Question about insurance- Car totalled

[Anonymous]

I was in a crash a few weeks back (not my fault), my car is totaled, bought it in 2019 and recently changed tires, and in excellent condition.

If I have to buy it now, it will cost $10k more than what I bought it for, how will Insurance compensate me? Will I get value of new car?

[Anonymous]

Sadly, no. I've been hit 2x, both times my car was totalled. I could only get blue book value.

It is infuriating.

[Anonymous]

No you will get the value of your car prior to the crash.

[Anonymous]

no. only blue book value. yeah, it sucks but that's the way it is

[Anonymous]

You the actual cash value of the car that was totaled not the amount of a current model. Hopefully you’re not upside down on a loan.

[Anonymous]

Op here! Thanks for all the replies! the current KBB shows a pretty good price, almost close to what I bought it for, I guess that because the current value of used cars is high.

Will insurance use that value?

[Anonymous]

Anonymous wrote:Op here! Thanks for all the replies! the current KBB shows a pretty good price, almost close to what I bought it for, I guess that because the current value of used cars is high.

Will insurance use that value?

all

[Anonymous]

My dd got in increase from the insurance company by proving her car was in excellent shape when someone hit her

[Anonymous]

Anonymous wrote:

Anonymous wrote:Op here! Thanks for all the replies! the current KBB shows a pretty good price, almost close to what I bought it for, I guess that because the current value of used cars is high.

Will insurance use that value?

all

Ask the carrier what source they use to determine the value

[Anonymous]

Anonymous wrote:You the actual cash value of the car that was totaled not the amount of a current model. Hopefully you’re not upside down on a loan.

Yeah, that's why you need to make sure you have Gap insurance. And don't buy cars all cash or large (or any) downpayments.

[Anonymous]

most insurance payouts on totaled vehicles use actual used car selling prices. KBB and NADA are just guidelines anymore.

the insurance company will search your area for recent sales of vehicle that match your vehicles options.

since you just did some recent work to the vehicle have those receipts handy

they will provide you the list of vehicles they used for your valuation. you want cars that where sold less than 50 miles away, and overall mileage within 1000 miles. The valuations should also note date of sale. if the sale is is more than a few months old. complain as used car prices are much higher now than they were a few months ago.

go online and look a places like cars.com and see what asking prices are on vehicles with the same options.

[Anonymous]

We also were able to get compensated for any service work (and tires) that had been purchased within the year before the crash. You probably don't have much for a 2019 car, but, every little bit helps take the sting away.

[Anonymous]

Hope everyone is okay from the accident.

I went through this process earlier this year. As the other poster mentioned above, they will send you a list of "comparable sales" using the same year and model vehicles that was sold recently. What you have to pay attention to is the options list. The comparison sheet they provide will have a list of options and they will deduct items that you don't have.

It helps to have a copy of the window sticker, so that you can show options you have, and also cost of options that those other cars don't have. Your homework here really pays off. We were able to increase our pay-off from 22000 to 26000 by going line-by-line through the options.

[Anonymous]

I had my car totaled in June & was told by my insurance adjuster that all the recent maintenance work I had had done on it would not affect the amount I would be compensated for.

Maybe it depends on which insurance company you use?
Or your state??

I had brand-new tires, brakes & a new radiator installed two weeks prior to the collision.
But that did not affect my car’s value overall.

The good news is that insurance companies are paying out higher amounts right now due to the high co$ts of purchasing used cars these days due to the chip shortage.

[Anonymous]

Anonymous wrote:Hope everyone is okay from the accident.

I went through this process earlier this year. As the other poster mentioned above, they will send you a list of "comparable sales" using the same year and model vehicles that was sold recently. What you have to pay attention to is the options list. The comparison sheet they provide will have a list of options and they will deduct items that you don't have.

It helps to have a copy of the window sticker, so that you can show options you have, and also cost of options that those other cars don't have. Your homework here really pays off. We were able to increase our pay-off from 22000 to 26000 by going line-by-line through the options.

You can also get the options from the VIN #. I called the manufacturer and got them to email it to me. I hear some (Toyota at least) have apps that will show the options if you put in the VIN # now. I got a similar % increase as PP on a much smaller $ amount between options and providing receipts for recent repairs. IIRC, they were treating the car as a base model except for a few extras that were obviously visible on inspection, but it was a higher model.

In my experience, they won't send you the valuation report until after you accept their offer (if ever?) unless you know to ask. Don't accept the first offer.