Total Loss Question re Valuation

Submitted by Anonymous (not verified) on Wed, 11/14/2007 - 08:48

My car was just declared a total loss by my insurance company. The winds are blowing towards the accident being called my fault. I have collision coverage.

My understanding is that I will be paid something called Actual Cash Value whaterver that is.

My car was a ten (10) year old BMW that had two things really going for it: (1) it was in mint condition, as like new as like new can be, and (2) the car had only 8,000 miles on it. Yes, 8,000 miles in 10 years.

While I can appreciate the insurance company not wanting to fix the car given the ridiculous cost of BMW parts, I do want to try and make sure I get fair value for the car. Most particularly, the absurdly low mileage I think really makes the car much more valuable than any blue book or similar valuation would give. I don't think it is even possible to find comparables with such low mileage.

Does anyone have any advice for me on how to deal with my insurance company to get them to appreciate the pre-accident value of my car?

Thanks in advance.


Posted: 14 Nov 2007 10:50 Post Subject:

Good morning Frank and welcome to the community.

First ACV means Actual Cash Value. All companies have their own way of arriving at this. Some use NADA some Edmunds, there are many computer programs such as CCC, Valuemate etc. All will come within a few hundred dollars of each. If there is a difficulty in getting a value, many times a 'market search' will be done. An adjuster will try and actually find a vehicle or will call three large used car dealers and ask if you had this exact car on your lot what would you ask.

You don't say which beemer you have, so I couldn't run it for you on my program. But interestingly (to me), I checked a couple of differnt models and you would think that the 8k mileage addition would be the same or nearly on all models it's not! some it added about 3k, and some models it added 7k! That really shocked me and I do this every day! If you want to let me know the exact series and model I'll run it in the system the company I work for uses.

At any rate, you will get the addition that your low mileage adds I assure you, it may also increase the value enough to repair rather than total your vehicle!

All books or evaluating systems request mileage, and from that amount there will be either nothing added (average miles) or an addition for low miles, or substration for high. So don't worry about that, your low mileage will be added and increase your vehicles ACV. If the adjuster misses it, or when you first make contact wouldn't hurt to tell them this upfront... :wink:

Let us know if we can be of further assistance. In the meanwhile you can check on line, I use either NADA or Edmunds, not the 'blue book' I don't know any companies that use it to evaluate ACV...

Posted: 28 Nov 2007 06:16 Post Subject:

Hi brokentraveler,

Your post has shifted to the following location,


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