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 Posted: Sun May 31, 2009 10:46 pm Post subject: Accident car value |
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Hi,
I have a 2003 camry, 90k miles which has before been in a collision and repaired. So I wanted to know if the car is in a total loss in future (God forbid) what would be its ACV that I can claim? Would the ACV be reduced becoz its already been in a collision? The kbb good value for this car is $6800 - Is this the ACV? I wanted to know this in order to decide whether to take collision and comprehensive insurance on the car. Any help regarding this would be highly appreciated. Thanks. |
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venkat2118
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| Posted: Mon Jun 01, 2009 5:49 am Post subject: |
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Venkat, welcome to the community.
Well, its hard to tell you exactly what would be the actual cash value would be in the future. The value of the vehicle gets low with its use and years. Old damages would definitely affect its future value.
Regarding obtaining collision and comprehensive coverage, do you still owe on the vehicle? And, exactly what value of the car were you looking at retail, trade or private seller?
~Jeremy |
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JeremyHolter
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| Posted: Mon Jun 01, 2009 10:26 am Post subject: |
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Hi Venkat,
A vehicle is generally totaled by your carrier when it's repair charges are worth 80% of it's actual cash value.
| Quote: | | The kbb good value for this car is $6800 - Is this the ACV? |
ACV is nothing but the cost to replace a property item whenever it sustains a loss. It also allows for depreciation. It's associated with determining the worth of reimbursement for your loss i.e. Replacement cost - depreciation.
| Quote: | | I wanted to know this in order to decide whether to take collision and comprehensive insurance on the car. |
Now, why do you feel that your decision to obtain collision and comprehensive coverage should be based on this factor?
Steven |
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steven
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| Posted: Mon Jun 01, 2009 10:27 am Post subject: |
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| Hello and welcome to the forum. They will take into account old damages, especially if they were not fixed. They also will take into account any extras you may have recently added to the vehicle. So as you can see it is hard to tell exactly what the value would be. There are adjusters on this site who will hopefully notice your post and with a little more information from you they may be able to give you a ball park figure. |
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fireyone
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| Posted: Mon Jun 01, 2009 12:19 pm Post subject: |
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| Quote: | | Would the ACV be reduced becoz its already been in a collision? |
If you are asking, should you have another accident, and your vehicle totaled or repaired thru an insurance company, then the answer is no...it would not reduce the value...if you are talking about selling it on the open market or trading it in the answer is maybe... | Quote: | | The kbb good value for this car is $6800 - Is this the ACV? |
No it's not...I don't know a single ins company that uses KBB to determine value.. | Quote: | | I wanted to know this in order to decide whether to take collision and comprehensive insurance on the car. Any help regarding this would be highly appreciated. Thanks. |
Ok, then you are talking about should you suffer another insurance loss...the prior damage, if repaired properly will NOT reduce the value of your vehicle what so ever...if you were to suffer another loss this prior loss and it's repair will not come into play....I'll be happy to check your ACV with the system the company I work for uses, but I need to know what state you are in...and 'which' camry it is, 4cyl. 6cyl..le, se, xle, then does it have alumn/alloy wheels, leather seats, power seats, navigation system, power sunroof, auto or manual tranny, cruise control, power windows and locks, ...it's not a camry solara is it? If you want to provide this info I'll run a value for you...also any 'unrepaired prior damage?
It's a pretty save bet it's worth well over 6k....just let me know the info and I'll run it for you.
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Lori
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| Posted: Tue Jun 02, 2009 12:43 am Post subject: |
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Thank you all for the replies.
Jeremy: I do not owe anything on the vehicle. The value I was looking at was KBB good private seller value.
Steven: I wanted to know this bcoz if the cost of insurance is too high compared to what the value of the car is in the insurance company's eyes then I would not take up collision and comprehensive insurance then.
Lori: Thank you for running a ACV check on the car. The required information is below:
2003 Toyota Camry LE (not Solara)
90k miles
Auto, 4 cyl
Alumn wheels
Driver power seat
cruise control
power windows and locks
It does not have the following: leather seats, navigation system, power sunroof.
