what ACV does Nationwide use

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PostPosted: Fri Apr 09, 2010 12:24 am   Post subject: what ACV does Nationwide use  

i read an article that indicted that the insurance industry takes anywhere from 51% to 80% of your cars ACV to determine if they will "total" your car or not. Does anyone know what percentage Nationwide normally goes with (in NC)?

ronsjacobsen
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PostPosted: Fri Apr 09, 2010 12:42 am   Post subject:   

All states do not have a percentage rule...I've NEVER seen one that was less than 75%...certainly not 51%, however, this isn't the only way a vehicle will total...a carrier will determine the vehicles ACV, then subtract the salvage value (this varies between carriers)...this amount is the most that can be spent on repairs...a cent over and it totals...



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PostPosted: Fri Apr 09, 2010 12:57 am   Post subject:   

Ok Ron, I found it on the NC dept of ins. web site, looks like NC has a 75% rule..

Quote:
If Your Car Must be Totaled:

If a motor vehicle is damaged, to the extent that the total

cost of repair is equal to or exceeds 75 percent of the

pre-accident actual cash value (ACV), the insurer shall

consider the vehicle a total loss.

When your car is totaled, the insurance company is

responsible for its ACV. ACV represents the local

market value of the totaled vehicle.

There are two methods to determine local market value:

1. By using the local market price of a

comparable vehicle; or

2. If no comparable vehicle can be located, dollar

estimates from at least two qualified dealers

within the local market area are normally

used.
http://www.ncdoi.com/consumer/consumer_publications/automobile%2 0and%20vehicle/consumer%20guide%20to%20automobile%20insurance.pdf



Hope this helped if you need any additional assistance please feel free to ask away..


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PostPosted: Fri Apr 16, 2010 1:56 pm   Post subject: thanks!  

so helpful! thanks so very much


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PostPosted: Fri Apr 16, 2010 2:00 pm   Post subject: one more thing...  

how might I go about determining the salvage value of a 2007 mini cooper?


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PostPosted: Fri Apr 16, 2010 3:35 pm   Post subject:   

Contact a local Cooper dealer, and ask the service manager or vehicle appraiser. Call an auto salvage yard and describe the damage. They can figure out what can be resold and tell you what they would sell it for.



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PostPosted: Fri Apr 16, 2010 9:58 pm   Post subject:   

If you want to post 'which' mini cooper it is, mileage and all options I'll run a value for you...also 'any' UNREPAIRED prior damage?



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PostPosted: Fri Aug 31, 2018 11:13 am   Post subject: Test, just a test  

Hello

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