Posted: Tue Aug 12, 2008 5:32 am Post subject: at odds over CCC valuation
Hi, my husband was hit last week and the other driver was at fault, our car was totaled and we are at odds over the ACV of our car with the insurance co. it's a 2005 Mini Cooper S with all the upgrades(leather, fog lamps, harman-kardon sound system, ugdo, rain sensors, dynamic stability control, cockpit package, mp3) everything (except sunroof) we paid 29,800 at the dealer and it's been highly maintained, no previous damage of any kind and 77,000 miles. Edmunds and local comps are showing between 19k(private) & 21k(dealer) to replace. The Insurance co. is using CCC and offering 15k, Would you have an ACV from someone other than CCC or Edmunds I could reference with the adjuster? Thank you!
I'd also _highly_ recommend that you obtain a copy of the CCC report and review it to make sure the information they used on your vehicle was correct. That is, were all the options considered and was the correct mileage used. I'd then also review the comp vehicles they used to make sure they were very close to your own. You can also call the places that were selling those vehicle to confirm their condition. Lastly, CCC can be asked by the insurance company to expand the search area if needed.
Well, its not unusual for the ACV to differ between the different methods used to determine it.
CCC normally conducts a survey within the locality where the car is located and depending upon the value offered by the used car dealers calculates the amount. Hence, you should do as tcope has suggested, get hold of the estimate and check if all the options were included properly in it or not.
Hey, you can obtain the quotes on the vehicle from some of the local used auto vendors and can negotiate the value with the insurance company. Well, try to get the quotes in writing.
IMO first you should let the insurer know that you're not satisfied with the offer made to you and request for the estimation.
Difference of $4,000 is quite a big margin, I seriously feel that they have missed out some of the features that may have influenced the value further.
I'd be happy to run it for you, I've got 19,575.00 so far but need to know the following: automatic?, navigation system? with or without cruise, theft RECOVERY system, let me know those, and the part of the country you are in....you're mileage is a hard (minus) $1,375.00 hit to the value...also did it happen in August or July? (I've ran it in July)....let me know...
Tcope is right though get a copy of that report and look it over very very carefully, also call the comps...to make sure they are/were the same as your vehicle.... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Thanks for the posts, it's an auto transmission, which CCC says in a -500$ feature as most people wouldn't want it. it had cruise and nav, no theft recovery system. Also, CCC deducted -2158$ for the mileage which seemed high to me. we are in Arizona and the accident happened August 2nd. They are also saying that taxes & license are part of the ACV and I'm contending that those are added after the ACV is agreed on. What would be the accepted practice for the taxes & license?
I'm so glad I found this web site, it's great to have 3rd party professional opinions! _________________ Register Now to have your Insurance queries solved.
Poster, you may look at the report and see what condition they are basing their valuation. I have yet to see a ccc report that the insurer thought the car was exceptional or clean. They tend to lean towards average condition which may be slighting your car's value.
I too have seen many of those comps to not be even close to your actual vehicle. _________________ If you can't find the time to do it right, how will you ever find the time to do it over.
A CCC report can be ran with the sales tax included or not... so it's important to check this. I've never seen CCC report any other fees but I suppose they could be included. Not sure about AZ but you think usually included are sales tax, registration, tags and title fees... expenses incured to replace the vehicle.
-$500 for an auto... that is funny. I guess on such a sports car most people would want a manual.
I think that is high mileage. I'd think something around 48,000 would be average. You are taking a big hit there, I'm sure.
They are also saying that taxes & license are part of the ACV and I'm contending that those are added after the ACV is agreed on
How could taxes possibly be figured before the ACV is done? The taxes are based on that figure... Some states pay you out right some give an affidavit whatever your state requires is what they will do....
Have you got a look at the CCC evaluation yet? You need to really look it over good for mistakes, and again check with the 'comps'.....
I'm showing an add on of $825.00 for the auto, and hit of $---(minus) $1375.00 for your mileage which sounds about right to me...
oh, the value format I used was NADA...same vehicle in my region is only 25.00 less... go figure...let us know if we can help you any more, we'd be happy too..
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I too have seen many of those comps to not be even close to your actual vehicle
Dang, I hate it but I have to agree with Mike.... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
I also agree, the comps on a CCC report can be less then desirable. I think most adjusters know this and, if allowed, they can be talked into correcting those amounts. OP, if I were you I'd see if you can get the adjuster to have CCC expand their search or even do it manually. I'm betting if they were to ask CCC to do a manual search that the prices would come back higher.
Hi,
I'm not surprised when tcope even has to say this..
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I'd also _highly_ recommend that you obtain a copy of the CCC report and review it to make sure the information they used on your vehicle was correct.
Now, why do I see so much of confusion everytime theres a CCC valuation involved?
tcope would you take the trouble to explain to us all whether the insurance co.s are liable to consider CCC database for their payments towards total collision settlements? Does their method symbolize a true & fair worth of our vehicles?
Am I being wrong...when I believe that by personally going for a comparable study of vehicle values within a close proximity, I'd arrive at a fair recovery by calculating the difference of my estimate with that of my carrier? I'd be eagerly waiting..
Fatman
Me either, and was thrilled when we quit using it...
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Now, why do I see so much of confusion everytime theres a CCC valuation involved?
Cause, (IMO) it stinks...and isn't very acurate a large percentage of the time...unless it's a cavalier, or grandam...a vehicle that there are a million of them on the road...
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Am I being wrong...when I believe that by personally going for a comparable study of vehicle values within a close proximity, I'd arrive at a fair recovery by calculating the difference of my estimate with that of my carrier?
This is (just about) exactly what ccc supposedly does.. _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Cause, (IMO) it stinks...and isn't very acurate a large percentage of the time...unless it's a cavalier, or grandam...a vehicle that there are a million of them on the road...
Quite so, very rarely CCC evaluates the price of a vehicle that bears close similarity with the condition of the vehicle in hand.
I've heard of a case where CCC has compared a 'totaled vehicle' with the single similar vehicle available in the vicinity.
I guess their survey is very hypothetical, and blind trust shouldn't be rest upon it.
Stephen C. Ryan has 30 years of experience dealing with insurance companies. He knows their tactics and their games. As a guest on Good Morning America, bad faith insurance claim attorney Stephen C. Ryan exposed the big insurance companies' tactics of offering "low ball" settlements on automobile total loss claims.
Yeah, again I hate to agree with Mike, but I do, also with most of the article...and the really sucky part is the adjusters on the ground do not make any decision or have any say in what system (s) is used to determine a vehicles ACV...personally I think CCC sucks have had to use it with two companys generally found a way around it, actually always found a way around their final number...and it was easy, all I ever had to do was call about the comps...don't think I ever found one that was exactly as it was supposed to be...(apples to apples rather than apples to oranges)...I really don't know to be honest how they have stayed in business....must be the smaller carriers using them or in different parts of the country than I'm in...because none of the company's I know use it anymore, including the big four....in theory it's great...but it comes down to garbage in garbage out...it's only as good as the guy/gal entering the comps....back in the mid eighties (yep that old)...they actually had people going to car lots, and to private homes viewing vehicles and entering the info right then and there...was alot more equitable then...but i seriously doubt they do that anymore...I can't speak to audatex's version never used it.... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Some states pay you out right some give an affidavit whatever your state requires is what they will do....
go figure...let us know if we can help you any more, we'd be happy too..
