N.M. Admin. Code § 18.19.3.52 - SALVAGE-BRANDED TITLES - SALVAGE VEHICLES
A. A salvage-branded title must be issued to
transfer title to a salvage vehicle.
B. In determining whether a vehicle is a
salvage vehicle, only costs related to returning the vehicle to a road-worthy
condition shall be included as costs of repairing the vehicle. Costs which are
beyond those necessary to make a damaged vehicle safely operable on the
highways, such as replacing a clear windshield with a tinted one or adding
racing stripes, shall be excluded. Payments not related to the repair of the
vehicle, such as compensation for medical costs, car rentals, lost work time
and the like, shall also be excluded. Fair market value shall be that indicated
for the make and model in the national automobile dealers association used car
pricing guide, or equivalent publication, exclusive of the fair market value of
accessories, such as a stereo system.
C. Example: The interior of a vehicle is
vandalized. A stereo system is ripped out and destroyed; the interior is set on
fire. The market value of the vehicle, exclusive of the stereo, is $1,000 prior
to the incident. The stereo was worth $1,500. Costs of restoring the interior
to allow safe operation on the highways is $800. This vehicle is not a salvage
vehicle. The costs of repairing the vehicle so that it is safe to operate is
$800, which is less than the $1,000 fair market value of the vehicle itself,
exclusive of the stereo.
D. The
declaration by an insurance company that a vehicle is a salvage or
non-repairable vehicle makes the vehicle a salvage vehicle or non-repairable
vehicle regardless of the relative amounts of repair costs versus fair market
value.
E. Example: If, in the
preceding example, an insurance company settled claims with respect to the
vehicle for $2,200 and declared the vehicle a salvage or non-repairable
vehicle, the vehicle is a salvage vehicle or non-repairable vehicle, depending
on the determination of the insurance company, so long as that determination is
not inconsistent with statutory definitions.
Notes
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