Only in its second year, the event, held May 19-20 in Kansas City, expanded its show floor and attracted top industry speakers and regional shop operators.
What Does it Mean to ‘Total’ a Vehicle?
Nowhere is the difference between “knowing” something and “understanding” something more evident than when it comes to the relationship between “totaling a vehicle” for insurance purposes and the concept of salvage vehicles under state law. Everybody knows what it means to “total” a vehicle. But very few people actually understand the relationship between a totaled vehicle and state law regarding when such a vehicle can be titled and driven on public roads. Because these concepts play a key role in understanding collision losses and subsequent subrogation efforts, we pull back the curtains on these mystical terms in this article.
Iowa raises auto salvage title threshold to 70% of vehicle value Thursday, April 8, 2021 4:12 PM Iowa auto body shops, insurers and policyholders will have more leeway on what constitutes a totaled vehicle for purposes of insurance settlements, industry journal Repairer Driven News reported. Gov. Kim Reynolds on Friday signed into law Senate File 230, which raises the threshold for what constitutes a wrecked or salvaged vehicle. Previously, the law required the designation of a vehicle as wrecked or salvage when the cost of repair exceeded 50% of the fair market value of the vehicle. The new law raises that threshold to vehicles needing repairs of more than 70% of fair market value. Scott Weiser, a lobbyist for the Iowa Collision Repair Association, said that auto body shops were losing money because of repairable vehicles being totaled. The Iowa Insurance Institute and American Property Casualty Insurance Association supported the bill alongside