§ 42-9.5-102 — Definitions

Colorado § 42-9.5-102

• Jurisdiction: Colorado
• Title 42: Vehicles and
• Art.: Vehicle Protection Products

Text

As used in this article, unless the context otherwise
requires:

(1) Incidental costs means expenses incurred by the warranty holder that
concern the failure of the vehicle protection product and that are specified in the
vehicle protection product warranty. Incidental costs may include, without
limitation, insurance policy deductibles, rental vehicle charges, the difference
between the actual value of the stolen vehicle at the time of theft and the cost of a
replacement vehicle, sales taxes, registration fees, transaction fees, and
mechanical inspection fees.

(2) Vehicle protection product means a vehicle protection device, system,
or service that:

(a) Is installed on or applied to a vehicle;

(b) Is designed to prevent loss or damage to a vehicle from a specific cause;

(c) Includes a written warranty by a warrantor stating that, if the vehicle
protection product fails to prevent loss or damage to a vehicle from a specific
cause, the warranty holder shall be paid specified incidental costs by the warrantor
as a result of such failure; and

(d) Comes with a warranty reimbursement insurance policy covering the
warrantor's liability from such product.

(3) Vehicle protection product warrantor or warrantor means a person
who is contractually obligated to the warranty holder under the terms of the vehicle
protection product warranty agreement. Warrantor does not include an
authorized insurer.

(4) Warranty means an express warranty and shall not include an
insurance policy.

(5) Warranty reimbursement insurance policy means a policy of insurance
issued to the vehicle protection product warrantor to pay, on behalf of the
warrantor, all covered contractual obligations incurred by the warrantor under the
vehicle protection product warranty.

Legislative History

Source: L. 2004: Entire article added, p. 745, � 1, effective July 1.