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DMV briefed Senate Transportation on salvage and bonded vehicle titles
Summary
Deputy DMV Commissioner Matt Russo told the Senate Transportation committee that a salvage title is branded when an insurer deems a vehicle a total loss (commonly at about a 75% loss threshold) and that the salvage brand stays on the title even after rebuilding; a bonded title is an alternative when the last-issued title isn't available and requires a surety bond sized at 1.5 times vehicle value.
Deputy Commissioner Matt Russo told the Senate Transportation committee that a salvage title is issued when an insurer deems a vehicle a total loss, commonly when damage reaches roughly 75 percent of the vehicle’s value. "A salvage title is issued when a vehicle is considered a total loss, usually 75% of the vehicle loss, for an insurance company," Russo said. He added that salvage brands are typically placed on titles issued to insurance companies and "the salvage brand that's put on that title stays on there for the life of the title."
Russo described the rebuild pathway: if the vehicle is rebuilt and passes inspection at a certified inspection station, the title will…
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