Totaled car insurance replacement value advice

[cavemann]

Ugh...  Daughter got rear ended, 3 for 3 on the kids now..  Her Corolla will be totaled and I will probably get the valuation from insurance today or tomorrow.  I've heard horror stories on low ball offers.  Anyone have best idea to research and value her car that has teeth??  I've done the kelley/edmonds book thing..  I've also looked at autotrader, vroom and others.  I tried calling a couple dealerships but they were pretty tight lipped.

Anyone go through this??  Again, I'm getting in front of it anticipating a mess. 

[blackpowderhunter]

what year?
Have any photos of the condition?  Honestly with the way used car market is now, providing other craigslist type adds will/could help you.
KBB is low compared to current market, so hopefully it works out.  I once had a car that was totaled, it was "worth" far more than KBB due to the nature of being rare, and in exceptional condition.  I had photos and provided adds within a 500 mile radius to the insurance adjuster and got a fair value, well above KBB

[cavemann]

thanks!!  It's a 2012 Corolla S..  It's in great condition, no accidents, clean, no smoke.  Just bought it last year and with the freaking car market it should be worth about 12500-13500..  Book will have it at 10000.  I'm worried because i bought it for 8500.  I've put together a ton of adds and will doing so if that is best way.

Just didn't know if there were any secrets of the trade from insurance guys or car guys on this..  Or anyone who just went through it.

[Stein]

Yeah, start pulling and printing adds that are as close as possible to her vehicle.  Be prepared for a lower offer and all the arguments why.  Good luck, the reality is the person you will be talking to makes a living keeping the payments as low as possible.

[rainshadow1]

Yeah, start pulling and printing adds that are as close as possible to her vehicle.  Be prepared for a lower offer and all the arguments why.  Good luck, the reality is the person you will be talking to makes a living keeping the payments as low as possible.

 

You'll need to familiarize yourself with the market... not the book. If the number is significantly askew, then go back at them with the known listings on the market at this moment. Thet's where you'll be trying to replace it, not out of a book.

I've had a couple totals (bought them both back and rebuilt them) and I was happy with the numbers, but that wasn't in this carzy used car maket like we have now.

[jamesfromseattle]

I hope your kid is ok.

Comments above are correct. They need to pay you for the amount it would cost to buy the same vehicle again--with all the add ons and whatnot. Not the book value, but the actual cost of putting the car in your driveway.

If they lowball you, ask them to show you where to buy a similar vehicle for the same price. And by that I mean tell them to hand you an actual listing.

I do this sort of thing for a living, so feel free to shoot me a PM if you have any questions. Usually resolving property damage claims is easy so I'd be happy to talk you through it free of charge.

[Badhabit]

Most Ins carriers use a valuation service like ADP Autosource or CCC. Just ask the adjuster to send you a  copy of their ACV valuation. The valuation should show you the comparables they used to determine the ACV of your Corolla. Did you add new tires? How many miles ago? Did you keep the receipt? Any refurbishment or rebuilt within a year could add value. You need the receipts for support. If you are going through the ins. on the car the rear ended your daughter you are going to get ACV. If you go through your own ins. you're still only going to get ACV on a 2012 less your deductible.

[cavemann]

I hope your kid is ok.

Comments above are correct. They need to pay you for the amount it would cost to buy the same vehicle again--with all the add ons and whatnot. Not the book value, but the actual cost of putting the car in your driveway.

If they lowball you, ask them to show you where to buy a similar vehicle for the same price. And by that I mean tell them to hand you an actual listing.

I do this sort of thing for a living, so feel free to shoot me a PM if you have any questions. Usually resolving property damage claims is easy so I'd be happy to talk you through it free of charge.

Thanks, I just might take you up on that via PM...

@badhabit thanks for the detail as well..

[jackelope]

When my truck was totalled several years ago, they lowballed me hard. Their comp’s weren’t even the same truck. I had a 3/4 ton Chevy diesel truck and they were throwing half ton gas trucks at me. I went and found Craigslist and dealer vehicles for sale that were the same as mine.  A bunch of them. 10-12 of them. I didn’t back down. I got my money.

[LDennis24]

When my truck was totalled several years ago, they lowballed me hard. Their comp’s weren’t even the same truck. I had a 3/4 ton Chevy diesel truck and they were throwing half ton gas trucks at me. I went and found Craigslist and dealer vehicles for sale that were the same as mine.  A bunch of them. 10-12 of them. I didn’t back down. I got my money.

 
This is what you want to do. Fair market value for replacement in your area.

[Badhabit]

That is why you ask for their valution documentation, so you can verify apples to apples for a apples to apples ACV.

[cavemann]

Thanks for the shared experiences..  it's all a huge help.  Badhabit, what is ACV

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[jackelope]

Thanks for the shared experiences..  it's all a huge help.  Badhabit, what is ACV

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Actual cash value