But how do I know what amount will they cover how do they get what the vehicle is worths. I need help I know isurance company will try to pay the least possible but how do I know they arent takign advantage of the situation... help
2007-07-24 09:45:53 · 12 answers · asked by Mrs.Jauregui 1 in Cars & Transportation ➔ Insurance & Registration
You have all of the info on your vehicle. Go to www.edmunds.com. Using the link you can get an estimate of the retail value of your vehicle. Be sure to add sales tax and title transfer expenses.
2007-07-24 09:50:13 · answer #1 · answered by regerugged 7 · 1⤊ 1⤋
Insurance adjuster no longer look at Kelly Blue Book or the NADA guide or the Black Book as a sole source for vehicle valuation. Nowadays, adjusters look at things like market conditions, auction reports and availability of the vehicle.
No matter what, dont accept the first offer. Your insurance will no doubt try to low-ball you. Do some research on your own; Print vehicle valuation reports from kbb.com, nadaguides.com and edmunds.com. Also, check sources like cars.com and autotrader.com to gage what the vehicle is currently selling for in your area. If you meet the adjuster prepaired, rather then pulling a figures out of the air, you will have greater negioating power.
Hopefully, if you had a loan you also had GAP protection, which pays the difference that the insurance company values the vehicle at and the amount you owe on the vehicle. For example: Say you owe $15000.00 to your lender for the car, yet the insurance company at the very most will give you $13000.00 for your car. Your difference is $2000.00, which your lender will want right away from you since they no longer have anything to secure against your loan. GAP will cover the $2000.00 leaving you with your insurance deductiable.
Good Luck
2007-07-24 09:59:37 · answer #2 · answered by Jeremy A 3 · 0⤊ 1⤋
Your insurer owes you the actual cash value of your car prior to the loss. This will inculde additions or deductions for mileage and condition. ACV is market value, or what the buying public will pay for something. NADA is usually used as a guide for a baseline cost but most insurers will look for news ads and check used car dealer prices for similar models. I suggest you do the same thing, keeping a list of prices and contact numbers in your local market. Then you can compare that with the offer they make. Be warned: you do NOT have replacement coverage. If you owe more on the car than it's worth then you will have to pay the bank the difference.
2007-07-24 11:36:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Well.....
Believe it or not.... in most states there is something called the Fair Claims Act.
Insurance companies can NOT pay as little as possible. They have to pay what the vehicle is worth.
What the vehicle is worth depends on the Market where you live. Market value is not - BLUE BOOK value. It is not Kelly book value. It is what a comprable vehicle is selling for in your area.
The insurance company will look at things like newspaper ads, Trader magazines, dealer quotes, etc. They will then usually take an average of those values to come up with a value for your vehicle.
There are things that make a difference and you should be aware of those:
Aluminum vs styled steel wheels
A car with AC is worth more than a car without AC
If you have a 2007 vehicle with 20k miles on it? Its worth LESS
The overall condition of a vehicle makes a difference, too. An immaculate vehicle will be worth more money. A vehicle with lots of door dings, a poor paint job, cigarette burns, spills on the carpet, ripped upholstery? Worth less. Kinda makes sense, huh?
Those fancy spoilers, awesome paint jobs, out of this world rims, hydraulics, fancy pants racing stripes? All of that is considered custom equipment and regardless of how cool you think it makes your car look? It actually makes the car worth less!
If you disagree with a value offered..speak up. If you have info to show your vehicle is worth more - they will usually take that into consideration.
Last but not least.................listen to what they are saying...if you don't understand? Ask and verify by checking with someone you trust.
Hope that helps. Goodluck!
~jifr!
2007-07-24 10:02:22 · answer #4 · answered by Jifr 4 · 1⤊ 1⤋
They will evaluate the car and since they say it is totalled, you will receive blue book value for the car. If you have add ons that increase it's value, you must tell the insurance company about those add ons, and whether you plan to keep them, or remove them. If you feel the estimate for total loss is low, provide the info needed that proves the car is worth more. If you owe more than it's value, you are responsible for the car loan until it is paid in full, whether you still have the car or not. Gap insurance will cover this, if you carry it on your policy.
2007-07-25 06:02:48 · answer #5 · answered by fisherwoman 6 · 0⤊ 0⤋
You specifically excluded your girlfriend as a driver. The insurance company has every right to refuse to cover the damages. If you press charges against your girlfriend for stealing your car, they might agree to pay out. In other words, your options are to: 1) throw your girlfriend under the bus, and maybe your insurance company will pay for the damages. 2) Spend the next few years making car payments, and paying for the property damage she did.
2016-04-01 00:13:15 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The insurance company will figure out the fair market value of your vehicle and that's what they will offer you. The concept of insurance is to get you back to where you were at the time of the accident. Not to enrich your life or take advantage of your situation.
2007-07-24 10:27:45 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You can check Your cars value at Kelley Blue Book.
If it will cost "close enough" to the replacement value to repair the car (or more than that), they will simply scrap it.
It would be hard without the car to get another estimate on the repairs.
Perhaps if You saw some photos of what was done to it You would be happier just getting a new one.
2007-07-24 09:52:10 · answer #8 · answered by Capt Crasher 6 · 0⤊ 0⤋
Check the NADA guide online (NADA.com) to get a ballpark value, insurance companys are usally pretty good about paying out make sure you include all extra options when getting the used value I.e. pwr windows, leather ect
2007-07-24 10:05:29 · answer #9 · answered by k2jeff 1 · 0⤊ 0⤋
My insurance company looked at four used car ads in my area for cars that could have been described as similar to mine. They gave me a check that was midrange for those four.
Yes, it sucked. Replacing my car cost twice what they paid me.
2007-07-24 09:49:24 · answer #10 · answered by Anonymous · 1⤊ 0⤋