Scenario
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Co-owners of a vehicle live common law.<OBoth parties have paid the loan, insurance and maintenance on the vehicle.<OThere is an outstanding amount still owed to the bank. <OThe vehicle was written off in an accident.<OThe insurance company has offered to pay “blue book” rate plus applicable taxes
Prior to the accident, the common-law relationship breaks down and the parties are splitting up.<O
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Question
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Do both parties receive an equal amount from the insurance settlement, or does the party purchasing a new vehicle receive half of the blue book rate plus all taxes? <O
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<O
Co-owners of a vehicle live common law.<OBoth parties have paid the loan, insurance and maintenance on the vehicle.<OThere is an outstanding amount still owed to the bank. <OThe vehicle was written off in an accident.<OThe insurance company has offered to pay “blue book” rate plus applicable taxes
Prior to the accident, the common-law relationship breaks down and the parties are splitting up.<O
<O
Question
<O
Do both parties receive an equal amount from the insurance settlement, or does the party purchasing a new vehicle receive half of the blue book rate plus all taxes? <O
<O
Comment