fair market vaLUE ON MY 2008 CHEVY HHR

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PostPosted: Sun Dec 27, 2009 9:54 pm   Post subject: fair market vaLUE ON MY 2008 CHEVY HHR  


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PostPosted: Sun Dec 27, 2009 10:33 pm   Post subject:   

You can calculate your acv by using www.nada.com consumer option and www.edmunds.com Be sure to select the accurate options and mileage. When completed you can check available comparable vehicles for sale in your zip code area within a radius of 25 to 300 miles or more. Save and print your findings to support your documentation.

If the vehicle has not reached the total loss threshold in your state and your insurer elects to repair, do not forget your option of retaining and selling the salvage if no lein exists and using the indemnification (settlement) to purchase a new vehicle. Also if the damage was caused by the negligence of another driver at fault, they are liable for your losses of use and any loss of value known as DV or diminished value if you are forced to repair your vehicle. You may need to search online for an appraiser in your area.

You may wish to challenge any insurers estimation on the value of the loss by electing your own appraiser to address all the damage including any hidden which most insurers refuse to pay for or neglect to include on their initial inspections until a disassembly is performed or proof of the damage is documented by your appraiser.

Good luck and remember that you may lose your rights if you fail to assert them.


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PostPosted: Tue Dec 29, 2009 8:40 pm   Post subject:   

To add to mike's great answer:

When most insurance companies total your vehicle out, they use independent sources like CCC and/or Audatex/Autosource.

When negotiating with the insurance company, definitely have the form from one of these companies in front of you so that you can look through it and make sure it has the correct mileage, the correct options and that the evaluation was done within your zipcode.

If you still do not feel that they are giving fair market value, then you need to go through your local paper, pull 3-5 vehicles from private owners, 3-5 from dealers, and average these prices out. You should be fairly close to what your ACV is.

Remember, all these vehicles that you pick from, must have the same mileage, options and condition as yours.

Once you've done your homework, you'll be adequately prepared to sit down and negotiate with the insurance company and be confident of what your stance is.

Do not forget that ever state has different criteria for totaling vehicles. Check your local insurance regulations.

Good luck! Let us know if you have any other questions.


-- Jake

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