ISO ClaimSearch® recently held a web seminar about the National Motor Vehicle Title Information System (NMVTIS), which the government created to track salvage automobiles.
Insurers can use our NMVTIS Compliance Reporting Service to report total-loss automobiles to NMVTIS using ISO ClaimSearch Universal Format — system to system, through the web, or a combination of both.
ISO presented information on various aspects of NMVTIS compliance and reporting:
- required fields, including VIN, date the automobile was designated as salvage, name of the individual from whom the auto was obtained, and more
- information on what insurers need to report with regard to total-loss (salvage) automobiles
- vehicle types for reporting to NMVTIS, such as PC for passenger car, LT for light truck, TK for truck, and others
The presentation contained information from the Department of Justice, including details about enforcement and penalties. For example, failure to report to NMVTIS is punishable by a civil penalty of $1,000 per violation. The seminar also discussed why it’s important not to report every vehicle simply to avoid penalties. An incorrect report may significantly diminish the resale value of an automobile and subject the reporting entity to legal liability and an NMVTIS enforcement site visit.