I understand the price they offered is the actual cash value. Is it true that the ACV is always lower then the retail value??
I was involved in a car accident and it’s determined that it’s 100% the other party’s fault. My car was a total loss. . My insurance (Allstate) did the valuation and offered me a below market price for my car.
The car I lost is a 1997 Toyota Camry LE 4 cylinder, 4D, Green, 73,800 miles on the odometer, clean title, regular maintenance, fairly new tire, CD player, excellent condition.
They used two same-model cars for comparison when doing the car valuation. One is with 188000 miles and the other is with 114000 miles. And they averaged the two values and came up with $6597. But the one I lost is at 73,800 miles.
With $6597, I can only get only get a Camry with about 130000 miles, almost doubled the miles I had, according to Yahoo Auto search result. They argued that 130000 miles is comparable with 73,800 miles........
2007-11-29
05:54:20
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7 answers
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asked by
starsrblind
1
in
Insurance & Registration