I understand the price they offered is the actual cash value. Is it true that the ACV is always lower then the retail value??
I was involved in a car accident and it’s determined that it’s 100% the other party’s fault. My car was a total loss. . My insurance (Allstate) did the valuation and offered me a below market price for my car.
The car I lost is a 1997 Toyota Camry LE 4 cylinder, 4D, Green, 73,800 miles on the odometer, clean title, regular maintenance, fairly new tire, CD player, excellent condition.
They used two same-model cars for comparison when doing the car valuation. One is with 188000 miles and the other is with 114000 miles. And they averaged the two values and came up with $6597. But the one I lost is at 73,800 miles.
With $6597, I can only get only get a Camry with about 130000 miles, almost doubled the miles I had, according to Yahoo Auto search result. They argued that 130000 miles is comparable with 73,800 miles........
2007-11-29 05:54:20 · 7 answers · asked by starsrblind 1 in Cars & Transportation ➔ Insurance & Registration
Hiya:
Hopefully they explained ACV to you. ACV is the market value of your vehicle.
That is...if you were to try to sell it the day before it was in an accident - what you would sell it for is the ACV.
Hopefully they told you that the ACV is determined by the area you live in. A Camry in Kentucky is not worth as much as a Camry in Ohio for example.
BTW - if they are not able to find a comprable vehicle...they have to go up to the next newer model year....they can not go backwards. And - if they are using vehicles with more mileage...the simply take a mileage deduction to adjust the value. That is the same with your vehicle.
Anyway....if it's a total loss and you owe money on it....you're not going to get the entire value they offered you.
So, hopefully you know by now that a USED vehicle can NEVER be sold for RETAIL.
Clear as mud, eh? lol.
Best o'luck to you!
~jifr!
2007-11-29 07:47:36 · answer #1 · answered by Jifr 4 · 1⤊ 1⤋
Retail Car Value
2016-11-13 19:50:00 · answer #2 · answered by larison 4 · 0⤊ 0⤋
It depends on the insurance you're dealing with. Some do retail and some do actual cash value. But they shouldn't be adding milage to determine the value, that's wrong. Keep in mind that an attorney could help you get the difference from the other party's insurance if allstate refuses to pay the correct amount.
2007-11-29 06:07:44 · answer #3 · answered by blackcobra487 5 · 1⤊ 0⤋
This Site Might Help You.
RE:
Actual cash value vs. Retail value?
I understand the price they offered is the actual cash value. Is it true that the ACV is always lower then the retail value??
I was involved in a car accident and it’s determined that it’s 100% the other party’s fault. My car was a total loss. . My insurance (Allstate) did the valuation and...
2015-08-13 20:19:47 · answer #4 · answered by Bayard 1 · 0⤊ 0⤋
Yes, actual cash value is always lower than retail value! Who ever buys a car for MORE than retail?? Doesn't happen.
I just ran a quick value on www.kbb.com - with my zip code, not yours, but your everything else including milage, and came up with $4705. IF the cd player was customizing equipment, it's not covered unless you paid extra for customizing equipment on your policy. So I didn't count that.
I think $6500 is more than fair.
You need to look at private party sales, not retail sales. Retail includes commissions, insurance, overhead, detailing, warranties, etc.
2007-11-29 07:32:57 · answer #5 · answered by Anonymous 7 · 2⤊ 0⤋
Actual cash value is what you would pay for a similar item at today's price minus depreciation. Whereas the replacement cost value is what you would pay for the item at today's price. RE: Renters Insurance: Replacement Cost Value vs Actual Cash Value? Replacement Cost Value and Actual Cash Value are the same, expect with RCC, if you decided to REPLACE an item, they would pay for that difference. Whereas with ACV, you simply get the depreciated valu...
2016-03-18 05:22:55 · answer #6 · answered by Cheryl 4 · 0⤊ 0⤋
If you believe the estimates are too low, do the research yourself. Check out http://www.craigslist.org as well as in your local newspaper and if you get them the penny saver.
If your mileage was lower than the two they compared, they should have at least used the price on the lower mileage model.
If they don't want to deal with you, consult a lawyer on your rights. Most accident lawyers will give you a free initial consultation, and you can determine what type of case you have.
2007-11-29 06:07:00 · answer #7 · answered by hsueh010 7 · 1⤊ 1⤋
I would ask them to locate a car with under !00,000 miles for a comparison. Go look on auto trader.com or at some of your local dealerships. Also ask for extra money to cover sales tax and licensing fees for the replacement car.
2007-11-29 06:35:56 · answer #8 · answered by soaplakegirl 6 · 0⤊ 0⤋
they were VERY generous with you..
2007-11-29 06:05:05 · answer #9 · answered by Anonymous · 1⤊ 1⤋