HB 17-1205 Summary

• Amends the definition of "salvage vehicle" in Colorado Revised Statutes to exclude hail damage and theft from the types of damage that can make a vehicle salvage.

• Adds language allowing a vehicle to be classified as salvage if determined to be a total loss by the insurer or other person acting on behalf of the owner, in addition to the existing cost-based threshold.

• Applies to motor vehicle damage occurring on or after the effective date of the act.

• Takes effect August 9, 2017, or if subject to a referendum petition, takes effect upon approval by voters at the November 2018 general election.