommen, Director
Re: Motor Vehicle Salvage Title Procedure
Date: August 20, 2007
Effective
August 28, 2007, Senate Bill 82 will modify Missouri's definition of a
salvage motor vehicle in 301.010 RSMo. The definition is modified to
include the following:
Vehicles that are less than seven years old at the time of damage and the
total cost to repair the damage exceeds 80 percent of the fair market value of
the vehicle prior to the time the vehicle was damaged.Vehicles that have been
declared salvage by an insurance company as a result of a claim.When
determining if a vehicle is salvage, the total cost of repairs shall not
include the cost of repairing hail damage.
Senate
Bill 82 also modifies 301.227 RSMo to require purchasers to apply for
salvage title on vehicles that are sold for salvage, dismantling or
rebuilding if the vehicle is less than seven years old at the time of
purchase. On vehicles that are seven model years old or older at the
time of purchase, the application for a salvage title shall be optional.
What does this change mean for insurance companies?
Insurance
companies will be required to obtain salvage titles on vehicles that
meet the definition of salvage when the vehicle is less than seven
years old at the time of purchase. All other requests for salvage title
shall be optional.
For example, all 2001 and newer model
year vehicles that meet the definition of salvage and purchased by an
insurance company in calendar year 2007 must obtain a salvage
certificate of title.
Vehicles with no resale value except as a source of parts or scrap may obtain
a junking certificate in lieu of a salvage title.
The
Missouri Department of Revenue will implement this change with
applications for title received on August 28, 2007. If the insurance
company notified DOR of an owner retained salvage vehicle, prior to
August 28, but the owner does not apply for title until August 28 or
after, the new definition will apply in determining if the vehicle
qualifies for a salvage title.
Are the current forms used by insurance companies being revised?
Yes,
the following forms are being revised to include the new model year
requirement and damage percent and can be obtained on DOR's website at
www.dor.mo.gov/mvdl/motorv/forms. Insurance companies may continue to print
their own forms provided they contain the same information as DOR.
Notice of Vehicle Titling Requirements - Form 5043Certification by Insurance
Company of Vehicle Damage - Form 5042
Are there other changes made by Senate Bill 82 that insurance companies need to
know?
Yes, Senate Bill 82 also eliminates the completion of a Notice of
Sale, Form 5049, when a transfer of ownership of a motor vehicle or
trailer is to an insurance company due to a theft or casualty loss.
How can I obtain a copy of Senate Bill 82?
You may view and print a copy of Senate Bill 82 from the following website
www.senate.mo.gov/07info/pdf-bill/tat/SB82.pdf.
Who do I contact if I have additional questions regarding this legislation?
You may contact DOR's Motor Vehicle Bureau Customer Service Call Center by
calling (573) 751-4509 or by email at www.dor.mo.gov/mvdl
Life is way to short to take serious.
--- On Fri, 9/19/08, Bridget E. Griffin <Bridget.Griffin@xxxxxxxx> wrote:
From: Bridget E. Griffin <Bridget.Griffin@xxxxxxxx>
Subject: [GeoStL] FW: Re: Vehicle titles - NGR
To: geocaching@xxxxxxxxxxxxx
Date: Friday, September 19, 2008, 3:59 PM
I sent this one even earlier!
From: Bridget E.
Griffin
Sent: Friday, September 19, 2008
10:01 AM
To: ' geocaching@xxxxxxxxxxxxx '
Subject: RE: [GeoStL] Re: Vehicle
titles - NGR
I just asked a friend of mine here at
work, she worked with an insurance company for years, and she said you will
probably have to give your title over. I would just express how uneasy
you are about how inconsistent they have been. Are you working
through your insurance co or theirs? I would let your insurance company
handle it. They will have your best interest in mind (or should).
If this is your insurance company, I might think about finding another
insurance company, on you can trust.
Bridget
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