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 Posted: Fri Mar 28, 2008 10:19 pm Post subject: My wife recently got in an accident |
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My wife recently got in an accident where our car was written off. Our insurance company, Pilot, took a couple of prices off of autotrader.ca, and took $500 off of a $3,900 vehicle as a "Negotiation Allowance"... i.e. "You should be able to bargain down from that price".
Is that customary for insurance companies to factor in a "Negotiation Allowance", or is it just Pilot? Is that even legal (in Ontario, Canada)?
Thanks,
John
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Member-John
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| Posted: Sat Mar 29, 2008 12:12 am Post subject: |
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I can't say it's legal or not but it sounds pretty good to me. If I understand correctly, they took the 'asking price' and reduced it by $500. Is there anyone out there that could not get a seller to knock $500 off of a $4000 vehicle?
I don't think it's very scientific and I don't know if they would really have a leg to stand on if pressed on the matter, though. Do you think it's fair? If not, have you asked them to lower it? |
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tcope
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| Posted: Sat Mar 29, 2008 6:41 am Post subject: Did I get it the right way? |
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| Quote: | | Our insurance company, Pilot, took a couple of prices off of autotrader.ca, and took $500 off of a $3,900 vehicle as a "Negotiation Allowance" |
I'm not as much intelligent as tcope is..would you care to explain whether I got it the right way!
I took it that they want it to be $3500 (& that it could be settled somewhere between $3900-$3500 through negotiation). Am I right!
Playboy77
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Playboy77
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| Posted: Sat Mar 29, 2008 1:50 pm Post subject: |
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I've never heard of this term....  | Quote: | | $500 off of a $3,900 vehicle as a "Negotiation Allowance"... i.e. |
But they do owe you what you could 'purchase' the vehicle for...when I do a market survey (which sound's loosely like what they did) I call the advertiser and ask, 'what would you 'take' for this vehicle...guess your company has made that decision themselves? odd...were I you and you want to debate it...then get their comps and call the owners and ask their 'taking' price...If it's less than 500 off the asking price then tick a lock...if it's only 300 off on all of them call your adjuster back with these peoples names/numbers etc.
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Lori
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| Posted: Mon Mar 31, 2008 2:04 am Post subject: car accident |
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| In a situation like this, wouldn't the 'Blue Book' value be the 'totaled' value? I mean, if the insurance company 'totals' the vehicle, doesn't that mean the car EXCEEDED the Blue Book value? I know this queston is 'off the subject' a bit. |
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sdchargersfan
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| Posted: Mon Mar 31, 2008 10:35 am Post subject: |
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Well first I've never know any carrier to actually use the kelley blue book, most will use NADA, or a computer search program like CCC, or valuemate etc....when the cost of repair exceed the ACV (actual cash value) or the state prescrible percentage (lowest I've seen is 70-highest 80%), meaning if the cost of repair is 'that percentage' of the ACV, or if the ACV minus salvage value is more than the cost of repairs the vehicle is considered a total loss...
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Lori
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| Posted: Tue Apr 01, 2008 3:11 am Post subject: ACV |
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where would one go to fnd the acv for their exact vehicle. Not one like theirs but theirs.
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wondering
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| Posted: Tue Apr 01, 2008 10:02 am Post subject: |
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| I always thought that they used blue book or edmunds I have never heard of dealing with it this way. |
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goodnatured
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| Posted: Tue Apr 01, 2008 10:29 am Post subject: |
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Most carrier either use a computer program (that you don't have access too) CCC or valuemate, or NADA, which you can access on the net. Edmunds is another good sourse.
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Lori
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| Posted: Tue Apr 01, 2008 5:53 pm Post subject: |
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Isn't CCC valuescope a market report based upon possible sale price of comparables , instead of actual sale prices as used by NADA?
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wondering
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| Posted: Tue Apr 01, 2008 9:55 pm Post subject: |
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| Quote: | | Isn't CCC valuescope a market report based upon possible sale price of comparables , instead of actual sale prices as used by NADA? |
yes, kind of, ccc is a market survey that will provide a list of vehicles that are actual for sale, the prices however are generally 'asking' prices, although I believe they are supposed to be 'take' prices...I've never called on one that the owners haven't offered to sell the vehicle for less or have sold it for less than the listed price.
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Lori
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| Posted: Wed Apr 02, 2008 1:16 am Post subject: |
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Would it be more practical to get an ACV from a report that assumes the selling price of a car or from a report that reflects the actual sale price of a vehicle?
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wondering
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| Posted: Wed Apr 02, 2008 10:24 am Post subject: |
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Well clearly the actual sale (selling) price is the true ACV of anything right? But that just isn't always possible, and averages have to be considered...(ie nada, kelly, edmunds etc)....at times...IMO NADA typcially is a little higher than CCC, and more widely accepted...
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Lori
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| Posted: Wed Apr 02, 2008 5:37 pm Post subject: |
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Why would it not be always possible to find the ACV of vehicles comparable with one another when there is a market report (NADA) that does just that?
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wondering
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| Posted: Thu Apr 03, 2008 9:27 am Post subject: |
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Well it is, (I mean NADA is there)...some times people don't agree with NADA, or find another vehicle or two that is a few hundred higher...but really IMO NADA is about as acruate as any, and better than most..
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