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?
When an insurance company acquires a salvage vehicle through payment of a total
loss settlement on account of damage, the company shall obtain the certificate of
title from the owner, surrender such certificate of title to the county clerk or
designated county official, and make application for a salvage branded certificate
of title which shall be assigned when the company transfers ownership. An
insurer shall take title to a salvage vehicle for which a total loss settlement is made
unless the owner of the salvage vehicle elects to retain the salvage vehicle. If the
owner elects to retain the salvage vehicle, the insurance company shall notify the
department of such fact in a format prescribed by the department. The department
shall immediately enter the salvage brand onto the computerized record of the
vehicle. The insurance company shall also notify the owner of the owner's
responsibility to comply with this section. The owner shall, within thirty days
after the settlement of the loss, ten days after settlement of the loss in the case of a
salvage all-terrain vehicle or minibike, forward the properly endorsed acceptable
certificate of title to the county clerk or designated county official in the county
designated in section 60-144. The county clerk or designated county official shall,
upon receipt of the certificate of title, issue a salvage branded certificate of title for
the vehicle.
[Nebraska Revised Statutes § 60-173]
For purposes of sections §§ 60-171 to 177:
(1) Cost of repairs means the estimated or actual retail cost of parts needed to
repair a vehicle plus the cost of labor computed by using the hourly labor rate and
time allocations for repair that are customary and reasonable. Retail cost of parts
and labor rates may be based upon collision estimating manuals or electronic
computer estimating systems customarily used in the insurance industry;
(2) Late model vehicle means a vehicle which has (a) a manufacturer's model year
designation of, or later than, the year in which the vehicle was wrecked, damaged,
or destroyed, or any of the six preceding years or (b)(i) in the case of vehicles
other than all-terrain vehicles and minibikes, a retail value of more than ten
thousand five hundred dollars until January 1, 2010, and a retail value of more
than ten thousand five hundred dollars increased by five hundred dollars every five
years thereafter or (ii) in the case of all-terrain vehicles or minibikes, a retail value
of more than one thousand seven hundred fifty dollars until January 1, 2010, and a
retail value of more than one thousand seven hundred fifty dollars increased by
two hundred fifty dollars every five years thereafter;
(3) Manufacturer buyback means the designation of a vehicle with an alleged
nonconformity when the vehicle (a) has been replaced by a manufacturer or (b)
has been repurchased by a manufacturer as the result of court judgment,
arbitration, or any voluntary agreement entered into between the manufacturer or
its agent and a consumer;
(4) Previously salvaged means the designation of a rebuilt or reconstructed vehicle
which was previously required to be issued a salvage branded certificate of title
and which has been inspected as provided in section 60- 146;
(5) Retail value means the actual cash value, fair market value, or retail value of a
vehicle as (a) set forth in a current edition of any nationally recognized
compilation, including automated data bases, of retail values or (b) determined
pursuant to a market survey of comparable vehicles with respect to condition and
equipment; and
(6) Salvage means the designation of a vehicle which is:
(a) A late model vehicle which has been wrecked, damaged, or destroyed to the
extent that the estimated total cost of repair to rebuild or reconstruct the vehicle to
its condition immediately before it was wrecked, damaged, or destroyed and to
restore the vehicle to a condition for legal operation, meets or exceeds seventyfive percent of the retail value of the vehicle at the time it was wrecked, damaged,
or destroyed; or
(b) Voluntarily designated by the owner of the vehicle as a salvage vehicle by
obtaining a salvage branded certificate of title, without respect to the damage to,
age of, or value of the vehicle.
What documents must an insurer provide to Copart in order to sell a vehicle
on a Certificate of 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 or accompanied by a power of attorney), an odometer disclosure
statement, and a release of any liens.
Copart will submit these documents along with an Application for Certificate of
Title (RV-707) and the appropriate fee to the Department of Motor Vehicles for
processing.
Thereafter, the Department 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 Title branded "Salvage"?
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 or accompanied by a power of attorney), an odometer disclosure
statement, a release of any liens, and a letter from insurance company stating
vehicle has been declared a total loss.
Copart will submit these documents along with an Application for Certificate of
Title (RV-707) and the appropriate fee to the Department of Motor Vehicles for
processing.
Thereafter, the Department of Motor Vehicles shall issue a Certificate of Title
branded "Salvage" 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 branded "Salvage" to the
purchaser.
[Nebraska Revised Statutes §§ 60-171; 60-173] 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 Title or a comparable ownership document issued by another state or
jurisdiction (either endorsed over to the insurer or accompanied by a power of
attorney), an odometer disclosure statement with last known mileage, a release of
any liens, and a letter from insurance company stating vehicle has been declared a
total loss.
After receipt of these documents, Copart will submit these documents along with
an Application for Certificate of Title (RV-707) and the appropriate fee to the
Department of Motor Vehicle for processing.
Thereafter, the Department of Motor Vehicle shall issue the appropriate title
depending upon the damage to the vehicle.
Copart, acting upon a power of attorney for the insurer, will then sell the vehicle at
auction and reassign the insurer’s appropriate Title to the purchaser.
What steps must an insurer take in Nebraska to process an owner-retained
vehicle?
If, after the insurance company has paid a total loss settlement, the owner of the
damaged vehicle chooses to retain ownership, the Salvage branded Certificate of
Title issued to the insurance company must be assigned to the insured.
What legal duties are imposed upon a lienholder following satisfaction of the
lien?
When the lien is discharged, the holder shall, within fifteen days after payment is
received, note a cancellation of the lien on the face of the certificate of title over
his, her, or its signature and deliver the certificate of title to the county clerk, the
designated county official, or the department which shall note the cancellation of
the lien on the face of the certificate of title and on the records of the office. If
delivered to a county clerk or designated county official, he or she shall on that
day notify the department which shall note the cancellation on its records. The
county clerk, the designated county official, or the department shall then return the
certificate of title to the owner or as otherwise directed by the owner. The
cancellation of the lien shall be noted on the certificate of title without charge.
[Nebraska Revised Statutes § 37-1282(5)] back to top
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