Okay, so now you have had an accident. Your car has been declared a total loss, which by the way, Kentucky Law says that a company has to declare your vehicle a total loss when the damage exceeds 75% of it’s value. How do you know if the offer that you have been given by the insurance company is fair?
- First, ask the company how they determined the value of your vehicle.
- Second, ask for the document stating this value, because we have seen times when an error was made that affects the value of your offer.
- Go to the following three websites to estimate the value of your vehicle: Edmunds.com, KBB.com, NadaGuides.com.
- Look at an average of the Retail and the trade-in value from these websites, which is probably most closely associated with the actual cash value. However, each claim is different, so there is no simple answer.
Other places to look for a similar vehicle are AutoTrader.com and Cars.com. But you must remember that these will show you the ‘asking’ price, not the ‘selling’ price. So although the value may appear higher than you were offered, you may be able to go in and buy the vehicle for well under the asking price.
Another variable, If the accident wasn’t your fault, you can try settling with the at fault party or you can use your own company, provided that you carry collision. You never know which company will offer the best value, because they could use different reports for determining the value of your car. You should look at both options if you feel your offer wasn’t fair.
Have you had a vehicle declared a total loss? If so, do you feel that you were given a fair price?
Reference used: CarInsurance.com
