Bill > HB3359

This bill modifies the definition of a "totaled vehicle" in the Oregon Vehicle Code by adding the word "financial" to clarify that a totaled vehicle is one declared a financial total loss by an insurer. The bill maintains the existing provisions that a vehicle can be considered totaled if: (1) an insurer declares it a financial total loss and takes possession or title to the vehicle, (2) the vehicle is stolen and not recovered within 30 days and the loss is not covered by insurance, or (3) the vehicle has sustained damage not covered by insurance where the estimated repair costs are at least 80% of the vehicle's retail market value (as determined by publications used by financial institutions). The addition of the word "financial" before "total loss" appears to be a technical clarification to precisely define how an insurer determines a vehicle is a total loss, potentially helping to standardize how insurers assess vehicle damage and declare vehicles as totaled.

Transportation and Infrastructure

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/HB3359