What form of title must an insurer obtain in connection with the sale of a
vehicle that has been acquired through the settlement of a claim?
Certificates of Vehicle Title are either not stamped at all or stamped with salvage,
junk or totaled by the insurance company. There are no specific requirements
whether a title is stamped or not and what a title is stamped with. All salvage,
junk and totaled vehicles are sold on Bill of Sales except for clean titles. back to top
What documents must an insurer provide to Copart in order to sell a vehicle
on a Certificate of Vehicle Title ("clean title")?
The insurer shall provide Copart with a Certificate of Title or a comparable
ownership document issued by another state or jurisdiction (either endorsed over
to the insurer by insured or endorsed by insurer accompanied by a power of
attorney from insured to insurer), an odometer disclosure statement, and a release
of any liens.
The insurance company will submit these documents along with an Application
for Title and the appropriate fee to the Division of Motor Vehicles for processing.
Thereafter, the Division of Motor Vehicles shall issue a Certificate of Title in the
name of the insurer.
Copart, acting under a power of attorney for the insurer, will then sell the vehicle
at auction and reassign the insurer’s Certificate of Title to the purchaser. back to top
What documents must an insurer provide to Copart in order to sell a vehicle
on a Certificate of Vehicle Title stamped salvage, junk or totaled?
The insurer shall provide Copart with a Certificate of Vehicle Title or a
comparable ownership document issued by another state or jurisdiction (either
endorsed over to the insurer by insured or endorsed by insurer accompanied by a
power of attorney from insured to insurer), an odometer disclosure statement, and
a release of any liens. Insurer will stamp salvage, junk or totaled across the
Certificate of Vehicle Title.
Copart, acting under a power of attorney for the insurer, will then sell the vehicle
on a Bill of Sale at auction and send the original Certificate of Vehicle Title signed
by insured as transferor and by the insurance company as transferee and stamped
salvage, junk or totaled to DMV to be entered in their computer. back to top
What documents must an insurer provide to Copart in order to sell a
recovered theft vehicle recovered substantially intact with no substantial
damage, where title is still in the name of the insured?
When a vehicle has been stolen and recovered, the insurer shall provide Copart
with a Certificate of Vehicle Title or a comparable ownership document issued by
another state or jurisdiction (either endorsed over to the insurer by insured or
endorsed by insurer accompanied by a power of attorney from insured to insurer),
an odometer disclosure statement with last known mileage, and a release of any
liens.
Copart, acting under a power of attorney for the insurer, will then sell the vehicle
on a "clean title". In the alternative, the vehicle will be sold on a Bill of Sale at
auction and the original Certificate of Vehicle Title shall be signed by insured as
transferor and by the insurance company as transferee and stamped salvage, junk
or totaled and sent to DMV to be entered in their computer. back to top
What steps must an insurer take in Alaska to process an owner-retained
vehicle?
In the event the owner decides to retain the vehicle after settlement of the
insurance claim, the owner shall send in to the DMV the Certificate of Vehicle
Title stamped either salvage, junk, or totaled by the insurance company. Title
does not come back from the DMV. If owner who retains the vehicle fixes the
vehicle, he can later go back and apply for a reconstructed title. back to top
What legal duties are imposed upon a lienholder following satisfaction of the
lien?
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