1. (a) “Salvage” means any vehicle that:

   1. (1) Has been damaged by collision, fire, flood, accident, trespass, or other occurrence to the extent that the cost to repair the vehicle for legal operation on a highway exceeds 75% of the fair market value of the vehicle prior to sustaining the damage, as determined under § 13-506(c)(4) of this article;
   2. (2) Has been acquired by an insurance company as a result of a claim settlement; or

   3. (3) Has been acquired by an automotive dismantler and recycler:

      1. (i) As an abandoned vehicle, as defined under § 25-201 of this article; or
      2. (ii) For rebuilding or for use as parts only.
2. (b) For purposes of this section, a vehicle has not been acquired by an insurance company if an owner retains possession of the vehicle upon settlement of a claim concerning the vehicle by the insurance company.

Added by Acts 1977, c. 14, § 2, eff. July 1, 1977. Amended by Acts 1983, c. 543; Acts 1983, c. 685; Acts 1992, c. 635; Acts 2001, c. 327, § 1, eff. July 1, 2001; Acts 2008, c. 422, § 1, eff. Oct. 1, 2008; Acts 2010, c. 728, § 1, eff. Oct. 1, 2010.

Formerly Art. 66 ½, § 1-180.