N.M. Code R. § 18.19.3.52
Current through Register Vol. 35, No. 9, May 7, 2024
Section 18.19.3.52 - SALVAGE-BRANDED TITLES - SALVAGE VEHICLESA. 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.N.M. Code R. § 18.19.3.52
3/6/92, 7/19/94, 10/31/96; 18.19.3.52 NMAC - Rn, 18 NMAC 19.3.11.3, 9/14/00; A, 9/15/06