by syancey727 » Wed Jun 17, 2009 02:20 pm
I have a 2008 Kia optima with less than 8000 miles that was hit at a stopped light by a driver not seeing the red light and smashing me into the car in front of me. We were at a dead stop, not slowing, not moving, 4 lanes, nowhere to go to avoid oncoming fast moving car in rear view mirror. The driver and all witnesses are in agreement and the driver at fault has insurance and my vehicle has been taken to dealership body shop. My concern is, with owning the car less than a year, I believe I am going to incure a large financial loss weather the car is totaled or repaired. I put money down so gap coverage is not the issue, but if they total it, and I have to buy a new one, I pay taxes again - basically, my 10 months of paymenst have paid taxes and interest and depreciation - the car still has new car smell - perfect condition. Is there anyway to negotiate cost of having pay taxes on the new vehicle I must purchase. I should not incure expenses to replace vehicle and I will. If they fix the vehicle, the trade value will be greatly reduced and I won't be able to sell outright because of carfax and an accident with such high repairs. The body shop is disassembling now and says it is border line if it will be totalled to much damage to make quote until dissassembled. Of course, I am receiving numerous lawyer letters everyday, but I not seeking extra benifits, just wanting to come out even. Any suggestions on how not to lose thousands on this situation, that was no fault of my own
Posted: Wed Jun 17, 2009 06:27 pm Post Subject:
When a vehicle is a total loss the insurance company includes taxes based on the value of the vehicle as part of the settlement. They should also included other expenses (registration title, etc) that are incurred due to the purchased of the vehicle.
Posted: Thu Jun 18, 2009 08:40 am Post Subject:
Syancey727,
Have you heard yet from the other driver's carrier? What is their call?
Posted: Thu Jun 18, 2009 10:25 am Post Subject:
Syancey727,
The body shop is disassembling now and says it is border line if it will be totalled to much damage to make quote until dissassembled.
If the repair costs are so high it's bound to get totaled. Again following tcope's explanation you don't seem to have much reason to worry about. Did anyone ask you to consult an attorney?
Steven
Posted: Thu Jun 18, 2009 11:51 am Post Subject:
syancey727
Each state handles their sales tax differently some pay it (cash)...others have to issue a sales tax affidavit (like a credit or voucher)...either way, you will get your sales tax on your vehicles ACV (actual cash value)...not on the value of it when you paid the sales tax...
Posted: Thu Jun 18, 2009 12:25 pm Post Subject:
.
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syancey727,
THIS IS NOT LEGAL ADVICE.... & .... I AM NOT A LAWYER. But to the best of my limited understanding.......
You are the victim of another's reckless action. Its my understanding that your Settlement is not restricted by any Insurance... Policy , regulations, guidelines, etc.. The governing body of this Settlement would be that of the States "Tort" rules, regulations, laws.
Its also my understanding that the _Person_ who damaged your auto... not his/her insurer, but the person, is responsible for any and all necessary and reasonable expenses that you incur until you are back to where you where before the accident. AND that person's insurer is obligated to reimburse their insured up to his/her policy limits.
Just my thoughts.
Posted: Thu Jun 18, 2009 10:29 pm Post Subject:
Its my understanding that your Settlement is not restricted by any Insurance... Policy , regulations, guidelines,
I agree with most of your post Fred, however, there are regulations and guidelines, that the OP can not usurp ... ie how the sales tax is paid, etc...those are state regulations not carrier specificPosted: Thu Jun 18, 2009 10:43 pm Post Subject:
AND that person's insurer is obligated to reimburse their insured up to his/her policy limits.
This part is incorrect as well. The insured only has to pay for what the insured's was legally obligated to pay. It's also subject to reasonable charges.Lastly a condition of the insured's policy is that the insured cannot make any payments or make any obligations unless at the insured's expense (or some wording to that nature).
Posted: Fri Jun 19, 2009 06:05 am Post Subject:
AND that person's insurer is obligated to reimburse their insured up to his/her policy limits.
No, the insurer is obligated to pay only upto the amount of loss that has been caused by their insured. They wouldn't always release the limit.
FK, how about you getting into an accident of minor nature but your insurer decides to release the limit to the other driver, quite obviously you wouldn't be very happy about their decision, right?
Posted: Fri Jun 19, 2009 08:32 am Post Subject:
Hi Lori..
ie how the sales tax is paid, etc...those are state regulations not carrier specific
Are there any online sources wherein I might get to know about these state-specific regulations?
Steven
Posted: Fri Jun 19, 2009 10:25 am Post Subject:
Are there any online sources wherein I might get to know about these state-specific regulations?
That's a good questions Steven, I honestly don't know...when I get a total loss from out of my own state, I always call that states claims dept and ask how the sales tax is handled...Let me do some checking and I'll see if I can find something...
AND that person's insurer is obligated to reimburse their insured up to his/her policy limits.
sorry guys, I let that one blow right past me... :roll: :oops: Fred, that's incorrect...if what you mean is that the insurer owes up to their limit for damages for what they would be legally liable for ok, but the insured cannot plop down their limit, because someone requested it, and expect their carrier to reimburse them....they can't pay anything without their carriers ok, or they breach their insurance contract as well..Add your comment