Monday, December 9, 2013

Calculation of total loss payments upon automobiles� title transfer fees and sales tax

Calculation of total loss payments upon automobiles� title transfer fees and sales tax: "(b) Actual cash value, unless otherwise specifically defined by law or policy, means the lesser of the amounts for which the claimant can reasonably be expected to:

(1) repair the property to its condition immediately prior to the loss; or

(2) replace it with an item substantially identical to the item damaged. Such amount shall include all monies paid or payable as sales taxes on the item repaired or replaced"

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