We have 6000 owed on our car and got hit by a truck who was at fault we both have insurance but i would like to know if the insurance will pay what is owed or will they only give the kelley blue book value. And is that based on the trade in value , private property value, or suggested retail value? Any help would be most appreciated. Thank you for your time.
2007-02-01 09:04:20 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
ACV = actual cash value immediately prior to loss
What you owe on a loan is completely irrelevant to what a third party owes for damages to your vehicle.
They won't use Kelley Blue Book (it is notoriously inaccurate). As far as "books", NADA is a better reference guide, but market research can be the real determining factor (CCC et al).
2007-02-01 11:35:25 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I can only offer my recent experience in a similar situation. My car was totaled last week and it was the other driver's fault. The Kelly Blue Book value for a my car is ~$2000. Similar cars sell for $2000-$3000.
However, the other driver's insurance used the CCC (a proprietary database of car values used by some insurance companies) to determine that it's value is only $1400, if the car was in excellent condition. Then they deducted $500 because my car is only in fair condition. They offered me just $900 for my car, and $700 if I wanted to keep it and fix it myself (they subtract $200 for salvage).
Either way, I can't fix the car or replace it with a similar one for the amount the insurance company is offering to give me.
2007-02-02 15:48:35 · answer #2 · answered by Nancy 2 · 0⤊ 0⤋
An adjuster will go out and look at the vehicle and gauge it's worth by the assessories that are in the vehicle and by the mileage and the way the vehicle has been taken care of before it was wrecked. He/she will come up with a figure they think the vehicle is worth and that amount is what the will pay for the vehicle. Hopefully it will be enough to pay off your car but unfortunately sometimes people end upside down depending on their individual situations.
2007-02-03 17:16:44 · answer #3 · answered by devilgal031948 4 · 0⤊ 0⤋
First off- just to let you know right away- they will not pay off what is owed (unless it happens to be the exact actual cash value) People are surprised by this but think of it this way... so someone got completely ripped off for their car... or consolidated credit cards etc. onto their car loan.. why should insurance owe for that?
They will pay you actual cash value (aka retail value) but not necessarily off kelley blue book. i always think the best place to check is nada.com....
2007-02-01 17:08:41 · answer #4 · answered by la428282 6 · 1⤊ 0⤋
frist how much are the damages of the car?
if the damages are lest then what the blue book is on the car they will fix it
now if they total the car they go by a book called RED book
yes i have that right it's called Red book all insurance comp have it
good luck
2007-02-01 17:11:06 · answer #5 · answered by davedebo198305 4 · 0⤊ 1⤋