IL SB1759

Amends the Illinois Vehicle Code to increase the threshold for declaring a vehicle as salvage from 50% to 70% of its fair market value for self-insured companies when repair costs exceed that percentage.

A self-insured company vehicle is considered salvage if repair costs (including labor) would exceed 70% of fair market value, or if the company determines the vehicle a total loss due to collision, fire, theft, rust corrosion, or other damage.

Self-insured companies must submit the vehicle's certificate of title, application, and fee to the Secretary of State, which will issue a salvage certificate in the company's name.

Maintains existing requirements for insurance companies (50% threshold), lienholder repossessions (33 1/3% threshold), fleet vehicles (33 1/3% threshold), and flood vehicles (33 1/3% threshold).