When I go to the Kelly blue book website there is am option to see what the car is worth under retail value or personal sale value. If my car (which is basically totaled) is being appraised by an insurance company which figure do they go by?
2007-12-10 14:58:26 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
They are probably looking at retail value of the car. They typically want to know what it would cost to replace the vehicle. They may or may not be using Kelley Blue Book to get this value. One of the other main appraisal tools is NADA: http://www.nadaguides.com
Personal Sale Value is when you are buying or selling a vehicle as an individual, without a dealer.
2007-12-10 15:12:49 · answer #1 · answered by Adam 4 · 0⤊ 1⤋
They "like" Kelly "wholesale value" best, --- it is the cheapest!! If it is being appraised (for taxing purposes), every entity has an "arbitrary" system of determining the price. They of course would like the retail value best! (it brings more money), -- however the longer you have it the more they depreciate it, and after a few years they will probably have it way lower than resale value (if not drop all together at some point)! If it was wrecked,--depending on the insurance company you are dealing with, -you will lose a little -- or lose a lot! - If possible, (and they want to "scrap it out).. Just ask them to provide you with a car of equal value to what it was before wrecked. Let them hunt a vehicle for you that is that cheap!! -- In some states you have the right to do this !
2016-05-22 23:25:14 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Private sale, though I don't know of any insurance company that uses Kelly. NADA is used most often but your local market value is what should be used to estiblish the true value.
2007-12-10 17:24:33 · answer #3 · answered by Anonymous · 1⤊ 0⤋
The private party sale value is going to be more accurate, but they don't go by any - they subscribe to a service which corolates private party sale newspaper ads in your area. THAT'S how they determine it.
2007-12-11 01:32:10 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
They will go by the wholesale value.Then you will need to ask for the private party price. If they insist on the wholesale value. Then tell them to go out buy the car for you bring it to you and you will then tell them if you want the car or not.
2007-12-10 15:38:22 · answer #5 · answered by Big Deal Maker 7 · 0⤊ 1⤋