kelly blue book is what they use, but do they use "suggested retail", "trade in", or "private party" value?
and how do you determine what condition it's in? is that the condition it was in BEFORE the accident?
thanks!
2007-08-09 04:23:40 · 5 answers · asked by Ember Halo 6 in Cars & Transportation ➔ Insurance & Registration
retail is about $8700
trade in is $4000
private party is about $6300
2007-08-09 04:25:45 · update #1
does anyone happen to know-- i had a cd player installed but i don't think i have the receipt (it was a christmas gift from my husband)--do i need the receipt or is it's existance in the car enough? (just to say it has a cd player rather than casette? nothing fancy)
2007-08-09 04:35:41 · update #2
the prices i listed are with the cd player box checked & the (approximate) miles taken into account from the kelley blue book site.
2007-08-09 04:37:07 · update #3
well i just had it repaired less than a year ago because we hit a deer (and that cost $3800!) the same area was damaged but to a greater extent. (it's all the front end, doesn't go past the fenders over the front tires. i'm concerned about possible frame & engine damage as it wasn't drivable)
2007-08-09 04:53:49 · update #4
Hiya:
lol. I love yahoo answers and seeing what kind of answers people give! Sometimes it can be hilarious!
Anyway.....
#1. The insurance company owes you the MARKET value. Kelly Blue Book does not represent the market value (although some not-so-informed people might tell you that)
Market value is what your vehicle would sell for in your local market. The adjuster will do a market survey/search. They will check with dealers, trader magazines, check classified ads for similar vehicles in your area. They will get all the info together and then measure your vehicle against that info to see where you fall.
The can NOT simply go by any book. Period. It is not legal. Check the fair claims practices standards for your state. They can use it as a guide or for regional references but it can not be the sole determining factor. Also - in regards to the "suggested retail", "trade in" - those values are usually averaged.
Things like the condition of your vehicle will make a difference. Yes - it is the condition the vehicle was in BEFORE the accident. Let's say you had ripped and torn upholstery, cigarette burns, trash on the floor, etc.......the vehicle would obviously be worth less than a car in pristine condition.
If there was unrelated prior damage (UPD)...they may make some adjustment for that but it shouldn't really be significant.
goodluck.
~jifr!
p.s. about the CD player..........
Cars usually come standard with stereos (Cassette, CD or otherwise). It is expected that one WOULD be in your car. A regular CD player is not going to increase the value of the vehicle. Now - if you DIDN'T have one? That would decrease the value - maybe $50 bucks?
If ya wanna KEEP the stereo? Make sure you let the adjuster know. Once the vehicle is totalled and they pay you for it? It is THEIR property. Stereo and all. You can request to take the stereo but again - there might be some minor value for it - nothing much though.
Ciao!
2007-08-09 07:45:34 · answer #1 · answered by Jifr 4 · 2⤊ 0⤋
Unless there is enough of the car left to determine the actual pre-accident condition, they will go by how many miles are on it. If the mileage is high they value it much lower. If the mileage is low it is worth far more. They are basically trying to find a point where you could buy the same car in the same condition from a dealer. But, that leaves a lot of wiggle room.
You can argue if you think they are not being fair but unless you have hard evidence such as recent detailed photos and detailed service records, you probably won't get too far.
Most reputable insurance companies are pretty fair. Especially for such a low dollar amount.
Be advised, if the car is worth $8,000 and repairing it costs $7000 they will repair it. In that case you might be better off getting $7000 and buying another car.
.
2007-08-09 04:34:43 · answer #2 · answered by Jacob W 7 · 2⤊ 0⤋
Unfortunitely, insurance company adjusters base their numbers on the book, most likely an average of the values you listed. If your car was a hard to replace vehicle, that is either unusual, rare or in exceptional condition with low miles, etc., I would argue that the vehicle be replaced by them or pay you a fair "full replacement" value. Most likely it will cost you additional money to find a suitable vehicle. Be assured that if the damage repair cost is close to book value, they will total the car. Good luck and hang tough!
2007-08-09 04:38:37 · answer #3 · answered by ~ Floridian`` 7 · 1⤊ 0⤋
They don't use KBB, they subscribe to a service that shows how much the cars sell for, private party, in your local newspapers. You can use KBB private party sale as a guideline, but it might be a bit high.
ON the cd player, unless you scheduled "customizing equipment", it's not going to be covered. Only stock.
Yes, condition is BEFORE the accident.
2007-08-09 07:32:41 · answer #4 · answered by Anonymous 7 · 1⤊ 1⤋
They will use "private party." They make a valuation based on what the car would sell for if YOU were to sell it.
Make sure to have them include anything additional that you have added; upgraded stereo, alloy wheels, tinted windows, etc.
Time to go shopping for a new car.
Good luck.
2007-08-09 04:28:38 · answer #5 · answered by ken erestu 6 · 1⤊ 0⤋