Car insurance question....?

Question

I had full coverage on my 01 honda civic coupe. Fixed up but i know insurance wont give a rats. ***. My question is, if it is totaled and my car had full coverage. How much would i get from them? i tried going to kelly blue book. But i don't know if insurance goes by retail, or dealer quote or what... If u can answer give u all the pnts for best answer.

Answer 1

Most insurance companies have stopped using dealer quotes (the dealers weren't getting paid to give quotes and would just give answers off the top of their heads).

The price that the insurance owes you is the "actual cash value"--the price your car would have brought at retail if you had sold it one minute before the accident happened.  

A site that a lot of insurers use is the NADA site  here: http://www.nadaguides.com/ .

I'll tell you that claims appraisers are much more likely to deduct from book value for a car in poor condition than they are to add to it for one in excellent condition.

Unless you need the collision coveage to finance the car, why not drop it? Just bank the money you're paying for the premium and in a year or so, you'll nearly as much as they would have paid you.

Answer 2

In your sitation,I would like to suggest you have a look here.http://car-insurance.online-tips.info/ca...

Answer 3

Insurance will pay the fair market value of the damage vehicle prior to the loss.  That means they will consider the vehicles age, condition, mileage, options.  

Insurance Companies do not use Kelly Blue Book.

Many use a market survey program (such as CCC or Total Logic).

If they use a book ...it's the NADA. However, the will adjust the value in the NADA based on your cars condition, mileage, options.

Answer 4

They give you the market value at the time of the accident, but you can't really go off the value in a valuation book as that is just a rough estimate. Some people keep their car in nice condition, some don't, so it would be unfair to just give everyone the same value as it is shown in the value book. If you do write your car off, an engineer would be sent by the insurer to look at the salvage. He makes the decision on the value. If they offer you a value and you aren't happy with it, you can take the insurer to indepandant arbitration for a second opinion, but you rarely get more than the insurer's original offer.

Answer 5

Insurance companies give 'actual cash value' per the contractual language of the policy.  What that means is, they usually have an outside company that searches approximately 50 miles in your surrounding area for vehicles (like yours) that have sold in the previous 3-6 months.  They pro-rate the amounts & come up with a value.  If you don't agree with the value, you can request to initiate the appraisal clause written within most policies.

If you look within the cover of an actual KBB (Kelly), it's really designated for dealerships on vehicles of showroom quality.

In regards to the items you've added to your vehicle...policies are written to cover the vehicle you insure with them.  When you buy a policy, the vehicle should have been inspected.  If it was inspected with all of the upgrades, then you have an issue, as all of the items that were on it at the time of the inspection, should be covered.  If you added the items after you already had your policy, then you would have needed to add an endorsement for specific items for them to be covered.

Answer 6

Most insurance company's do not use books to determine the value of your vehicle.  They use third party companies like CCC.  You will be offered the Actual Cash Value of your vehicle(Replacement less depreciation).   If you want to know roughly what you could expect, go to nadaguides.com.  Use the low value.  This value is close to the ACV.  

Save all of your receipts for any of the aftermarket work that you did.  If your vehicle is totaled, the insurance may make some allowance.  If you really modified your vehicle, you should see about insuring it at "stated"  value.

Answer 7

they will still only give you current fair market value.