insurance value
08-17-2011, 11:43 AM
#21
Member
Join Date: 02-26-2011
Location: WI
Posts: 18
Here's a prior post I made on a similar subject. This is how it works...
The insurance company owes you the current market value of your car in your geographical area. You want to look for similar cars for sale in your area. Remember the market value is the price sellers will take for the vehicle not the asking price. Differences in condition, options, mileage from your vehicle will either add or subtract from the value of the sample vehicle. Most carriers use a company called CCC that searches out comparison vehicles the carriers use to establish the market value of your car. Ask for this report when they make a settlement offer. Go over it carefully to make sure they reviewed your car accurately. Research craigs list, cars.com, autotrader etc. to find similar vehicles and determine if the carrier's offer is in the ball park and acceptable. If the offer's low, send examples of cars you found and demand that they up their offer or find a vehicle for you at their settlement offer. This is where it gets state specific regarding the carrier's obligation to you when settling total loss claims. Look on your state's department of insurance website and search for your state's fair claims practice regulations to figure this out or give them a call. As a last resort you can file a claim with your carrier to see if you get a better offer. Sometimes you'll have extra rights as a 1st party insured with your insurance company vs. a 3rd party claimant with the adverse carrier. Get your homework done now because the carrier will cut you off from your rental car shortly after they make an offer whether you accept it or not.
The insurance company owes you the current market value of your car in your geographical area. You want to look for similar cars for sale in your area. Remember the market value is the price sellers will take for the vehicle not the asking price. Differences in condition, options, mileage from your vehicle will either add or subtract from the value of the sample vehicle. Most carriers use a company called CCC that searches out comparison vehicles the carriers use to establish the market value of your car. Ask for this report when they make a settlement offer. Go over it carefully to make sure they reviewed your car accurately. Research craigs list, cars.com, autotrader etc. to find similar vehicles and determine if the carrier's offer is in the ball park and acceptable. If the offer's low, send examples of cars you found and demand that they up their offer or find a vehicle for you at their settlement offer. This is where it gets state specific regarding the carrier's obligation to you when settling total loss claims. Look on your state's department of insurance website and search for your state's fair claims practice regulations to figure this out or give them a call. As a last resort you can file a claim with your carrier to see if you get a better offer. Sometimes you'll have extra rights as a 1st party insured with your insurance company vs. a 3rd party claimant with the adverse carrier. Get your homework done now because the carrier will cut you off from your rental car shortly after they make an offer whether you accept it or not.
08-17-2011, 12:37 PM
#22
Senior Member
Join Date: 02-26-2010
Location: San Mateo, CA
Posts: 109
This is exactly how it works. Unfortunately the valuation is only as good as the information put into it. Do a search on CCC vehicle valuations and read the complaints on their and other vehicle valuation programs. Most valuations come in $1500 to $2000 under were they should be on your everyday common vehicles. Not enough to make it cost effective to fight for, but it adds up to big money for the insurance company. My best advice is to negotiate for lubrication.
True, sort of. It's very important to review the market evaluation report to make sure the options and appearance condition of the vehicle is noted correctly. Generally, owners of older vehicles that have been well maintained e.g they spent a lot of $'s in maintenance over the years, have a difficult time finding a similar vehicle of equal condition. Those that hardly spent a dime on maintenance will make out better in long run since they kept more $ in their pockets and often end up with the same total loss settlement amount. Many mistakenly think engine component replacement will increase the settlement amount. This usually is not the case and considered general maintenance by the insurance company. Major overhaul procedures often only effect the settlement value disproportionately; a lot of $ in and only a little back.
Negotiating with an insurance company, or any entity only bears fruit under two circumstances; you have something they want or you can force an unwanted circumstance on the other party. As I mentioned previously, review your particular state's insurance claim regulations. In California it's called the Fair Claims Settlement Practices Regulations. In California, if you are unable to locate a vehicle that is very similar to yours, in a reasonable geographical proximity, for the settlement they offered, you can demand the insurance company pay the difference for a higher priced vehicle you have located or they have to find one that is suitable for the amount they offered you. How's that for a run on sentence.
08-17-2011, 03:26 PM
#23
Senior Member
Join Date: 11-19-2010
Location: Springfield, Oregon
Posts: 620
True, sort of. It's very important to review the market evaluation report to make sure the options and appearance condition of the vehicle is noted correctly. Generally, owners of older vehicles that have been well maintained e.g they spent a lot of $'s in maintenance over the years, have a difficult time finding a similar vehicle of equal condition. Those that hardly spent a dime on maintenance will make out better in long run since they kept more $ in their pockets and often end up with the same total loss settlement amount. Many mistakenly think engine component replacement will increase the settlement amount. This usually is not the case and considered general maintenance by the insurance company. Major overhaul procedures often only effect the settlement value disproportionately; a lot of $ in and only a little back.
