Oklahoma Administrative Code › Title 260 - Office of Management and Enterprise Services › Chapter 135 - Service Oklahoma › Subchapter 7 - Motor Vehicle › Part 35 - CERTIFICATES OF TITLE › Section 260:135-7-187 - Salvage titles

Current through Vol. 41, No. 20, July 1, 2024
(a)
Salvage
				  vehicle defined.
A salvage vehicle is a vehicle ten (10) model years and
				  newer which has been damaged by collision or other occurrence to the extent
				  that the cost of repairing the vehicle for safe operation on the highway
				  exceeds sixty percent (60%) of its fair market value at the time of
				  loss.
(b)
Determining
				  classification as a salvage vehicle.
To determine the 10 year model age
				  limit for this purpose, subtract 9 from the current latest manufacturer's model
				  on sale. July 1 is the generally accepted date that new model vehicles go on
				  sale. For example, prior to July 1, 2006, the latest manufacturer's model on
				  sale were 2006 models. Therefore, during the one (1) year period ending June
				  30, 2006 (7/1/05 through 6/30/06), a ten year old vehicle would have been a
				  1997 (2006-9) model. During that period, 1996 and older models were exempt from
				  the salvage requirements. Beginning July 1, 2006, 2007 model vehicles
				  officially (per this guideline) went on sale, resulting in 1997 models becoming
				  exempt from the salvage requirements. This formula for determining the age of a
				  model year will apply to all such determinations regarding salvage and rebuilt
				  vehicles.
(c)
Change of
				  classification.
Vehicles over 10 model years old may go in to, or come
				  out of, salvage at any time. No inspection is required to bring such vehicles
				  out of salvage.
(d)
Out-of-state salvage titles.
Vehicles over 10 model years old
				  entering Oklahoma with an out-of-state salvage title may receive either a
				  salvage title or standard (green) title with a salvage date listed.
(e)
Notification by insurance
				  companies.
An insurance company paying a loss on a vehicle where the
				  cost of repairing the vehicle for safe operation on the highway exceeds 60% of
				  its market value or pays a claim for a flood-damaged vehicle as defined in 47
				  O.S. § 1105, is required to notify the vehicle owner to surrender the
				  title to Service Oklahoma or a licensed operator so that it may be replaced by
				  a salvage title. Service Oklahoma will also be notified by the insurance
				  company. The notice shall include the estimated total damage percentage
				  determination of the actual cash value made by the insurance company to repair
				  the vehicle for safe operation on the highway.
(f)
Transfer title to insurance company
				  on payment of total loss due to theft; removal of salvage notation.
The
				  ownership of any unrecovered vehicle which has been declared a total loss by an
				  insurer because of theft shall be transferred to the insurer by an
				  unrecovered-theft vehicle title; provided, the ownership of any such vehicle
				  which has been declared a total loss by an insurer licensed by the Oklahoma
				  Insurance Department and maintaining a multi-state motor vehicle salvage
				  processing center in this state shall be transferred to the insurer by a
				  salvage or an unrecovered-theft title without the requirement of a visual
				  inspection of the vehicle identification number by the insurer. Should a
				  vehicle for which the Oklahoma certificate of title has been placed on serial
				  inspection hold be stolen and a total loss paid to the owner by an insurer
				  pursuant to the process outlined in this paragraph, an unrecovered theft
				  salvage transfer title may be issued in the name of the insurer, but placed on
				  serial inspection hold pending recovery of the vehicle and confirmation of the
				  vehicle identification number. Upon recovery of the vehicle, the ownership
				  shall be transferred by an original title, salvage title, or junked title, as
				  may be appropriate based upon an estimate of the amount of loss submitted by
				  the insurer.
(g)
License
				  plate not affected by salvage classification; current registration generally
				  required.
The license plate from a vehicle entering salvage status need
				  not be surrendered. However, registration must be current on a vehicle entering
				  salvage status, unless it is being titled by a salvage dealer.
(h)
Flood damaged brand.
A
				  salvage or rebuilt vehicle which was damaged by flooding, or a vehicle which
				  was submerged at a level to or above the dashboard of the vehicle and on which
				  an amount of loss was paid by the insurer, shall have the notation "Flood
				  Damaged" listed on the face of the Oklahoma title.
(i)
Multi-state motor vehicle salvage
				  processing centers.
Insurance companies licensed by the Oklahoma
				  Insurance Department and which maintain a multi-state motor vehicle salvage
				  processing center in this state may be issued an Oklahoma original salvage
				  title on an unrecovered stolen vehicle without a visual inspection of the
				  vehicle identification number (VIN) or odometer. For a vehicle to qualify, the
				  following conditions must be met:
(1) The
				  vehicle has been stolen and not yet recovered;
(2) An out-of-state title, assigned to the
				  qualifying insurance company, must be submitted. An Oklahoma title may not be
				  issued if an existing Oklahoma title record is on file reflecting a VIN
				  inspection "hold"; and,
(3) One of
				  the following documents, verifying the theft of the vehicle, must be submitted:
(A) Stolen vehicle report;
(B) Insurer's proof of loss; or,
(C) A statement from the insurer verifying
				  that the vehicle was stolen and has not yet been recovered.