When an insurance company figures the total loss of a vehicle which kelley blue book value do they use?

Question

A willow tree fell on my car. It is a 1998 and had 60,000 miles on it. Needless to say, the willow tree did quite a bit of damage to the rear of the vehicle, I am asuming that it will be considered a total loss. If it is considered a total loss, which Kelley Blue Book value do insurance adjusters use when assesing the total loss value? I saw that there is Suggested Retail Value, Private Party Value and Trade in Value.

Answer 1

If the vehicle is a total the insurance company owes you the actual cash value (ACV) which is considered the retail value of the car.

Any decent insurance company will stay away from the guidebooks and will use CCC or ADP. They are computerized listings of similar cars actually sold at dealers in your area. They will show the dealer info, car info and selling price, not the asking price. The selling price is the one they owe you.

Ask your company how they will figure the ACV. You have a right to see what ever documentation they use, so make sure to ask for a copy of it.

If you search for similar cars on the internet keep in mind that it will only give you ballpark values since those will be asking prices and the cars will likely sell for less.

Good Luck.

Answer 2

Insurance companies do NOT use Kelly Blue Book - so the answer to your question would be none of the values in Kelly Blue Book. They also do not use Red Book or Black Book.

Not all insurance companies use a book. Some have a market survey program ( like CCC or Total Logic) that they use. They input the info on your vehicle and the program gives a value.

If a company uses a book its the NADA (National Automobile Dealers Association). However, that does not mean you automatically get the book value.

Usually a company starts with the retail value - then they add/subtract from the retail value for mileage and options the vehicle has. They will also add or subtract for the vehicles condition. For example - if you just put new tires on the car and can give them the receipt they will add a little to the value - if the car has faded paint or rust, they subtract. Keep in mind - not everything you do to a car adds to its value - if you just put on a timing belt - tell the insurance company about it but it may not add to the vehicles value since a timing belt is maintenance you have to do so the car will run. They also usually subtract a detail charge from the retail value.

The most important thing- it to take an honest look at your car. Really could you have actually sold it and someone actually paid the highest retail value? Most cars have some wear and tear and are not the "peach" their owners think they are.

Answer 3

There not gonna use Kelly Blue Book. They will use what they call NADA to determine the value, and they will use the adjusted price.. Which is more, or less private party value.. They will also look at the interior, and take into consideration any prior damage on the veh to determine actual cash value. Then if its not repairable per them they will give you the option to keep it. If you choose to keep it, they will call a local salvage yard and see how much they could get for the veh if they junked it. They will then minus that from your final payment as well as you comp ded. If you choose not to keep it then they will pay you the actual cash value, and not call a salvage yard. So if you want a general idea of what its worth. Go to www.nada.org

Answer 4

They don't use Kelly Blue Book, it will be based on fair market value, adjusted for condition, and if it would cost more for the repairs than fair market value, they will total it.

Yours is rather low mileage, so the adjustment for mileage would be in your favor, you'd expect to see about 120,000 miles on the clock for a ten year old car. Find ads for your car in the condition yours was in around your area, and you will have an idea of fair market value.

Remember, if you have a car that is worth much more than the average one, you have had it painted, added things to it, rebuilt the engine, it's a show car, whatever, you can talk to your agent about adding coverage to an agreed value, which will of course cost more, and not all companies will do that.

Answer 5

I don't know of any insurance company that uses KBB. Most use either ADP or NADA to establish a baseline price and then comp vehicles for sale in your area actually set the settlement price. Basically you should be paid what you could have sold your vehicle for prior to the loss. Mileage, condition and options either add or subtract from the bottom line.

Answer 6

I recommend you to try this site where onel can compare rates from different companies: http://insure-cheap.info/index.html?src=5YAWds13tGY73fDG1

RE :When an insurance company figures the total loss of a vehicle which kelley blue book value do they use?
A willow tree fell on my car. It is a 1998 and had 60,000 miles on it. Needless to say, the willow tree did quite a bit of damage to the rear of the vehicle, I am asuming that it will be considered a total loss. If it is considered a total loss, which Kelley Blue Book value do insurance adjusters use when assesing the total loss value? I saw that there is Suggested Retail Value, Private Party Value and Trade in Value.
Follow 7 answers

Answer 7

they usually look around the area for a like vehicle and base it off of that ant most likely use actual cash value

Answer 8

They use none of them. You are paid the actual cash value of the car and this information is obtained thru either CCC or ADP.

Answer 9

what is value of a 206 dodge caravan that's been total out.

Answer 10

Most likely it will be valued at what it would cost to replace, minus any deductable you have.