Totalled my car, ins won't even pay off the loan. is there any way to get the ins to pay more?

CwboyBill

KBB is worthless for determining the value of your car. Only the market (or, ACV ) can be used to establish the correct value of your car. This is based on condition, mileage and options and can either add or deduct from the bottom line. Progressive does NOT have an obligation to pay off your loan. You only option is to locate as many vehicles as near like yours as possible that are for sale in your area. List them all including contact numbers and come up with a mean average. If the avreage selling price is higher than what you have been offered then present the list to your adjuster and begin negotiations. They will either reconsider their offer or (they SHOULD) be able to explain why your vehicle isn't worth as much. Don't get your hopes up -- this is an 18 year old vehicle and $5500 is a very optimistic price.

oklatom

It really doesn't matter what your loan is, since you didn't sign up for GAP insurance which would have paid off your balance. It also doesn't matter what the bluebook says, since the insurance company goes by fair market value, adjusted for condition, not bluebook.

By the way, using blue book, I get it worth about $3,100, where are you getting your figures? We are talking about a 17 year old car after all. I did assume a 5 speed, and 100,000 miles. If the mileage is less it might be $3,800.

Anyway, take the deal, pay your lender another $100 and you are out of debt.

Don't forget they will take off your deductible from that amount if you have a deductible.

MSAD

Is the 3800 before or after your deductible?

If the 3800 is after your deductible - you owe the finance company the 100.

Your policy does have an appraisal provision. Here's how it works: You have invoke the provision in writing.

You hire an appraiser and your insurance company hires an appraiser. The appraisers pick an umpire. Each determines a value of the vehicle. A decision by 2 of 3 is binding. You pay for your appraiser, the insurance company pays for theirs and and you split the cost of the umpire.

Kelley Blue Book is not accurate. Pretend you never saw that value because no insurance company is going to pay it. (see other question regarding Kelley Blue Book for further info).

Marc

They need to research comparable vehicles to establish the ACV (actual cash value) of the car to establish what to pay you.

fisherwoman

If you can show the vehicle is truly in pristeen condition, you should be receiving more. To be considered pristeen, it must be, just that, few cars really qualify. If you have add ons, like stereo equipment, tires/wheels, anything that ups the value, and you have receipts showing the price you paid and when, you can submit those to attempt a higher bid. You can also hire a private adjuster, the one that looked at your car works for the insurance company, not you, so naturally he wants to go back to Progressive with the lowest bid possible.

frankm1412@yahoo.com

Trade the car into a dealer and let them worry about it. get a new car

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