dyhppy

not tryin to be an ass, but DOES the insurance communicate with the DMV on car value? don't they determine value on their own. anyways, i never had much faith in insurance. it was just there in case someone got hurt and didn't want to lose a house, etc.

B.C.

When your car is gone, and you pursue a lawsuit for medical and personal gains, they will check inside and outside before they pay your bills. Thats the insurances job, to do research.

Hope the info is informative. I work w/ the insurance industry all the time.

CrAzYNeSs

If this was a gift they cant say that the car has no value. The insurance payout from how much your car cost to obtain locally averaged plus the value found in some book of car values (not blue book) all averaged together.

This at least is how Progressive works. I've had to deal with this before.

As for sueing for personal gains etc etc. I would not know...

my personal opinion [off the record] would be to either put the actual price minus (-) A REASONABLE AMOUNT or go with the gift option... I wouldnt set the value to like 50 dollars than ur just ASKING for trouble.

B.C.

I would not go w/ Gift option. You get audited for any reason (Tax, IRS), and a nice PHAT 25K check just deposited. Not good. Cover your tracks.

My accountants tells me, what is the difference between a HOG and a PIG?

A hog gets slaughtered, and a pig gets PHAT. Get fat, not killed.

BC

Jepu

A gift is subject to a hefty gift tax (depending on the amount gifted). Don't declare anything of value a gift without considering the tax consequences.

Any reasonable sale price won't be questioned by the DMV, but who knows what is "reasonable" in their eyes.

HFS S2K

When a friend of mine bought his 2003 s2k it had 30k on the odometer. Now just think what the KBB is on that car PRIVATE PARTY value, when he went to fill out the paper work for DMV he wrote in that he bought the car for $15,000 when he got it for $22,000 OH YES. Goodluck man!


Kind regards,
Joe