2007-05-16 12:43:40 · 11 answers · asked by John K 1 in Cars & Transportation ➔ Insurance & Registration
If you have collision coverage, they will compensate you for fair market value of your vehicle, less your deductible.
If you do not have collision, unfortunately you would not be compensated.
If you don't have collision, but did not cause the accident - you can pursue it through the other carrier.
If you don't have collision, did not cause the accident, and the other party doesn't have insurance, and you have UMPD (Uninsured Motorist Property Damage) coverage, you would be able to pursue your damages that route.
If you have rental coverage on your policy, you can expect that your insurance company will reimburse you - up to your per day limit, for a rental vehicle for the time it takes for them to resolve your T/L claim. Generally 2 days past when they have extended an offer for your property damage.
2007-05-16 12:48:12 · answer #1 · answered by S17V 4 · 0⤊ 0⤋
You have a LOT of idiots trying to answer your question. The insurer should pay the actual cash value (ACV) of your vehicle based on mileage, condition and options prior to the loss. I don't know of any company that uses Kelly Blue Book. Most use NADA or ADP for a guide. Keep in mind that you do not have replacement coverage with a standard collision policy, meaning if you owe more on the car than it's actually worth then you will be expected to pay the balance to the leinholder. ACV, or market value, is what it is and no amount of whining, threats or crying will change that fact.
2007-05-16 22:50:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
As a general rule, an insurance company will only typically pay for 80% of Kelly Blue Book value. You can negotiate the amount they are going to give you to cover the car, but don't expect all of the value.
The value of the car is based upon age and mileage of the car, condition the car was in prior to the accident, and also the current market value for a car with the same age and mileage.
I work as an investigator for several attorneys who deal with accident cases and have sen both sides to insurance companies. They will kiss your butt up until you have a claim and then they are going to want to pay you off for as little as possible.
You DO NOT have to take the first offer they give you. Do your own research, and determine a value for your car you will not go below. It is ok to play hard ball with them. That being said, you do have to follow EVERYTHING in your policy regarding accident claims.
If you feel the insurance company is not working with you and is trying to force you into taking a settlement, you can contact your state's bureau of insurance and file a complaint. This should only be done as a last resort.
Good luck
2007-05-16 21:10:50 · answer #3 · answered by bux_martinfan 3 · 0⤊ 1⤋
Actually, most companies don't use kelly blue book. They get a local market value based on comparable vehicles from your city. It may be higher or lower than KBB depending on where you live. NADA would probably be a more accurate comparison to this system. It depends on your policy and coverages if rental, towing, and storage are covered. This is all assuming you have collision coverage.
2007-05-16 20:22:57 · answer #4 · answered by Johnny 3 · 0⤊ 0⤋
Usually you'll get blue book value unless the car is some sort of vintage vehicle then they'll generally go by what they're selling for. Make sure you tell your insurance company if you have custom wheels or upgraded sound system otherwise you'll lose out.
2007-05-16 20:53:13 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Got to check your policy... Most cover you for the depreciated value of the car less your deductable. Figure that it lost 20 % of it's value the day you bought it and 20% a year after that. They'll have the number. It's going to be a lot less than the cost of a new car..
2007-05-16 19:46:55 · answer #6 · answered by squeezie_1999 7 · 0⤊ 1⤋
They will usually only give you the "market value" which is usually the bluebook value, often nowhere near what it's really worth, and the situation is even worse if you financed the car, unless you have "gap" coverage which will pay the difference between the kbb and what you owe.
2007-05-16 19:47:22 · answer #7 · answered by tucsondude 4 · 0⤊ 1⤋
You might get blue book - but many of the insurance companies use their own appraisers now. If you can provide comps that are higher than what they are offering (many of them low ball) - they will give you more $$. The name of the game is "be pushy" - and you'll get more.
2007-05-16 19:54:18 · answer #8 · answered by liddabet 6 · 0⤊ 1⤋
Look up your cars worth www.kbb.com, it will be close to that number. The ins company will try to knock off money for whatever they can think of, including tire wear... Been there done that!
2007-05-16 19:51:33 · answer #9 · answered by mav426 3 · 0⤊ 1⤋
Greif, low Blue Book and a hassle.
2007-05-16 19:48:17 · answer #10 · answered by Beejee 6 · 0⤊ 1⤋