Do insurance payoff claims based on NADA prices?

Question

My vehicle is stolen, and it has full cover insurance, does the insurance company go by NADA book value, when figuring the pay off of the vehicle , if the vehicle is not recovered. Thank you for you time in answering this question

Answer 1

If the insurer uses a book it will be NADA

(NOT kelley blue book)

The value is adjusted for the age, condition, mileage of vehicle.

Many companies also use a market survey program. CCC and Total Logic are two that could be used. In general, the values in the market survey tend to be more accurate representations of the vehicles value. Especially at times like now - where the values of big trucks/suv's has plummeted and the value of 4 cylinder cars has jumped.  

The insurance company does not pay off the value of your note. If you owe more than the car is worth - you are "upside down" and you are responsible for the difference between the fair market value of your vehicle and the amount of your loan.

Answer 2

Your situation are typical for a lot of people,so,be patient and calm down,check the resource i found useful.http://insurance.free-onlinetip.info/ins...

Answer 3

They may go by that and the Kelly Blue Book and the condition and milage of the vehicle minus your deductible.

They also look at car dealer ads to see what they are selling for.  

Answer 4

Most insurers use NADA as a guide and pay based on market value plus or minus options, condition, model and mileage.