My SUV is totaled... Insurance company says its worth less than what NADA and Kelley Blue Book says?

bundysmom

Now for the right answer.........
Insurance companies do not go off KBB or NADA or anything similar. These are guides for buying and selling cars and should not to be confused for insurance purposes. You are legally entitled to recover the actual cash value of your vehicle. Nothing more, nothing less. Someone wrote on here you pay insurance and you get a replacement car--only true if you have "replacement value" endorsed on your policy and your current vehicle would have to be brand new and Safeco doesn't offer this option. What can you do? Either decline the offer and prove the value of your vehicle is more than what has been offered thus dragging your claim out longer than what is necessary or accept. Those are the only options you have.

alex g

insurance comp base there cost onwholesle or action price not book value thats only aguide notting more

Mark A

KBB and NADA dealer retail values are definitely too high. However, "good" condition private party values are fairly accurate and you must be honest with yourself about the condition of the car prior to the wreck. Most cars are not "excellent". Also, use online sources and AutoTrader to find similar cars and show them the pricing. Don't forget to calculate the driveout price for the vehicle. This means to add the dealer prep fee and taxes.

Many years ago I had a similar experience with an insurance company. In my case, I had a rare and the most expensive trim level of the car. We were $500 apart on a $3,500 vehicle. In complete frustration, I suggested they buy me a vehicle with the same options and trim level for the money they were offering me. 3 weeks later and after searching the entire state of Florida, they admitted they couldn't find one car like mine. I got the $500 extra! Good negotiating!

brotherlove@sbcglobal.net

insurance is a necessary evil. you could try and sue them but the have more lawyers on retainer than you have money to spend. your only viable option is to take what they offer.

mommy3

You can go back to the ins co with the prices from NADA and KELLEY BLUE BOOK, try to get them to move alittle more on the value. Sometimes you have to take what they offer because they aren't going to budge, but if you let them know that you are not clueless then you have an upper hand.

Tim C

Insurance companies use their own valuation database from a company called CCC Information Services. These values are low and not always accurate. The web page http://www.appraisalgroupofamerica.com/total-loss.htm has some good information about this. You may want to hire an independent appraiser to help you get a fair settlement. Diminished value is the loss of resale value due to the vehicles collision history. With an independent appraisal, you can often recover for this from the insurance company (I did). Check out http://www.appraisalgroupofamerica.com/diminished-value.htm for more on diminished value.

fisherwoman

If you feel the car is worth more, you must provide the proof. Did you have add ons, wheels/trim? The adjuster works for the insurance company, maybe you need to get a private estimate done.

rivirobb

you pay insurance so if something happens they REPLACE the car with an equal model. tell them you don't want the money but you want them to get you another suv with the same options and miles, that is what your intitled to. if they give you a problem from there call the better business burow. they can tell you from there

beverhouzen

what u got was called the diminished value of the car ... meaning you get what the car is worth AFTER the accident ...

before the accident it was worth 13k, but since it was in the accident u will get the diminished value....

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