Another thing - I am the third owner of the car and the car had been in an accident by the first owner. As such I don't know about the repairing done after the accident. But currently everything runs good and the car is healthy.
Thanks once again. |
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venkat2118
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| Posted: Tue Jun 02, 2009 12:56 am Post subject: |
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venkat2118, I'm coming up with a clean retail of $9675.00 (this is what the company I work for would consider the ACV)...if there is any UNREPAIRED prior damage, then a percentage of that damage would come off of the ACV...now all company's use their own system to determine value...so this might not be what others would use...but shouldn't be more than a few hundred difference...not real sure where you got 6800. typcially KBB is higher...but who knows..you might want to run it again..
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Tue Jun 02, 2009 1:25 am Post subject: |
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| Thanks Lori for the info. The value of $6800 was for Private Seller KBB good. The Retail KBB value is $9505, which is still but lower than what you gave. For ACV of $9675 I think I should definitely get collision and comprehensive on the car. Thank you all for the help. |
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venkat2118
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| Posted: Tue Jun 02, 2009 5:21 am Post subject: |
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Hi Venkat,
So after determining the ACV if it's a few hundreds difference than $ 9675, then I suppose you'd go for collision and comprehensive. But as Lori has mentioned different carriers would have different systems to arrive at the value. Some may consider the Nada guide rather than the KBB.
Did you have a word with the carrier rep. regarding this by now?
Steven |
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steven
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| Posted: Tue Jun 02, 2009 9:52 am Post subject: |
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| Quote: | | Some may consider the Nada guide rather than the KBB. |
The one I use is Nada too Steve...trouble with some is they use that blasted CCC..but still 'shouldn't' be more than 1k difference, (shouldn't even be that to be honest  ).
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Tue Jun 02, 2009 10:29 am Post subject: |
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Venkat, have you asked the insurer why your rates on the car is high?
I think your agent owes you an explanation. She should be able to identify the cause that is digging into your pocket.
Also you may check the policy to confirm that you are not over insured.
Third, I'd suggest that you shop around to see if you can get lower rates with other insurer.
| Quote: | | For ACV of $9675 I think I should definitely get collision and comprehensive on the car. |
I think that's really a very good decision.
Keep us informed about the developments.
~Jeremy |
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JeremyHolter
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| Posted: Thu Jun 04, 2009 8:11 pm Post subject: |
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Thanks for the suggestions everyone. This community is really very helpful.
Jeremy: I have not checked with the insurer reg why the rates are high (I pay $490 right now for 6 mo - is that high?) but will now. I have checked my policy and I think the coverage is just right for my case. I am insured with Geico currently and have checked several insurance companies and find Geico to be the best. If you have any suggestions I can try with that company.
Steven: I have not talked with Geico regarding the ACV as they may think I have wrong intentions in mind.  So only I choose this forum for the answer.
Thank you everyone again. |
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venkat2118
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| Posted: Fri Jun 05, 2009 4:53 am Post subject: |
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Well Venkat, the premium would depend upon several factors, like- your age, years of experience as driver, driving record, mileage that you drive, locality/state, coverage; since we have no information about these factors its hard to say whether or not you are paying the right price. But Geico is known to offer good rates around.
However, I'd suggest you to do a bit of research before signing up with them. Check with the state insurance department.
~Jeremy |
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JeremyHolter
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| Posted: Fri Jun 05, 2009 6:37 am Post subject: |
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Hi Venkat2118,
| Quote: | | I have not talked with Geico regarding the ACV as they may think I have wrong intentions in mind. |
Your car is not a total loss as yet. So I don't think it would be a problem if you inquire about anything with their rep.
Steven |
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steven
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| Posted: Fri Jun 05, 2009 11:26 am Post subject: |
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I don't know that he would be able to talk with an adjuster and get that ACV anyway...and personally I wouldn't want to...be just your luck to get an adjuster with your companys opinion re: your vehicles ACV, then bam 30 days later, after you've added coll/comp that you have never carried, it's stolen, burned whatever..HUGE red flag..
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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