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Committee Substitute House Bill 2476 History

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WEST virginia legislature

2019 regular session

Committee Substitute

for

House Bill 2476

By Delegate Westfall, Azinger, Hott, Jeffries, D., Graves, Jennings, Criss, Mandt, Nelson, Espinosa and Porterfield

[Originating in the Committee on Banking and Insurance; January 29, 2019]

A BILL to amend and reenact §33-6-33 of the Code of West Virginia, 1931, as amended, relating to the valuation of a motor vehicle involved in an insurance claim;  requiring that an amount equal to the consumers sales tax applicable to the sale of motor vehicles be added to a cash settlement arising from a total loss of a motor vehicle.

Be it enacted by the Legislature of West Virginia:

ARTICLE 6. THE INSURANCE POLICY.

§33-6-33. Valuation of motor vehicle involved in claim.


Insurance companies doing business in this state shall use the most recent version of an “official used car guide” approved by the Insurance Commissioner as a guide for setting the minimum value of any motor vehicle involved in a claim settlement arising from the total loss of a motor vehicle accident. In addition to any cash settlement value so agreed to by the claimant, there shall be added an amount equal to five percent of the cash settlement value as reimbursement to the claimant for the excise tax imposed under section four, article three, chapter seventeen-a of the Code of West Virginia the consumers sales tax set forth in §11-15-3c (b) of this code, with the cash settlement value representing the total actual sale price of a motor vehicle.

 

 

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