2 AAC 92.170 - Duty of insurance company obtaining title to unrepairable vehicle

(a) An insurance company obtaining title to an unrepairable vehicle through the satisfaction of an insurance claim for an actual total loss or constructive total loss shall mark the word "junk" on the face of the certificate of title and surrender the current title and registration to the department. The insurance company may sell the vehicle by a bill of sale that indicates that the title has been surrendered to the department.

(b) An insurance company that is unable to obtain and surrender the title to an unrepairable vehicle to the department because the title is lost, stolen, or destroyed, to satisfy an insurance claim for an actual total loss or constructive total loss, must submit to the department

(1) an affidavit signed by the registered owner that the title is lost, stolen, or destroyed; and

(2) a letter from the insurance company certifying the vehicle is "junk."

(c) For the purposes of this section,

(1) "actual total loss" means the vehicle is wrecked, dismantled, or destroyed;

(2) "constructive total loss" means the vehicle is damaged to a sufficient degree that the cost of repairing the vehicle exceeds the vehicle's worth or insured value.

Notes

2 AAC 92.170

Eff. 7/1/2006, Register 178; am 4/8/2021, Register 238, July 2021

Authority:AS 28.05.011

AS 28.05.041