Car totaled, what's the value?

[Lone_Wolf]

They need to look for Comps to replace it..
Miles, Options Etc... As close in Distance as possible.... Most Ins. Co. Total loss
threshold Is 75% of the ACV ..Actual Cash Value

The same metric which is used to determine if the car is a “Total Loss”, ACV, is the same amount used to compensate you. The ACV of the car is determined by its pre-loss market value less depreciation from when it was new.

^^THIS -- and they should look at 10 listings or so within a certain radius of where you live, and they should be as close to the car that was totaled as possible. The insurance should be able to give you a report on how they came the value they did. I got the report when our Explore was totaled, and they Used the wrong trim when figuring out the price, and it made A couple grand difference just by calling out that error. I've heard some horror stories with Geico, though, so they may have to go back and forth a little. Don't accept the first offer. They will always bump up a little. Used car market is very high right now, so that's a plus.

[rtp]

Thanks again all. Great advice and suggestions!

[BowSlayer]

Y’all detail them after wrecking them? My wife has totaled 2. I dang sure didn’t wash them after. Lol. They gave me nada retail on both.

[Hoggslayer]

They try to lowball you if the car dirty.

One adjustor to me that because my truck was mubby, it wasn't in excellent condition. I was side swiped and flipped it in a ditch.

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[CAMOJEEP]

Ditto on comps in your area, thats how mine went.

[cantexduck]

If money is owed on the loan don’t tell them the payoff. Don’t forget to get ttl added to what they value the car at.

[RifleBowPistol]

I used to be a adjuster for years. The system we used, was to look up Kelly Blue book. Then look up that vehicle on local for sale adds, within 50 miles of where the owner resides. They wanted us to look at, as many as seven similar vehicles. We needed to know the condition, all the options of the totaled car, then how much tread is left on the tires. Then look for vehicles as close to that vehicle as possible, online near where that car was located. Then they wanted us to call the owners who had similar cars, ask them if the car had sold, if so, for how much. If not, what would they really take for the vehicle.

Once you had all that info, you were to compare the claimants vehicle to all others found, you compare options, condition and mileage. Then you kind of factor in the Kelly Blue Book value, but that's more of a starting point, guide line, than what you use for a final number. Then we also had to call one of the company, who sold our total losses and get a quote on what the total loss would sell for. So the company would know about how much to expect to get for the car at auction. That was more for the company to know, so they could guestimate how much they were going to wind up paying out on a claim, after it was all done.

So the process, is not just as simple as looking in a book to determine the value. There is or was a bit more depth to it than that.

I have been told, that at least some of the insurance companies are not even sending adjusters out to look a vehicles. They ask the claimant to take pictures and send them all of the info on the car. I know the one guy I have kept in contact with, since I left the insurance industry, quit doing adjusting last year, and went to work for a landscaper. He said there was no work. I have been told the insurance companies have their office adjusters working from home, and have laid off most of the field adjusters. Glad I got out of that deal, before this Covid mess hit. I almost got back into it, right after Harvey hit.

[RifleBowPistol]

If money is owed on the loan don’t tell them the payoff. Don’t forget to get ttl added to what they value the car at.

If there is a lien on the car, the insurance company will want to know with who and even if you don't tell them. They will find out and contact that company. You really would not want to know what all a insurance company can find out about you in a matter of minutes, with very little info.

[Dale Moser]

I went through this with a ~$130k truck. They tried to use comps, that didn’t really comp. I had to fight MY insurance company to convince them not to settle. Then I had to go to go find REAL comps and replacement values on my own. I finally made them understand that I wouldn’t accept their settlements, and got the value changed by around $23k. It made all the difference in the end.

I don’t really feel like I convinced them of the actual value, but I did convince them that I wasn’t accepting THEIR values without a fight, and eventually they met my number.


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