Insurance question

[jong]

Hello everyone..

Sorry for everyone that was effected by the hurricane I hope that you are recovering as smoothly as possible.

I read the other thread about dealing with the insurance companies but thought I would post my question to a new thread.

To those that had their boat declared a total loss and had an agreed value policy did the insurance company include a payment for sales tax reimbursement in addition to the agreed value amount ? From my research they do give you back the sales tax on Actual cash value auto policies. I am trying to find out if this could or should apply to Agreed value marine policies.

Thanks for any help with this.
J.

 

[CurrentSea]

I had a agreed value and was told my limit was the agreed value plus personal property.
I did not get reimbursed for sales tax as I bought boat out of state and bill of sale showed agreed value not including sales tax.
With that said, for new boat I bought which is also out of state, I bumped up the agreed value to include the tax and insurance company did not ask for a bill of sale this time.

Agreed value is agreed value, there is no if ands or buts and you should be happy I think because if there was then they can start playing the game the other way and say your boat is worth less.

 

[jong]

Thanks for the reply.. Your experience is similar to what I believe mine will be.

I am happy with the agreed value policy but just as you said for next time I need to include the sales tax in the calculation of what agreed value will make me whole.

The way I thought about it was that if my boat didn't get destroyed I would have been able to trade it in and offset the tax of its value.

I do think that there should be a way to claim the value of your destroyed boat to offset the tax on the new purchase. So far I have not been able to find anything that allows or regulates this.

If anyone has any other experiences I would appreciate hearing them.
Thanks again..

 

[CurrentSea]

I agree. The state should say if you can prove loss in Sandy and you replace asset you get a deduction of full loss.

 

[ronlord]

New York miss out on some sales tax revenue? Good luck on that one! You could pay the full sales tax on your boat, sell it tomorrow, and new buyer will have to pay the sales tax all over. Theoretically, the state could actually collect more in sales tax on the boat than it sold for new if it changed hands enough times..