 Posted: Thu Nov 06, 2008 11:06 am Post subject: |
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| Quote: | | So I am the third party because the insurance company is the other driver's insurance right? |
RIGHT, if it were your policy or if you were the insured it would be first party... | Quote: | | And one more thing...I can still keep the car (salvage) without the other driver's ins. co. having the Title in their possesion right? |
right, because you are 'retaining' the salvage, they are not 'obtaining' it...they may have a company policy where they notify the state, but that's it... | Quote: | | Because they are telling me that they have to have the Title to sell the car back to me for salvage |
They are incorrect, unless they are using that for identification to make sure you are the owner...are they telling you they need to take possession of the title? That's nuts...tell ya' what why don't you contact the Mo Dept of Ins. or the DMV (both have web sites)....ask them if you RETAIN the salvage does this have to happen...better yet, here ya go....
here's a link to the form they fill out (if it's necessary I'm not 100% sure it is necessary in your case)... http://dor.mo.gov/mvdl/motorv/forms/5043.pdf
and about 15 years ago...
| Quote: | The Honorable Raymond W. “Bill” Hand
Representative
District 90
State Capitol Building
Room 101-F
Jefferson City, Missouri 65101
Dear Representative Hand:
This opinion letter is in response to your question asking:
Does Section 301.227 RSMo. require that the insurer of a vehicle, deemed by them to be a “total loss”, have to obtain the title to the vehicle from the insured, who elects to keep the vehicle, even though it is deemed by the insurer a “total loss” and procure a salvage title under this section of law before transferring the title back to the insured?
A copy of Section 301.227, RSMo 1986, is attached hereto as Appendix A. [Footnote 1] This section concerns, “[w]henever a vehicle is sold for salvage, dismantling or rebuilding....” (Emphasis added.) Section 301.227.1.
In the situation about which you are concerned, the owner of a vehicle which has been deemed a “total loss” retains the vehicle. Rather than transferring ownership of the vehicle, which has been deemed a total loss, to the insurance company, the owner chooses to retain the vehicle and accepts as a settlement the amount owed by the insurance company less the salvage value. Because the owner has chosen to retain the vehicle, the amount paid by the insurance company to the owner is reduced by the salvage value.
The statute applies whenever a vehicle is “sold” for salvage, dismantling or rebuilding. The word “sell” has been defined by the Missouri courts as follows:
The ordinary meaning of the word “sell” as stated in Webster's New International Dictionary, 2nd Ed., Unabridged, is: “To sell is to transfer to another for a price, usually to be paid in money.” Dimick v. Noonan, 242 S.W.2d 599, 602 (Mo.App.1951).
In the situation about which you are concerned, the vehicle has been retained by the owner. There is no transfer to another of the vehicle. The amount paid by the insurance company to the owner has simply been reduced by the salvage value. Since there is no transfer by the owner, the vehicle has not been “sold” and therefore such section does not require the insurance company to obtain the title to the vehicle from the insured.
Very truly yours,
William L. Webster
Attorney General |
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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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Joined: 10 Sep 2007
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Location: Missouri
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| Posted: Thu Jun 25, 2009 10:59 am Post subject: |
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doubt it, you pay the interest in each payment. The interest is calculated daily...up to the payment due date, then starts all over again...
_________________
"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. |
|
Lori
Moderator
Joined: 10 Sep 2007
Posts: 8173
Location: Missouri
287.90 Dollars($)
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