Will insurance total out my car?

Question

When insurance companies figure out what your car is worth..do they go by the private sale value or retail? I got a bunch of hail damage and I see the claims dept. tomorrow..just wondering if they might total it out. Damage is just over $6,000...car is worth $6,500 - $8,700 depending on which way they look at it.

Answer 1

they will, they will pay 25% less than the lesser number. have the insurance co. write the estimate (they will write it lower ) then let the body shop collect the differance. they  will write a supplimental bill and you will get your car fixed.

Answer 2

Insurance companies usually use 'Fair Market Value' to determine the amount of loss.

'Fair market value' is likely to be closer to private party than retail, since retail involves reconditioning, cleaning, repairs, etc. to make the car nice enough to sell on a lot.

Answer 3

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Answer 4

retail value

Answer 5

They go by "fair Market Value".  If the cars fair market value is really $6500. and the damages are $6,000., they will probably total it.  If its fair market value is $8700., they may not total it but fix it instead.  It all depends on the fair market value THEY place on it.