Car insurance claim, how to do my own research...?

Question

My wife recently had a car wreck, and the settlement through progressive seems rather low to me. If I had the opportunity, I would have researched ahead of time, but I want to look into it now to make sure I haven't been low balled. I just would like any advice as far as how to research car prices (ie what sites to visit), how to determine what cars would have been referenced if not my actual make and model, and what things to take into consideration when researching. I know that the blue book value is irrelevant and they use something called the mitchell report. Any help is appreciated. Thanks.

Answer 1

Go to www.kbb.com, and find the PRIVATE PARTY SALE value for your vehicle.  

You can't get the mitchell report, but that kbb private party sale shouldn't be far off, if you're accurate with the condition of your car.

Answer 2

Are you meaning that your vehicle was considered a total loss and you are not happy with the offer?

The insurance company offers you the actual cash value of your vehicle, less any deductions for prior unrelated damages.

No company uses blue book value.

Majority of companies will run an evaluation to determine the ACV of your car. They do this through evaluation companies such as CCC or NADA.

To get an idea of what the company may offer, you can go to http://www.nadaguides.com/home.aspx

click on the used car prices tabs and fill in the information pertaining to your auto.

Again, if you are unhappy w/ the amount offered for your vehicle, and feel that your car is worth more, you will have to prove to the company why your vehicle is worth what you say it is. And remember, we always think our car is worth more because we have a personal interest in the vehicle.

Hope this helps.

Answer 3

The Mitchell Report and other third party companies like CCC, do a market survey.  This is what they do:

Valuators regularly go to used car locations and record the current inventories of vehicles available for sale. Vehicle condition, options and mileage are all carefully recorded along with the market price.  The data is then uploaded to a computerized database which is used to create the total loss valuation responses. When a vehicle is totaled, CCC compares the loss vehicle to similar make/model/year vehicles in the database and a comprehensive report is produced which explains the basis of the valuation.  

You can ask for this report.  You can do a survey of your own, by going to local dealers and taking a look at your local papers.  

One thing you should do is make sure that the claims rep has all of the correct info about your vehicle.  Are all of the options included?  Correct mileage?  What condition did they run it through as, Excellent, Good, Fair or Poor?  Did they deduct for old damage?

If you are not happy with the settlement, check your policy.  You probably have an arbitration clause.  You and the insurance company can enter into arbitration.  Both sides pay their share.  The arbitrator will decide the value, and the decision is binding.

Answer 4

was the car totalled or repairable?

Answer 5

Each carrier uses a different method. Many carriers use what is called a CCC report. Basically this is a report that is run for your zipcode on the same year, make & model of the vehicle that you have. It give values for that vehicle for both cars being sold by the dealer and private party. What you can do is look at KBB.com on and use the "private party" feature. You can list all the details about your vehicle and the mileage and it can give you a figure. Additionally, you can look in both the newspaper and autotrader magazine and find the same year make and model and send those to Progressive showing what you have found the vehicle is going for on the market. Just make sure that you aren't comparing your vehicle to one that has less mileage etc or it will not be considered comparable. If the adjuster will not move off the figure then go up the food chain. If you have proof that the vehicle is worth more than they need to re-evaluate the settlement. Make sure too that they have not missed any special features about your vehicle ie: towing package, 6 disc cd changer etc. Also you can submit recent receipts for tires and repairs and that too may increase the value of your vehicle.