Posted: Tue Oct 14, 2008 10:35 pm Post subject: how can I get a higher value for my totaled car?
Hi everyone,My car was totaled while parked, and the person who hit me was at fault. His insurance company quoted me a acv(actual cash value) and I disagree with the amount. I started to do my own research through local dealers but I cannot find any cars with the same amount of mileage or add-ons I had on my car. So how can I research to get a higher acv then what the insurance is offering me?
How did they arrive at the ACV? If they used a 3rd party vendor such as CCC, ask to see a copy of the report so that you can review the information they used. Many times options or mileage that they allowed for will be incorrect. Other times the vehicles used in the comparison will not be close to the same (ie. if there were not any vehicles close to your vehicle in the same area, they might start using vehicles from different years, etc). If this is the case and it's a3rd party vendor, ask them to request that the vendor expand their search to a larger area. CCC _will_ do this and the carrier only needs to ask.
You state that you disagree with the value but you also state that you've not been able to determine the value. I have to ask how you can disagree with something yet not know if it's correct. See my point?
Have you checked online and/or NADA for comparable vehicles?
Definately ask to see a copy of the report. When my truck was totaled they sent me a copy because I had asked to see it befor they sent payment. I don't know if it matters (not an adjuster) to see the report first but I am glad I asked to see mine. They didn't have quite a few things included. They missed the brand new tanneau cover (spell?) and the remote starter and some others. I had to supply a reciept to show that the cover was new (or I would have only recieved $50 for it and paid $300) but I can not blame them there. All and all after it was over I had a check for $500 more than the original offer.
I only disagree with the amount because I have looked it up on kbb,nada, and edmunds. The adjuster claims they dont go off of those resources. However those sources retail value my car at 17,500 w/the miles, and without some add-ons and they are trying to offer me 14,900. So I mean I cannot find similar cars locally to compare.
you can resubmit a claim for reassesemnet of the value of your car. its like a petition or something. you can send them local ads of your same car with the price ur looking for, stuff like that.
you can send them local ads of your same car with the price ur looking for, stuff like that.
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I started to do my own research through local dealers but I cannot find any cars with the same amount of mileage or add-ons I had on my car.
OP, if the don't use the guides you mentioned then they probably use either CCC or Automate (I think that is the name). As such, ask tthe adjuster for a copy of the valuation so that you can review their information.
What you were looking at was probably retail value. The insurance company is not going to pay that amount (read what retail value is off kbb.com).
If you'd like I'll check the nada value for you need yr/made/model/mileage/all options...is there any UNREPAIRED prior damage to your vehicle?
Again look at the evalutation, CLOSELY, and call the comps see if they are truly comps..
also some aftermarket add ons actually add very little to the value if any...is that what is hanging you up? _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
See I thought they took an average between NADA and Edmunds? I asked the adjuster when my truck was totaled and they said they used this formula. I didn't question it sice my truck valued more than I paid (like a couple grand) my only thing was the little things they left out. Especially the expensive tonneau cover.
T scope...How the heck do the miss a navagation system AND a sunroof...did they even look at the vehicle..It would leave me to wonder if they did.
See I thought they took an average between NADA and Edmunds? I asked the adjuster when my truck was totaled and they said they used this formula.
All carriers are differeny Fire... I.
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T scope...How the heck do the miss a navagation system AND a sunroof...did they even look at the vehicle..It would leave me to wonder if they did.
I don't know I've looked at creamed front end hit and totally forgot the hood.. raised it up to look inside then forgot to put it on my estimate...it happens...hopefully not often but we all have brain farts even at work. _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
We all make mistakes. I can imagine the job you do as very time consuming. I guess if the damage was to the front end you can forget to look at the roof.
The insurance company will use a book value to determine the value of your car. If the settlement is just to low, contact an attorney and see if he or she can help you get more money. Ths insurance company will always try to low ball and pay the very lowest amount possible for the vehicle as they can. They should also give you the option to buy the vehicle back at very low price when it is all done with as well. The bad problem about the book value te insurance company goes with is the value. It is almost impossible to buy a car for the same amount as they are offering. For example, they want to give you $1700 for a 95 Honda, yet that same Honda sells for $2500 at the lowest anywhere on the street and even more at a car dealership. This is the problem we have today. It is also part of the reason lenders have created gap insurance, to make up some of the cost a driver can lose from a totaled vehicle. _________________ Juston Garland
http://www.nationwidebillrelief.com
I don't see how getting an atty in this situation would help. By the time the person pays the atty fees they just coughed up the extra money they had hoped to get from the cars value anyway.
How does the insurance company come up with the buy it back price?
All companys have their own way of doing this...some it's a flat percentage, the company I work for I get an actual bid from and ins. auto auction...however if a vehicle's acv is 2500 or less then the sal. buy back is 150 (this is the company I work for only)...
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Can that be negotiated?
Of course it can! almost ANYTHING can be negotiated! _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
raised it up to look inside then forgot to put it on my estimate...it happens...hopefully not often but we all have brain farts even at work.
