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Reply to Taxes on a Salvage Vehicle     
Old 01-31-2017, 04:56 PM   #1
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Taxes on a Salvage Vehicle Taxes on a Salvage Vehicle
I've been in negotiations with my insurance regarding a total loss. I'm planning to retain possession of my vehicle. In their last few offers, tax was always included. This time around, my adjuster stated that taxes aren't owed to me if I'm retaining the vehicle. I live in Colorado and have researched this topic, but can't find anything regarding taxes. Anywhere I've read online just says they'll calculate the value with taxes and registration fees, then subtract the salvage value. It makes sense they would keep the taxes if I keep the car, but I want to make sure this is the way it goes. Thanks
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Old 02-06-2017, 06:14 AM   #2
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Taxes on a Salvage Vehicle Re: Taxes on a Salvage Vehicle
You can seek the help of other professional agents in your area.

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Shawn Camp Insurance Agency, Inc.
  Reply With Quote to Taxes on a Salvage Vehicle
Old 02-06-2017, 09:33 AM   #3
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Taxes on a Salvage Vehicle Re: Taxes on a Salvage Vehicle
Keep in mind, they don't keep the taxes, but there is no 'sale' generated which requires payment of taxes to you or to the state.

If they take the car, then you have effectively 'lost' the value of the car and the cost to purchase it, i.e., the taxes and registration, etc. They will reimburse this to you. If you keep the car, there is a new titling fee, but there isn't a tax consequence (at least not in most states) so they don't need to reimburse it.
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