My car was stolen & vandalized.A total lost. I have full coverage.Where should the value of my car come from?
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My car was stolen & vandalized.A total lost. I have full coverage.Where should the value of my car come from?
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I have comp and collision. Do my insurance company have to go by the blue book value or can they choose a outside company?
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MSAD
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A couple of things:
1. no insurance company uses the Kelley Blue Book to value a car. If you read the fine print on the KBB for the retail value, it says that the value is a suggested starting point for negotiation....not the actual sell price. It also includes warranties, advertising and sales commission...all things which have nothing to do with the car's value.
2. IF the company uses a book - it will be the NADA (National Automobile Dealers Assoc.) book. This is the industry standard. It is the one used by banks and insurance companies. Keep in mind, the average car is not in "retail" condition. Additions/subtractions will be made from the book value to account for condition/options of the damaged vehicle.
3. many companies use a market survey program/service. Two common ones are CCC and Total Logic. Total Logic uses data from JD Power. These programs determine the value of your vehicle based on the sells price of similar vehicles. It will make adjustments for options, mileage and condition.
The insurance company owes you the Actual Cash Value of your vehicle. In essence, this is the fair market value. What you could have reasonably sold your vehicle for given its age, condition, options, mileage just prior to the loss. |
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David L
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They go by the Blue Book value unless you have declared enhancements to the vehicle on your insurance policy. |
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no one
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The Kelly Blue Book is the Bible for these kind of things. It's easy to use, and your local library has it on file for sure. |
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Kevin_57
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They usually go by book value. If you can prove you just added new tires or something else expensive, you may get a bit more. Sorry to hear about you problem. |
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bonnie s
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More than likley your Ins. will want to pay you them wholesale value
based on the age and milage, not the retail replacement cost. If happens to be the case don't be afraid to haggle with them. |
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Alan W
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depends on the co. they all have there on way of doing things they seem to want to deal on what the wholsale value is i.e trade in value , and its hard to fight them |
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matt12x35ph
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insurance companies will use the blue book price ... although, pertaining to the value of anything that might have been in your car at the time - my insurance company always took my word on it. |
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