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| Posted by: wiggs
- Sustainer [04991311] Tue, Oct 28, 2008, 19:06
How do car insurance companies determine the price of a totaled car? My wife hit a deer tonight and her car was banged up pretty bad. I looked at the kelly blue book value and I dont know what number they would give us, trade in, private party, or dealer price? Thanks for your help. |
| | | 1 | Boldwin
ID: 2962619
Tue, Oct 28, 2008, 19:15
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All I can add to the mix is that when my son totalled the Camry the insurance didn't replace the fully equipped vehicle. They only offered enuff to buy a stripped down version.
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| | | 2 | Farn
Leader
ID: 451044109
Tue, Oct 28, 2008, 19:27
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wiggs, I texted Jay quick since he works at Progressive.
He said the adjuster should explain it all but they use "nada value". Most don't use kelly blue book. But he said that hitting a deer is a not at fault accident so you should do well.
Oh, and sorry to hear that. Hopefully Kim is ok.
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| | | 3 | Boldwin
ID: 2962619
Tue, Oct 28, 2008, 19:33
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Does Wiggs live in a no-fault insurance state and does Farn's insurance adjuster?
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| | | 4 | wiggs
Sustainer
ID: 04991311
Tue, Oct 28, 2008, 20:18
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Farn, who is Jay? She is fine, air bags went off, so that part sucks.
I live in NY, the officer said it should be a no fault claim.
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| | | 5 | Mike D
Leader
ID: 041831612
Tue, Oct 28, 2008, 20:27
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Blue book is a dealer book, never used by Insurance Companies. NADA used to be used by a lot of carriers but I'm surprised anyone including Progressive is still using it.
Most carriers use a vendor to get dealer quotes in the area where the person lives, as close to the same model/options as possible, and then take the average. Vendors like Autosource, CCC, etc, that you may or may not have heard of. Totally acceptable means of establishing value. Certain things will potentially add or subtract to the value, but not too much anymore.
You still can go try to find the similar vehicle to yours on your own and use that to your advantage (potentially). But it can be time consuming and frustrating.
Hope this helps. wiggs, you can always e-mail me if you need anything outside of here.
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| | | 6 | Mike D
Leader
ID: 041831612
Tue, Oct 28, 2008, 20:29
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I should clarify---they owe for what you had---not a new car---unless you have some sort of special replacement value clause not offered under many auto policies. This has nothing to do with whatever your loan may be which can really hurt overfinanced customers.
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| | | 7 | wiggs
Sustainer
ID: 04991311
Tue, Oct 28, 2008, 20:32
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whats your email mike?
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| | | 8 | wiggs
Sustainer
ID: 04991311
Thu, Oct 30, 2008, 21:51
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well the car was officially totaled, the adjuster was over the value of the car with an entire section to go. We got 8800 for the car and unfortunately we owe 11,250 so that hurts bad.
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| | | 9 | sarge33rd
ID: 76442923
Thu, Oct 30, 2008, 23:10
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and thats where the GAP offered by most every dealership out there, is probably THE single most valuable thing you can buy. Covers the difference between your settlement check and the balance owed, in many cases upto 150% of NADA value.
Hope all works out for you Wiggs. Glad too, to hear your wife is OK.
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| | | 10 | holt
ID: 25923117
Sat, Nov 01, 2008, 14:32
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GAP is a smart buy when you get a new car (why would you want to step into something that loses that much value so quickly in the first place?), but it's usually cheaper through a regular insurance carrier than through the car dealer.
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| | | 11 | Khahan
ID: 486552412
Wed, Nov 05, 2008, 00:23
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How you purchase gap is also state dependant, Holt. In Pa for example you can only really get it thru dealerships. Most companies do not offer it. Some offer similar options.
Wiggs you have my email and know my industry. Drop me a line if you have any questions or just want to clarify that your process is going as it should
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