MS HB53

Requires insurance companies to include sales or use tax payment when settling total loss claims on motor vehicles, calculated by multiplying the applicable tax rate by the vehicle's value used to determine the claim amount.

Mandates that total loss claim payments also include reimbursement for any license or registration fees the insured paid when originally acquiring the motor vehicle.

Applies to total loss claims resulting from collision, fire, flood, or other causes.

Takes effect July 1, 2010.