Alaska State Title Processing Procedures

1. 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?
2. What documents must an insurer provide to Copart in order to sell a vehicle on a Certificate of Vehicle Title?
3. 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?
4. 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?
5. What steps must an insurer take in Alaska to process an owner-retained vehicle?
6. What legal duties are imposed upon a lienholder following satisfaction of the lien?

1. 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
   
   
2. 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
   
   
3. 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
   
   
4. 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
   
   
5. 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
   
   
6. What legal duties are imposed upon a lienholder following satisfaction of the lien?
   
   No specific requirements. back to top