HB 17-1205

HB 17-1205, which has been signed into law, changes how insurance companies decide if a car is a total loss. It adds that a vehicle can be considered a total loss based on the cost of repairs compared to its value, not just because it's severely damaged or stolen. The bill also says that cars damaged by theft alone won't be classified as salvage vehicles. This affects car owners and insurance companies in Colorado, impacting how claims are handled when a vehicle is significantly damaged. Since the bill has been signed, these changes are now law and affect anyone dealing with auto insurance claims in the state.

Official Summary

The bill changes the definition of 'salvage vehicle' to add another test of when an insurer determines the vehicle to be a total loss. The bill also adds theft damage as an exclusion to the types of damage that can cause a vehicle to be a salvage vehicle. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

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