The repair estimate for my bike is high enough that my insurance company considers it a total loss. They will pay me the market value for the bike and in there words, I will buy the salvage back from them. In this process I turn my title and licence plate over to them and they handle the replacement salvage title being issued in my name.
This excerpt from Georgia Code seems to define this as correct to me, but my reading of law speek is not well practiced. Do you see this different?
Georgia Code - Motor
Vehicles & Traffic - Title 40, Section 40-3-2
motor vehicle' means any motor vehicle:
(A) Which has
been damaged to the extent that its restoration to an operable condition would
require the replacement of two or more major component parts;
(B) For which
an insurance company has paid a total loss claim and the
vehicle has not been repaired, regardless of the extent of damage to such
vehicle or the number of major component parts required to repair such vehicle,
but shall not mean or include any stolen motor vehicle which has been recovered
with the public manufactureŕs vehicle identification number plate intact and
(ii) Has only
cosmetic damage; or
(iii) Has been
damaged but only to the extent that its restoration to an operable condition
will not require the replacement of two or more major component parts;
(C) Which is an
imported motor vehicle which has been damaged in shipment and disclaimed by the
manufacturer as a result of the damage, has never been the subject of a retail
sale to a consumer, and has never been issued a certificate of title.
salvage motor vehicle shall not include any motor vehicle for which a total
loss claim has been paid which vehicle has sustained only cosmetic damage from
causes other than fire or flood.