Negotiating with an insurance company, or any entity only bears fruit under two circumstances; you have something they want or you can force an unwanted circumstance on the other party. As I mentioned previously, review your particular state's insurance claim regulations. In California it's called the Fair Claims Settlement Practices Regulations. In California, if you are unable to locate a vehicle that is very similar to yours, in a reasonable geographical proximity, for the settlement they offered, you can demand the insurance company pay the difference for a higher priced vehicle you have located or they have to find one that is suitable for the amount they offered you. How's that for a run on sentence.
Negotiating with an insurance company, or any entity only bears fruit under two circumstances; you have something they want or you can force an unwanted circumstance on the other party. As I mentioned previously, review your particular state's insurance claim regulations. In California it's called the Fair Claims Settlement Practices Regulations. In California, if you are unable to locate a vehicle that is very similar to yours, in a reasonable geographical proximity, for the settlement they offered, you can demand the insurance company pay the difference for a higher priced vehicle you have located or they have to find one that is suitable for the amount they offered you. How's that for a run on sentence.
As far as CCC's Valuescope reports, I would also perhaps call some of the 'comparables' provided in the survey. Quiz the sellers on their vehicles to make sure they are as described. If the selling price seems unusually low, I would also ask if the vehicle has a 'clean' title (not salvaged). I've run across a few instances where CCC didn't do their homework and included some salvage title vehicles in the survey by mistake. Even one of those at a low price can really skew the results.
08-17-2011, 05:05 PM
#24
Senior Member
Join Date: 02-26-2010
Location: San Mateo, CA
Posts: 109
Good info, Pstar. Sounds like you're also an appraiser...
As far as CCC's Valuescope reports, I would also perhaps call some of the 'comparables' provided in the survey. Quiz the sellers on their vehicles to make sure they are as described. If the selling price seems unusually low, I would also ask if the vehicle has a 'clean' title (not salvaged). I've run across a few instances where CCC didn't do their homework and included some salvage title vehicles in the survey by mistake. Even one of those at a low price can really skew the results.
As far as CCC's Valuescope reports, I would also perhaps call some of the 'comparables' provided in the survey. Quiz the sellers on their vehicles to make sure they are as described. If the selling price seems unusually low, I would also ask if the vehicle has a 'clean' title (not salvaged). I've run across a few instances where CCC didn't do their homework and included some salvage title vehicles in the survey by mistake. Even one of those at a low price can really skew the results.
Also remember, if a 3rd party is liable for your damages and you sustained even a minor injury, you have a good chance of re-couping your total loss property damage losses on an injury claim.
08-20-2011, 01:23 PM
#26
Senior Member
Thread Starter
Join Date: 12-20-2008
Location: durham north carolina
Posts: 835
thanks . and
Thanks for all of the feedback.
I really value combination of experience and opinions (experience the most
).
So what I'm concluding is that it is unfortunate , but what they are offering is (fair ) ???
I could have made a medical claim . My max benifit was $1000 , if I understand my policy correctly. I was in fact injured , bruised and very sore, hopefully nothing serious.
I really should have made a medical claim.
I still believe that ALLSTATE should pay me at least $8700 or more for my 2008 HHR 2lt panel.
I have talked to 2 different people at Allstate about the value .They keep going on and on about the condition and the mileage.It needed some tires , there was cig burns on the carpet , 1 or 2 , and 1or 2 on the drivers seat , they claim some on the headliner but there were not any.
My HHR was never fixed correctly by dealership in a prveious accident , I was so very , very , very mad about that.The only option they gave me was to take it back to the same dealer. If I go to a dentist and he pulls the wrong tooth and hurts me really badly , am I going back to him so he can make it right ??? I don't think so.
The things that were not fixed properly diid not add or subtract that much value , but it all adds up..It was very , very , very dissapointing to me because my HHR was flawless prior to that accident.
ALLSTATE SUCKS AND MY LOCAL CHEVY DEALER SUCKS ( RICK HENDRICK CHEVROLET).
I have worked in a very respectable bodyshop and I know for a fact that the work they did was absolutely totally unaceptable.Someone would have been fired if we returned a vehcle to a customer in the condition they returnerd my HHR. They never even washed the car or cleaned the inside . That is 1st and last thing that is done to vehicle.I know because that was my job.
I was totally robbed my ALLSTATE AND RICK HENDRICK CHEVROLET IN DURHAM NORTH CAROLINA .
I hate to say it but it is true.
I know some of you guys and gals are true believers CHEVROLET , please don't be offended.
