Salvage Automobile Law and Legal Definition

According to 49 USCS § 30501 [Title 49. Transportation; Subtitle VI. Motor Vehicle And Driver Programs; Part A. General; Chapter 305. National Motor Vehicle Title Information System], the term salvage automobile means "an automobile that is damaged by collision, fire, flood, accident, trespass, or other event, to the extent that its fair salvage value plus the cost of repairing the automobile for legal operation on public streets, roads, and highways would be more than the fair market value of the automobile immediately before the event that caused the damage."