by sherri_le » Fri Nov 21, 2008 06:21 pm
About 2 weeks ago, someone hit my parked car. I got all her information and am going through her insurance for the damages. Last week, my vehicle was declared a total loss and they made a very unreasonable offer for my vehicle. They have mentioned to me that I can't get any higher value when I told them I don't agree with the settlement. I have found multiple listings of my vehicle for a much higher amount and would like to move forward with trying to appeal their offer. How do I proceed?
Posted: Wed Nov 26, 2008 06:09 pm Post Subject:
Hi Lori,
Request assistance from whom? them? did you? What do you mean the lowest in the market value? the condition rating or are thiere lists of other cars that are for sale? what is the name of the company that compiled the report?I do have the claim evaluation in hand and it looks correct except for the value. They have compared my car with the lowest in market value and I have called the insurance commisioner of california and they suggested I request for assistance. Can you please advise on how I should proceed?
Posted: Thu Nov 27, 2008 02:52 am Post Subject: Questions
HI Lori,
The company that compiled the report is called MITCHELL. The insurance commisioner told me to request assistance through the insurance commisioner website and wait till someone calls me. State Farm took the lowest comps for my vehicle from their own list of cars for sale. State Farm called me and told me to return the rental vehicle and so I did, then they told me to give them till MOnday to see if they come up with a different base value for my car when I told them that I would file a complaint. So, I shall wait till Monday to see what figures they have now...in the meantime, what do you think I should do?
Posted: Fri Nov 28, 2008 10:48 pm Post Subject:
what do you think I should do?
THIS.....
The insurance commisioner told me to request assistance through the insurance commisioner website and wait till someone calls me
then they told me to give them till MOnday to see if they come up with a different base value for my car when I told them that I would file a complaint
HMMMMMMMMMMM AMAZIN' AIN'T IT... :roll: you need to go ahead with the complaint....in the meanwhile, call the comps on the list, and see if they are still availabe and ask about condition, mileage, options etc to be sure they are comparing apples to apples......i'm not familar with the mitchell acv evaluatior i would assume it is close to CCC, if any adjusters on the board know anything about this program let us know please...be sure and let us know what they say on monday, and request those forms from the DOI and fill them out SherriPosted: Fri Dec 09, 2011 01:10 am Post Subject: Payment Value
What value does the insurance honor???
Trade In or Retail???
Posted: Fri Dec 09, 2011 10:42 pm Post Subject:
Neither. The definition is ACTUAL CASH VALUE. That is:
REPLACEMENT COST MINUS DEPRECIATION.
It could be more than trade in and less than retail, or it could be less than both. It is unlikely to be more than retail.
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