SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2014 SESSION
HB 441 Motor vehicle insurance; salvage vehicles.
Introduced by: C. Matthew Fariss | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Motor vehicle insurance; salvage vehicles. Requires a new insurance policy insuring a motor vehicle known to the insurer to be a salvage vehicle to contain, if the policy provides collision or comprehensive coverage, a notice that (i) the motor vehicle is a salvage vehicle and (ii) in the event of an accident in which the motor vehicle is declared a total loss, the insured will be paid less money than he would if a salvage certificate had not been issued for the vehicle because the actual cash value of a salvage vehicle is generally less than it is for motor vehicles that are not salvage vehicles. The measure also requires any schedule of rates, rate classifications, or rating plans for motor vehicle insurance providing collision or comprehensive coverage that is filed with the State Corporation Commission to provide for an appropriate reduction in premium charges for those motor vehicles for which a salvage certificate has been issued. The reduction in premium shall reflect that the actual cash value of a motor vehicle of a specific make, model, age, mileage, and condition for which a salvage certificate has been issued is less than that of a motor vehicle of the same make, model, age, mileage, and condition that is not a salvage vehicle. The requirement for a premium reduction applies to policies for which the rates are based on the actual cash value of the insured motor vehicle.
FULL TEXT
HISTORY
- 01/05/14 House: Prefiled and ordered printed; offered 01/08/14 14102928D
- 01/05/14 House: Referred to Committee on Commerce and Labor
- 01/15/14 House: Assigned C & L sub: Subcommittee #1
- 01/28/14 House: Subcommittee recommends laying on the table by voice vote
- 02/12/14 House: Left in Commerce and Labor