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Double Bimmers
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1,176 Posts
Discussion Starter · #1 ·
I do not yet know for sure, but it looks like my 330Ci will be a total. How do I and the insurance company agree on the settlement?

Am I entitled to RETAIL, WHOLSALE, somewhere in between, or something else?

Is the Kelley Blue Book or NADA the authority for determining the value? One says the average retail is 36.0K the other says 35.6K for my specific car.
 
G

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KBB is useless. The only authoratative source that dealers use is the black book. But I have no idea as to how an insurance company values your loss. I'd bet they have their own valuation model.
 

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Double Bimmers
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1,176 Posts
Discussion Starter · #3 ·
Holden said:
KBB is useless. The only authoratative source that dealers use is the black book. But I have no idea as to how an insurance company values your loss. I'd bet they have their own valuation model.
Black book, is that the NADA?

I saw that my county tax collector uses NADA, when he gave me an estimate for 2003 property taxes on the E30.
 

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The Original Dr. Phil
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10,985 Posts
My last experience for a totaled car (a family memebers) involved averaging the two retail values as determined by "the black booK" and some other regional value guide. But it was based on retail and if I remember correctly the added tax to the amount as well:)

I was really surprised by how high the check ended up being.
 

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into things retro
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4,541 Posts
You should get retail.

When they totalled out my e36 M3, the first offer they gave me was almost literally an insult. I told them that I respectfully disagreed with their valuation (I fought the urge to curse them out). I asked for copies of their evaluation report (which you need to ask for) and then went over it and picked it apart to figure out where they short changed me.

They had not used the mileage to figure in (how can you value a car with considering the mileage :dunno: ) and had not counted up all the features on the car.

I also talked to a sales guy at a dealership and asked him "if you had my car on the lot, what would you sell it for". I used that as my target to negotiate towards when countering their value.

Armed with my own research and corrections to their report, I got within about $500 of what the guy at the dealer told me.

The original offer they made me was about 60% of what they eventually gave me. (I'm sure it's almost standard practice to throw out a low ball number and see if you take it)
 

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In a ton of debt...
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1,837 Posts
My parent's car was totaled about 2 years ago. The insurance company paid them "replacement cost" - basically the amount it would cost someone to buy a similarly equipped car (and year model) in the local market. My parent's checked and the amount they got was quite similar to what they see on the retail second hand market (not auction black book value). But that was two years ago.
 

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Registered
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376 Posts
Alright guys, here's the scoop.......

Insurance companies value vehicles based on market value. The definition of market value is interesting, but for the most part, it's based on transaction and advertised prices of comparable vehicles, adjusted for mileage within the geographical area. They DO NOT use blue book or NADA.

The best way to negotiate your claim is to pull classified ads via the net, auto trader, and newspapers for vehicles in your general
vicinity and present those to the adjuster for consideration. Another thing to remember is that a CPO or dealer vehicle is fully reconditioned, so you may take a ding on value depending on the condition of your vehicle. Either way, remember that documentation is the key to increasing the value of your vehicle in the eyes of an insurance company.....try not to whine about emotional attachment and how much you've babied your ride, they've heard it before.

Good luck!
 

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Registered
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1,211 Posts
VDPHB said:
Alright guys, here's the scoop.......

Insurance companies value vehicles based on market value. The definition of market value is interesting, but for the most part, it's based on transaction and advertised prices of comparable vehicles, adjusted for mileage within the geographical area. They DO NOT use blue book or NADA.

The best way to negotiate your claim is to pull classified ads via the net, auto trader, and newspapers for vehicles in your general
vicinity and present those to the adjuster for consideration.
Good luck!
Maybe we can all help CD out here by posting for sale adds on autotrader.com, at rediculoisly high asking prices??:dunno: :dunno: :)

I'm game...if you want some help
 

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A sudden sense of liberty
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3,939 Posts
"Condition of the vehicle?" Have you seen pics of CD's car? It's freaking totaled.

j/k--I know what you mean. But it seems like it would be hard to demonstrate that a vehicle was in good condition, pre-accident, if the accident really destroyed the car. Especially where, as here, the car has been sitting outside for a month with its window open.

We did put a full load of synthetic oil in the car 20 minutes before the accident, so that's like $35 right there.

VDPHB said:
Alright guys, here's the scoop.......

Insurance companies value vehicles based on market value. The definition of market value is interesting, but for the most part, it's based on transaction and advertised prices of comparable vehicles, adjusted for mileage within the geographical area. They DO NOT use blue book or NADA.

The best way to negotiate your claim is to pull classified ads via the net, auto trader, and newspapers for vehicles in your general
vicinity and present those to the adjuster for consideration. Another thing to remember is that a CPO or dealer vehicle is fully reconditioned, so you may take a ding on value depending on the condition of your vehicle. Either way, remember that documentation is the key to increasing the value of your vehicle in the eyes of an insurance company.....try not to whine about emotional attachment and how much you've babied your ride, they've heard it before.

Good luck!
 

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Registered
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376 Posts
I know what you mean when it comes to condition of the vehicle, but the appraiser has already seen it by this point hopefully. When I say Condition, there's generally good/great, average, and POS. It's usually pretty easy to tell based on the interior and body panels.

As far as other factors go, generally, stuff like tune ups and oil changes aren't factored into the value of the vehicle since those are maintenance items, which an owner would accrue no matter what. A new transmission or engine or something on the other hand is a different story.
 

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************************* ***
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Actually, CD, I don't think it's just a money issue. If you are unhappy with the offer from the insurance company you do not have to settle. Their obligation is to replace your car. Therefore, if they can go out and find a comparably equipped car, with similar miles, in similar condition then you should be satisfied. Obviously, you have a dollar figure in mind as to how much that would cost. You must be reasonable, how much would it cost you to go out and buy a car essentially like your's prior to your accident, today? That is all the insurance company should have to pay you. In fact, they don't have to pay you, just return/replace your car in essentially like condition. At least this has been my experience and of course, all policies are different. I had an accident with a '91 Mercury Capri XR2 in 1999 with 20k miles on the car. Problem was, there weren't any around in my condition, with my miles. Therefore, we had more haggling. I suspect your's isn't quite as unique.
 

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OMGWTFBBQ
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11,262 Posts
johnlew said:
At least this has been my experience and of course, all policies are different.
The policy is key. Ours treats new cars differently until 12,000 miles or two years from the purchase date. In the event of a total loss, they pay what we paid for the car, inlcuding tax, less title, registration and (I think) extended warranty/service contract. The premium was not the lowest quote that we got (damn close, though) but none of the other policies offered this.
 
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