How do insurence companies determan the value of your totaled car?

Question

Jeep chokee sport 2 door 1998?

Answer 1

Most of the larger insurance companies DO NOT use book values.  The values in the books do not specify the geographic region which adds or reduces the value of a vehicle.

They use third party sources like Certified Collateral Corporation(CCC).  CCC bases valuations on market surveys which are updated several times each month. Vehicle condition, options and mileage are all recorded along with the market price. When a vehicle is totaled, CCC compares the loss vehicle to similar make/model/year vehicles in the  database, and provides the insurance company with supporting documentation.

If you want to know the ACV of your vehicle, the closest book value is nadaguides.com.  Use the low value.

Answer 2

I dont know, I totalled my BMW last year. The insurance paid out £2000 more than I was offered the previous year on a garage.

Answer 3

If the car was totalled, then they just look up the book value (literally in a book) and that is what it assigned.

Good Luck...

Answer 4

They will run an evaluation to determine the actual cash value of your vehicle. They may even run the eval w/ a few different companies (we use CCC and NADA)

They will never use KBB.

Check out www.nada.com to get an accurate idea of what you will be offered

Answer 5

Look at KBB.com and put in your info....or google Whats my car worth.  I did both and the last one you put in your info about your car, where you live and such-someone from there actually called me told me exactly what to ask for, which was more than the KBB and my insurance company gave me exactly that!

Answer 6

They go by "fair Market Value"  They look in books such as NADA and Kelley.

Answer 7

They actually subscribe to a service which collects all the private party ad sale prices in local newspapers and magazines like auto trader.

But if you want to get a rough estimate, go to www.kbb.com, and figure out the private party sale value of your car.