My HHR was a totally awsome vehicle.It is such a shame that some people are incompetent and that insurance is a ripoff.
I really miss my HHR , I'll never be able to replace it.
What you think about vw diesels ??? I'd love to have a Ford Escape Hybrid , but there a little bit out of my price range.So I'm considering a VW diesel wagon , Escort wagon , Corolla wagon. Maybe a Honda Civic.Or mabe I can finally fix my 98 4x4 Isuzu ex cab (S10) and my 67 Mustang fastback , before the become fertilizer. Thanks for hearing my misery.
I really value combination of experience and opinions (experience the most
).So what I'm concluding is that it is unfortunate , but what they are offering is (fair ) ???
I could have made a medical claim . My max benifit was $1000 , if I understand my policy correctly. I was in fact injured , bruised and very sore, hopefully nothing serious.
I really should have made a medical claim.
I still believe that ALLSTATE should pay me at least $8700 or more for my 2008 HHR 2lt panel.
I have talked to 2 different people at Allstate about the value .They keep going on and on about the condition and the mileage.It needed some tires , there was cig burns on the carpet , 1 or 2 , and 1or 2 on the drivers seat , they claim some on the headliner but there were not any.
My HHR was never fixed correctly by dealership in a prveious accident , I was so very , very , very mad about that.The only option they gave me was to take it back to the same dealer. If I go to a dentist and he pulls the wrong tooth and hurts me really badly , am I going back to him so he can make it right ??? I don't think so.
The things that were not fixed properly diid not add or subtract that much value , but it all adds up..It was very , very , very dissapointing to me because my HHR was flawless prior to that accident.
ALLSTATE SUCKS AND MY LOCAL CHEVY DEALER SUCKS ( RICK HENDRICK CHEVROLET).
I have worked in a very respectable bodyshop and I know for a fact that the work they did was absolutely totally unaceptable.Someone would have been fired if we returned a vehcle to a customer in the condition they returnerd my HHR. They never even washed the car or cleaned the inside . That is 1st and last thing that is done to vehicle.I know because that was my job.
I was totally robbed my ALLSTATE AND RICK HENDRICK CHEVROLET IN DURHAM NORTH CAROLINA .
I hate to say it but it is true.
I know some of you guys and gals are true believers CHEVROLET , please don't be offended.
My HHR was a totally awsome vehicle.It is such a shame that some people are incompetent and that insurance is a ripoff.
I really miss my HHR , I'll never be able to replace it.
What you think about vw diesels ??? I'd love to have a Ford Escape Hybrid , but there a little bit out of my price range.So I'm considering a VW diesel wagon , Escort wagon , Corolla wagon. Maybe a Honda Civic.Or mabe I can finally fix my 98 4x4 Isuzu ex cab (S10) and my 67 Mustang fastback , before the become fertilizer. Thanks for hearing my misery.
08-20-2011, 01:48 PM
#27
Senior Member
Join Date: 11-19-2010
Location: Springfield, Oregon
Posts: 620
Quotes from catdaddy137:
Thanks for all of the feedback.
I really value combination of experience and opinions (experience the most ).
So what I'm concluding is that it is unfortunate , but what they are offering is (fair ) ???
So, what are they offering?
I could have made a medical claim . My max benifit was $1000 , if I understand my policy correctly. I was in fact injured , bruised and very sore, hopefully nothing serious.
I really should have made a medical claim.
The only thing a medical claim will get you is payment of your medical bills. From what I understand in the previous posts, this accident was your fault (correct me if I'm wrong), so you will be unable to make a bodily injury claim, which pays for pain and suffering, lost wages, etc.
I still believe that ALLSTATE should pay me at least $8700 or more for my 2008 HHR 2lt panel.
What documentation do you have? If you can show the insurance company that your HHR is worth that much, then they'd have to pay it. Just 'your belief' won't be enough.
I have talked to 2 different people at Allstate about the value .They keep going on and on about the condition and the mileage.It needed some tires , there was cig burns on the carpet , 1 or 2 , and 1or 2 on the drivers seat , they claim some on the headliner but there were not any.
These are fairly important factors when it comes to grading vehicle condition. Based on your description, if I was looking at your interior, I would have to grade it 'average' - at best, maybe lower. Needing tires has a serious effect on value - maybe - $400 if the tread is 5/32nds or less.
My HHR was never fixed correctly by dealership in a prveious accident , I was so very , very , very mad about that.The only option they gave me was to take it back to the same dealer. If I go to a dentist and he pulls the wrong tooth and hurts me really badly , am I going back to him so he can make it right ??? I don't think so.
The things that were not fixed properly diid not add or subtract that much value , but it all adds up..It was very , very , very dissapointing to me because my HHR was flawless prior to that accident.
