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.