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 Posted: Sat Jun 07, 2008 3:57 pm Post subject: |
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| Quote: | | Fear was probably not a good analogy, I think the reality is that the insurer will not respect your claim without representation, for then they will be requred to respond in good faith at that point. |
I think what you really mean is that the insurance company might take the claim more seriously if an attorney is involved. Good faith would mean that the insurance company reacted in a timely manner. | Quote: | | What they want is to clear their files and desk of your claim, what annoys them, is your claim dragging on. |
Ain't that the truth... I have injured people to pay and people with _actual_ losses to send checks to.  | Quote: | | Not sure what the laws are in Texas with regard to salvage and total losses, but my understanding is that sales tax, tires, batteries, air bags, seatbelts, radios, loss of use, do not figure towards the threshold of a property total loss in Missouri, could be the same there. |
Huh? Certainly sales tax and LOU is not considered when determining if the cost to repair the vehicle is close to it's value but certainly the other items would be. |
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tcope
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| Posted: Sat Jun 07, 2008 5:08 pm Post subject: |
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| Quote: | | Huh? Certainly sales tax and LOU is not considered when determining if the cost to repair the vehicle is close to it's value but certainly the other items would be. |
The cost to repair was not what was being considered. The discussion was those costs driving the threshold of reaching the states determination of what constitutes issuing a new prior salvage title if the vehicle is retained thus lowering the trade value. In Missouri, those items mentioned do not go against the salvage title threshold but they certainly apply to the cost which insurers determine is their contractual right to determine and whether they wish to repair or pay for the total loss.
I only suggested that possibly other states use this methodology to brand vehicles as prior salvage or salvage titling.
article on the subject of excluding air bags, etc.
http://www.search-autoparts.com/searchautoparts/Industry+News/Missouri -exempts-airbags-from-total-calculations/ArticleStandard/Article/detai l/131835
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MikeoftheOzarks
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| Posted: Mon Jun 09, 2008 11:24 am Post subject: |
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| Quote: | | Not sure what the laws are in Texas with regard to salvage and total losses, but my understanding is that sales tax, tires, batteries, air bags, seatbelts, radios, loss of use, do not figure towards the threshold of a property total loss in Missouri, could be the same there. |
In Missouri, sales tax, tow, and airbags, are they only things that don't figure into the PERCENTAGE threshold...they do however figure into the economic total loss (which is what I was talking about)...and a vehicle totals (in this state)..if it reaches either one...most times it will hit the the economic total before it hits the percentage total...don't know where you got the tires, battery, radio business...loss of use, or rental also isn't figured...all it amounts to (percentage total wise)...is theses things (sales tax, tow, and airbags) can be removed from the estimate....this in no way is the only nor most common way a vehicle totals in this state. especially a newer higher priced vehicle.
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Lori
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| Posted: Mon Jun 09, 2008 11:29 am Post subject: |
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| Quote: | | The cost to repair was not what was being considered. |
The cost of repair is EXACTLY what's being considered!
| Quote: | | In Missouri, those items mentioned do not go against the salvage title threshold but they certainly apply to the cost which insurers determine is their contractual right to determine and whether they wish to repair or pay for the total loss. |
I don't know if your mixed up or just saying it different...It doesn't have ANYTHING IN THE WORLD to do with a salvage title...it has to do only if the cost of repair reaches the percentage (70-or 75 I have to look at this every time, they just changed it from 80 about a year ago) of the vehicles ACV..if so it's a total loss period and it gets a salvage title period...again as to the percentage rule...sales tax, tow, and airbags come out...of the estimate ONLY on the percentage rule...NOT the economic total loss...thus lowering the cost of repair and perhaps saving the vehicle from the percentage total loss ONLY..MOST vehicles are economic total losses (cost of repair is greater than acv minus salvage).....
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Mon Jun 09, 2008 2:06 pm Post subject: |
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| Quote: | The total cost of repairs to rebuild or reconstruct the vehicle shall not include the
229 cost of repairing, replacing, or reinstalling inflatable safety restraints, tires,
230 sound systems, or damage as a result of hail, or any sales tax on parts or
231 materials to rebuild or reconstruct the vehicle. For purposes of this definition,
232 "fair market value" means the retail value of a motor vehicle as: |
| Quote: | | In Missouri, sales tax, tow, and airbags, are they only things that don't figure into the PERCENTAGE threshold...they do however figure into the economic total loss (which is what I was talking about)...and a vehicle totals (in this state)..if it reaches either one...most times it will hit the the economic total before it hits the percentage total...don't know where you got the tires, battery, radio business |
Batteries were in the original language of the bill but may have been elimentated.
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MikeoftheOzarks
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