ALLSTATE SUCKS AND MY LOCAL CHEVY DEALER SUCKS ( RICK HENDRICK CHEVROLET).
I have worked in a very respectable bodyshop and I know for a fact that the work they did was absolutely totally unaceptable.Someone would have been fired if we returned a vehcle to a customer in the condition they returnerd my HHR. They never even washed the car or cleaned the inside . That is 1st and last thing that is done to vehicle.I know because that was my job.
I was totally robbed my ALLSTATE AND RICK HENDRICK CHEVROLET IN DURHAM NORTH CAROLINA .
I hate to say it but it is true.
I know some of you guys and gals are true believers CHEVROLET , please don't be offended.
This is all water under the bridge. Too late to deal with it now. You should have dealt with this back then. Move on......
My HHR was a totally awsome vehicle.It is such a shame that some people are incompetent and that insurance is a ripoff.
I really miss my HHR , I'll never be able to replace it.
What you think about vw diesels ??? I'd love to have a Ford Escape Hybrid , but there a little bit out of my price range.So I'm considering a VW diesel wagon , Escort wagon , Corolla wagon. Maybe a Honda Civic.Or mabe I can finally fix my 98 4x4 Isuzu ex cab (S10) and my 67 Mustang fastback , before the become fertilizer. Thanks for hearing my misery.
If you've got something else to drive, working on that '67 Mustang sounds like a good plan to me......
Hope you get this resolved to your satisfaction.
Thanks for all of the feedback.
I really value combination of experience and opinions (experience the most ).
So what I'm concluding is that it is unfortunate , but what they are offering is (fair ) ???
So, what are they offering?
I could have made a medical claim . My max benifit was $1000 , if I understand my policy correctly. I was in fact injured , bruised and very sore, hopefully nothing serious.
I really should have made a medical claim.
The only thing a medical claim will get you is payment of your medical bills. From what I understand in the previous posts, this accident was your fault (correct me if I'm wrong), so you will be unable to make a bodily injury claim, which pays for pain and suffering, lost wages, etc.
I still believe that ALLSTATE should pay me at least $8700 or more for my 2008 HHR 2lt panel.
What documentation do you have? If you can show the insurance company that your HHR is worth that much, then they'd have to pay it. Just 'your belief' won't be enough.
I have talked to 2 different people at Allstate about the value .They keep going on and on about the condition and the mileage.It needed some tires , there was cig burns on the carpet , 1 or 2 , and 1or 2 on the drivers seat , they claim some on the headliner but there were not any.
These are fairly important factors when it comes to grading vehicle condition. Based on your description, if I was looking at your interior, I would have to grade it 'average' - at best, maybe lower. Needing tires has a serious effect on value - maybe - $400 if the tread is 5/32nds or less.
My HHR was never fixed correctly by dealership in a prveious accident , I was so very , very , very mad about that.The only option they gave me was to take it back to the same dealer. If I go to a dentist and he pulls the wrong tooth and hurts me really badly , am I going back to him so he can make it right ??? I don't think so.
The things that were not fixed properly diid not add or subtract that much value , but it all adds up..It was very , very , very dissapointing to me because my HHR was flawless prior to that accident.
ALLSTATE SUCKS AND MY LOCAL CHEVY DEALER SUCKS ( RICK HENDRICK CHEVROLET).
I have worked in a very respectable bodyshop and I know for a fact that the work they did was absolutely totally unaceptable.Someone would have been fired if we returned a vehcle to a customer in the condition they returnerd my HHR. They never even washed the car or cleaned the inside . That is 1st and last thing that is done to vehicle.I know because that was my job.
I was totally robbed my ALLSTATE AND RICK HENDRICK CHEVROLET IN DURHAM NORTH CAROLINA .
I hate to say it but it is true.
I know some of you guys and gals are true believers CHEVROLET , please don't be offended.
This is all water under the bridge. Too late to deal with it now. You should have dealt with this back then. Move on......
My HHR was a totally awsome vehicle.It is such a shame that some people are incompetent and that insurance is a ripoff.
I really miss my HHR , I'll never be able to replace it.
What you think about vw diesels ??? I'd love to have a Ford Escape Hybrid , but there a little bit out of my price range.So I'm considering a VW diesel wagon , Escort wagon , Corolla wagon. Maybe a Honda Civic.Or mabe I can finally fix my 98 4x4 Isuzu ex cab (S10) and my 67 Mustang fastback , before the become fertilizer. Thanks for hearing my misery.
If you've got something else to drive, working on that '67 Mustang sounds like a good plan to me......
Hope you get this resolved to your satisfaction.
Last edited by Krash Kadillak; 08-20-2011 at 04:07 PM.
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