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 Posted: Fri Dec 14, 2007 6:53 pm Post subject: Total Loss Valuation Question |
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My car has been declared a total loss by my insurance company.
I live in Los Angeles.
My car "was" a 1997 Mercedes E320. The car was fully-loaded, was in pristine condition and had only 9,500 miles on it. Obviously, comparables are non-existent.
I was hopeful that someone here who runs ACVs could help me with total loss valuation and let me know what I should reasonably receive from my insurance company for the car.
Thanks so much in advance.
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John818
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| Posted: Sat Dec 15, 2007 6:10 am Post subject: |
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Hi john, I ran your car in the Kelly's Blue Book and according to them you may get around $8,500, if the condition of the car is good.
However, this is only the hypothetical value. Therefore, please don't consider it as the absolute figure. The actual value can get determined only after the adjuster takes a close look at the vehicle. Grant the above figure as a mere sketch upon which you may negotiate the value with the insurer.
There are some expert adjusters around this forum, hence, you may get some useful suggestions from them as well. So, look forward to more responses.
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Dazzlingdiamond
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| Posted: Sat Dec 15, 2007 6:26 am Post subject: |
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My friend, insurance companies apply their own method to determine the total loss valuation . They may use an automated-process to calculate the value or may prefer to run a survey at the locality before writing you the check. Therefore, you need to find out their method, first. We can help you from there, if required. Otherwise, it'll only lead to more complications.
What most you can do at this juncture is that- try to cooperate with the adjuster, be polite and cordial, and help in every possible way to make his /her job easy. Along with, keep a watch that he/she is not missing out on any fact that may add upon the value of the vehicle.
Hope the input helps, please let us know if we can be of any further assistance. |
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roddick
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Joined: 05 Oct 2005
Posts: 468
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| Posted: Sat Dec 15, 2007 6:57 am Post subject: |
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Agreed, there is no standard formula available to determine the total loss valuation , different companies adopt different methods to decide upon it. Roddick is right, you should ask them about the method they will follow.
However, to equip yourself with some elementary knowledge and to know its approx. value, you can run your vehicle in any of the following websites:
edmunds.com
kbb.com
nadaguides.com
Thanks,
Brian |
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brian
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Joined: 02 Feb 2006
Posts: 68
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| Posted: Sat Dec 15, 2007 4:31 pm Post subject: |
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Good morning John818 and welcome...
First let me say this for the ten millionth time...I know of NO insurance carrier that uses the Kelly Blue Book...
I ran your vehicle (NADA is they system the company I work for uses I ran it with California region-november addition, i need to update! crap I forgot!  ) and come up with a value of $12,450.00. based on the information you provided..you don't say if it has power sunroof (add 250.00) sport package (add 375.00), w/o leather seats (deduct 200.00)...
Are you sure given this ACV that your vehicle isn't repairable? What is the adjuster saying? |
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Lori
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Location: Missouri
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| Posted: Sat Dec 15, 2007 8:23 pm Post subject: |
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The adjuster is putting the value at $13,300. $8,800 base, plus $3,500 for mileage, plus $800 for condition, plus $200 for features.
I was very persistent about my desire to have the vehicle repaired (given the absurdly low miles and pristine condition) but, at the end of the day, my insurer declared it a total loss. The replacement parts are apparently very expensive.
My insurer used total loss valuation from a company called Audatex to determine the value. While I do need to review the report more closely to see if they missed any features etc., the report is pretty detailed.
Aside from reviewing the report to make sure I agree with their listing of the features and their assessment of the condition, is there anything else I should be doing to attempt to increase my payout? I can't imagine where I would look for comparables.
Thanks so much for all of your advice. I don't want to go crazy but I do want to be treated fairly.
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John818
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| Posted: Sun Dec 16, 2007 6:28 pm Post subject: |
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| Quote: | | The replacement parts are apparently very expensive. |
''IF" and that's one big IF you can even find/get any parts! sounds like their value and mine was pretty close then...How do you feel about the value? What is the cost of repair? |
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Lori
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Location: Missouri
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lakemen
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| Posted: Thu Jan 17, 2008 6:32 pm Post subject: CCC or other total loss report |
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I am compiling total loss reports for a book I am writing and was hoping someone could send me a copy of theirs. I have been disecting total loss reports for a long time and in return for forwarding me a copy of yours, I can give you pointers to fight the insurance company and get more for your settlement check. my email is:
info@claimbuster.com
Any format is fine. If all you can do is fax a copy, email me that you are interested and I can provide a fax number.
Thank you in advance!
Dan
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