Interest rates. How do they work?
01-19-2011, 11:27 AM
#61
[QUOTE=rockville,Jan 19 2011, 11:46 AM] If the car were totaled and he was reimbursed the price of purchase (again assuming it was a fair price) insurance would pay the $13,500 + the sales tax.
01-19-2011, 11:45 AM
#62
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[QUOTE=00CivicSi,Jan 19 2011, 08:40 AM] So let me get this straight...
IIRC from your original thread here, you already have a 1997 (EK?) Civic that you are apparently are not happy with.
IIRC from your original thread here, you already have a 1997 (EK?) Civic that you are apparently are not happy with.
01-19-2011, 11:50 AM
#63
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Originally Posted by SlowTeg,Jan 19 2011, 02:27 PM
Uh.. you sure about that? I'm pretty sure that's wrong. It's nice to see you two kiss and make up, but I don't think this is correct. The insurance company pays you the "blue book VALUE" of your car, not "blue book value + tax." Perhaps you should look again at your insurance policy, but I've never heard of an insurance policy reimbursing anyone for taxes, as you're insuring the VALUE of the asset. Feel free to correct me if I'm wrong, but I'm 99% sure they don't reimburse you for the sales tax.
So, like I/we said, the sales tax is just a loss/sunk cost. If you sell the car, the state doesn't reimburse you the sales tax either.
So, like I/we said, the sales tax is just a loss/sunk cost. If you sell the car, the state doesn't reimburse you the sales tax either.
If your car is being repaired by insurance... they don't pay the shop, and then tell you to pay the tax.
If the vehicle is totaled, what they're giving you is the money that SHOULD cover a replacement of equivalent value. SHOULD and do are obviously not typically synonymous here, but the SHOULD should include the tax cost. Essentially whatever you would need to pay to find yourself an identical replacement.
01-19-2011, 11:58 AM
#64
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Originally Posted by SlowTeg,Jan 19 2011, 12:27 PM
Uh.. you sure about that? I'm pretty sure that's wrong. It's nice to see you two kiss and make up, but I don't think this is correct. The insurance company pays you the "blue book VALUE" of your car, not "blue book value + tax." Perhaps you should look again at your insurance policy, but I've never heard of an insurance policy reimbursing anyone for taxes, as you're insuring the VALUE of the asset. Feel free to correct me if I'm wrong, but I'm 99% sure they don't reimburse you for the sales tax.
So, like I/we said, the sales tax is just a loss/sunk cost. If you sell the car, the state doesn't reimburse you the sales tax either.
So, like I/we said, the sales tax is just a loss/sunk cost. If you sell the car, the state doesn't reimburse you the sales tax either.
What exactly your insurance pays is of course related to what plan you have. Some will based values only on blue book. Others will base payouts on replacement costs. If replacement includes a 10% sales tax then it would be included. In theory you should be whole at the end of the payout. Having to pay taxes on say a totaled $30k car ($3k for argument sakes) is not whole. Often blue book is not a fair value because some cars, particularly older but desirable cars will not follow blue book pricing. This was a common comment with Miatas where people couldn't understand why a car with a blue book of $2k was always selling for $4k.
01-19-2011, 12:14 PM
#65
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Not sure about others, but when my car was totalled, I received market value (blue book?) including mileage adjustment (mine was low mileage, so got a $4K adjustment) plus sales tax plus an amount related to the remaining life left on the current registration & inspection.
01-19-2011, 01:22 PM
#66
+1
They cover the cost of the vehicle INCLUDING sales tax. You paid it on the vehicle they're having to replace so that cost is part of making you "whole" again.
They cover the cost of the vehicle INCLUDING sales tax. You paid it on the vehicle they're having to replace so that cost is part of making you "whole" again.
01-19-2011, 05:50 PM
#67
Originally Posted by Ryan2949,Jan 19 2011, 03:45 PM
I have a 97 Civic (coupe, not the Ek hatch) that needs a new transmission (automatic). Windows need to be fixed, well the motors anyway. It also needs new sun visors(I know it's cheap but I need them) I need to get the speakers rewired. Needs a new bumper and the car is starting to let wind in through the doors, making it really annoying at highway speeds. It also needs new front headlights since they're so dull now I can hardly see at night. Before anyone starts any bullshit saying if I can't keep this car in good condition why should I have an S2000... I got this car for FREE from my parents so it was good for what I needed it for, driving to school and hanging out with friends. When I got the car it already had some problems, windows got worse over time(passenger can't even open or close their window, I have to do and when I do do it I need to go up and down over and over to eventually get it to go all the way down.
This 95 Civic is in a ton better condition, just been repainted and has a ton of nice mods. I pretty much want a nice car that works properly.
My brother is going to give me 500$ for my Civic because I bought the sub, speakers and amp with my own cash and then he's going to get the car as a hand me down, when I buy my own car, which is what I want.
This 95 Civic is in a ton better condition, just been repainted and has a ton of nice mods. I pretty much want a nice car that works properly.
My brother is going to give me 500$ for my Civic because I bought the sub, speakers and amp with my own cash and then he's going to get the car as a hand me down, when I buy my own car, which is what I want.
This is my '98 Civic coupe. I repaired my headlights a couple months ago. This is after I finished the passenger side light.
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