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true_skillzz | My car was deemed a total loss by the insurance company, how much should I get? |
I have a 1999 mercury sable GS with 99,000 miles. The car is located at the zip code 08080 (new jersey). An appraiser came out and said the damage done was near $2300 and it was deemed a total loss. Now I'm waiting for them to call back with a settlement offer. I looked up my car on kelley blue book and the retail value for my car is $4,500. How much will they pay me and can I go to court if they decide to pay less than the retail value?
Additional Details
The accident was not my fault. The other person's insurance is paying for it, Travelers Home and Marine Ins. |
 |
 
MSAD
|
They do not owe you the retail value. The do not owe you the replacement cost. This is true even in court.
The at fault party (or his insurance company) owes you the fair market value of that specific vehicle. What that vehicle could have sold for given it's age, mileage, condition just prior to the loss.
If the vehicle had tires that needed to be replaced- a deduction will be made. If you just put brand new tires on it - an addition will be made to the value.
As far as books go -the industry standard is the NADA. You can access it at www.nadaguides.com.
No insurance company uses the Kelley Blue Book. If you read the fine print - Kelley says that its value is not what the vehicle may sell for. It is a starting point in the negotiation. It's value includes the cost of warranty, advertising, sales commission. These have nothing to do with the value of the car. That's just the cost of a dealer doing business and the other party does not owe you that.
Many insurance companies use a market survey program. CCC and Total Logic are two that you see. This provides the most accurate value. These values are based cars that were sold in your area.
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Othniel
 |
Not enough! I know it isn't good news, but you will come out short.
Some insurance companies are quite fair and others are not. Call your agent and ask him or her what to expect. |
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needlewings
|
It depends on what policy you bought. I have one that would be total replacement value. It is also according to blue book that accounts for what your policy says. It takes into account of milage, year, etc. |
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C
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Insurance companies do not use Kelly bluebook or any site like that to determine the cost of car.
They go buy ACV (actual cash value) fairmarket price, so even if your car is priced at $4500 on Kbb, you wont be getting that much.
This is the way all insurance companies work. |
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mbrcatz
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OK, they are only obligated to pay the LESSER of the cost to repair, or actual cash value.
You don't get retail value. You get private party value. Expect it to be around (according to kbb.com) 2700, with a "good" value.
Sure, you can take them to court if they won't pay retail. But they WON'T pay retail. You'll have to hire an attorney, and you're going to LOSE, which means, you'll also have to pay THEIR attorney fees.
Because legally, they don't have to REPLACE your car, they only have to give you what it's worth - actual cash value. Which is private party sale. |
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JOSEPH J
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Be honest,It will take a while to find the best answer for the your question.give a look at resource here http://www.AutoInsuranceFree.info/free-auto-insurance.htm for your reference .
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