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No One Does.. You paid sales tax when you bought the car. Not when your compensated for it's loss. That would constitute Double Taxation.
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∙ 15y ago
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After settling with the insurance company for a totaled car do you keep the car or does the insurance compnay?
Legally, if the company pays you for the totaled vehicle, it belongs to them. You can offer (if they don't) to by the scraps back. This would be deducted from your settlement and you would be paid the difference.
What makes a motorcycled totaled?
When a vehicle covered by insurance gets wrecked, the insurance company looks at how much it will cost to repair. If repairing the bike costs more than it is worth, then the insurance company declares it totaled and pays for a replacement.
Does gap insurance cover a repossession?
Gap insurance only pays if the vehicle is totaled in an accident or stolen and not recovered. It does not cover the deficiency balance after a repossession sale.
When an auto is totaled and the insurer takes the auto and pays the insured the actual cash value of the car at the time of the loss this is an example of?
Total loss payoff
does a 100% disabled vet pay sales tax on a new vehicle in Florida?
Motor vehicle sales that are partially exempt from sales and use tax apply where the portion of the invoice that the Veterans Administration pays directly to the dealer on behalf of the veteran.
What if hail damage is greater than the value of car?
than your car is totaled and your insurance company just pays you a dollar amount instead of paying for the repairs... assuming you have insurance
If the insurance does not pay the amount due on the vehicle what happens to the loan?
i am assuming the following: your vehicle totaled, you do not have GAP insurance and the value of your vehicle was less than your payoff...unfortunately you will still owe this balance, most lien holders will do what they call a 'transfer of collateral'' meaning they will finance (assuming you are in good standing) if you want. your replacement vehicle and put this balance on top of that note....immediately making you really upside down AGAIN ...pleeeeeeeeeeeeeease get gap insurance on this one, talk to your lien holder about it...gap insurance pays the 'gap' between the value of the vehicle and the note balance..
What happens to a totaled car after the insurance co pays you for it?
Some insurance companies will sell the car back to the owner. Others sell the totaled car to a salvage yard.
Does gap insurance cover a vehicle that's insured when in accident?
No, you are misstating what GAP coverage is. GAP insurance is a separate type of insurance that you can purchase as part of your finance agreement or on your personal auto insurance. What GAP does is pay the difference in what your insurance company pays and what is actually owed on the finance account for the vehicle. This is especially important when a vehicle is newer. An auto insurance policy pays either the cost of repair, replacement of the vehicle, or actual cash value of the vehicle at the insurance companies option. If the vehicle is totaled they pay ACV which on a fairly new vehicle is less than the purchase price. Purchasing GAP insurance is usually far less expensive when purchased from your insurance company than the finance company.
If you have full coverage and your car is totaled by someone and their insurance pays the current value will your insurance pay the difference?
Depends on the underwriting rules as to what they consider indemnifying you. They may cover it, and then subrogate against the other insurer.
If two auto insurances want to total your vehicle for two separate accidents can you accept both?
Sounds like it's totaled. Totaled means it would cost more to fix it then it was valued at before it was wrecked. Options: You can accept the money and let them dispose of the vehicle - or - You can accept the money and buy the vehicle back from them for a small amount. Ask them how much. I suppose you could contest how much you think the vehicles worth but you're not going to get over blue book value. If it was wrecked/poor shape before, it's up to them what they think it's worth. Good luck. When an insurance company pays the claim for a totaled vehicle, they then own it and will sell it to a junk yard for its salvage value. If you accept both checks you won't be able to give both companies the car. You could do as suggested above, and buy it back from both companies, but if either finds out, they will prosecute for insurance fraud.
Who pays sale tax?
The person who is buying the product pays the sales tax.
