A NC Accident Report (DMV‐349) or NC Incident Report and correspondence from the insurance company indicating the settlement amount must be submitted to IMD within ten (10) days of the incident, if a vehicle is deemed a total loss due to an incident. IMD’s casualty loss criteria will determine how the Federal and state interest in the vehicle will be handled and how a replacement may be procured.
Casualty Loss Criteria: The casualty loss criteria apply to Federal, state and locally purchased vehicles. The casualty loss criteria are included in Attachment 401‐1.
Settlement Proceeds: Whether the titleholder has met or exceeded the casualty loss criteria will determine the options available to the titleholder for the settlement proceeds and replacement of the vehicle. The options and details are described in Attachment 401‐ 1.
Like-kind Replacement: If the casualty‐loss vehicle has not met useful life, the titleholder applies the settlement proceeds toward a replacement vehicle, a vehicle of the same type, and model year or newer must be found and purchased using IMD’s procurement requirements. If the titleholder chooses not to replace the vehicle, then the Federal and state share of the settlement proceeds are returned to IMD.
