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Vehicle History Report: State Farm® Efforts to Resolve Salvage Vehicle Titling Issues
Posted on Tuesday, July 04 @ 23:27:38 CDT by Cars |
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States Reach Agreement with State Farm Insurance that Will Result in $40 Million to Consumers
State Farm® Insurance reached out to and has been working closely with state Attorneys General to resolve complex issues regarding the titling of vehicles it acquired in the processing of total loss auto insurance claims. State Farm is committed to compliance with all state laws.
State Farm handles in excess of 6 million auto physical damage claims involving vehicle damage or theft each year, and routinely evaluates its claim handling procedures. A recent State Farm review identified a relatively small number of vehicles for which State Farm could not confirm that a branded title was obtained as may have been required.
The diversity among state vehicle titling laws makes it extremely difficult for insurers to comply with branded title requirements. This problem is compounded because vehicles move from state to state, and it is often difficult to determine which state's laws apply.
What State Farm Is Doing about Salvage Title Compliance
With the assistance of state Attorneys General and Departments of Motor Vehicles, State Farm has worked to confirm branded title compliance for those vehicles for which it could not confirm that a branded title was obtained as may have been required by law. To compensate any affected vehicle owners, State Farm will pay a total of $40 million as part of the agreement reached with State Attorneys General. Iowa Attorney General Tom Miller issued a news release* on Jan. 10 announcing the agreement between State Farm and state Attorneys General, and commending State Farm for its proactive efforts.
The registered owner(s) of affected vehicles are being contacted directly by mail. A toll-free information line has been established at 877-491-9339. Written inquiries may be sent to the Title Compensation Administrator at P.O. Box 1751, Faribault, MN 55021-1751.
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