Salvage

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    (a)    “Salvage” means any vehicle that:

        (1)    Has been damaged by collision, fire, flood, accident, trespass, or other occurrence to the extent that the cost to repair the vehicle for legal operation on a highway exceeds 75% of the fair market value of the vehicle prior to sustaining the damage, as determined under § 13–506(c)(4) of this article;

        (2)    Has been acquired by an insurance company as a result of a claim settlement; or

        (3)    Has been acquired by an automotive dismantler and recycler:

            (i)    As an abandoned vehicle, as defined under § 25–201 of this article; or

            (ii)    For rebuilding or for use as parts only.

    (b)    For purposes of this section, a vehicle has not been acquired by an insurance company if an owner retains possession of the vehicle upon settlement of a claim concerning the vehicle by the insurance company.


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