IL HB3420

Increases the damage threshold for self-insured company vehicles from 50% to 70% of fair market value to be classified as salvage, meaning repairs costing more than 70% of the vehicle's value (rather than 50%) would require a salvage certificate.

Applies the new 70% threshold only to self-insured company vehicles that have sustained damage from collision, fire, theft, rust corrosion, or other means and are being sold in Illinois.

Maintains the existing 33 1/3% damage threshold for repossessed vehicles, fleet vehicles, and flood vehicles when determining salvage status.

Requires self-insured companies to promptly deliver vehicle title and salvage certificate applications to the Secretary of State following the new damage assessment standards.