Someone close to me totaled their car yesterday. Luckily no one was injured so we are only dealing with material things. This person had a 2020 Toyota Camery and Geiko insurance. I want to help them make sure they are getting a fair value for it from the insurance. I know there is a wealth of knowledge here so hoping someone can point me in the right direction. What is typically used to determine the value of a totaled vehicle, KBB trade in? Also, what other line items should they be looking to be reimbursed for? It seems there were other things the insurance would cover like something to do with the title and registration??? TIA!
X
-
Haven't looked recently, but if I remember right NADA typically shows car values higher than KBB.
Many times you can find the value for a 'private sale' situation as well.
To me, the KBB trade in value is way too low - that has built in dealer profit for when they resell.
Anyway, If it were me, I would find the highest pricing evaluation for the car available and ask for that. You know the insurance company won't want to give that, but you may as well start high.
Something I have done also is said, 'I want to buy that exact car again - same year, same miles, etc. - give me enough money to do so'.
The agent want to right the smallest check possible - never forget that. Customer satisfaction rates a whole lot lower.
Comment
-
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.
Comment
-
I had a F250 run over my little lexus. I detailed it before they came out because I was able to drive it home. The adjuster was amazed how nice it was and gave me top dollar. I argued about the new tires I just put on it and he asked for a receipt. He added that to the value.
My son totaled his last week. I am waiting on insurance. I have a sales receipt for the purchase 1 year ago and I bought a replacement just like it Friday. I have something to bargain with I hope.
Comment
Comment