Salvage Titles in Colorado
A salvage title is a specific category of titles that is issued to eligible vehicle owners in Colorado. As a general rule, a salvage ...
Motorists must apply for a salvage title in Coloradowhen their motor vehicle is considered as salvage due to severe damages.... Read More
Motorists must apply for a salvage title in Coloradowhen their motor vehicle is considered as salvage due to severe damages. Overall,salvage title carsare titled and registered through the Division of Motor Vehicles (DMV) of the Colorado Department of Revenue. A salvage vehicle may have been damaged by fire, flood, accident, collision, trespassing or other incidents. However, to receive the salvage classification, these damages must be to the extent that the repair costsare higher than the vehicle’s market value. Furthermore, damages to the vehicle that are caused by hail are not included in the list of incidents that categorize a smashed car as a salvaged one.
The market value of a salvaged or totaled carmay be determined either by the vehicle owner or by an agent acting on behalf of an insurance company. Prior to titling a motor vehicle as salvage, motorists need to know that not all types of motor vehicles qualify for such title. In the list of motor vehicles that may be categorized as salvage cars, vehicles that qualify as collector’s items, horseless carriages or street rod vehicles are not included.
Owners of salvaged or smashed cars in Coloradomay apply for a salvage certificate of title before selling or transferring such vehicle to another legal entity. Buyers or transferees of an auto salvage are required to obtain a salvage certificate of title within 60 days of the purchase or transfer date.
Furthermore, insurance companies may also be mandated to obtain a salvage titlecertificate before transferring the ownership of a vehicle that was classified as salvage. Vehicle owners who have settled a claim with an insurance company can also apply for a salvage certificate of title in their own name. To obtain a salvage or damaged car title in Colorado, motorists need to complete an application form containing the following details:
After completing the application form for a salvage title, motorists need to submit it to the CO DMV. Insurance companies may need to complete a declaration for a salvage or non-repairable title when obtaining a salvage certificate of title.
Note:Motor vehicles that are sold as parts cannot be titled as salvaged.