- 11,280
What do insurance companies go buy to figure out what they will pay you when your vehicle is totaled? Their offer was a few thousand below KBB and what we could get the same car for at a dealer around here.
Totaled Car Payout
- Thread starter senior-advisor-indiana
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- #3
- 11,280
No I am going to ask them tomorrow.
They use various sources. Some use Redbook. Some use NADA.
Most have switched to computer generated sources run by ADP, Mitchell, and Certified Collateral.
Supposedly, these computer sourced companies have folks in the field at dealer's lots inputting data off dealer inventory.
After 30 years in claims, I was never convinced of these sources. We always went with the vendor that promised the most in "savings"
Most have switched to computer generated sources run by ADP, Mitchell, and Certified Collateral.
Supposedly, these computer sourced companies have folks in the field at dealer's lots inputting data off dealer inventory.
After 30 years in claims, I was never convinced of these sources. We always went with the vendor that promised the most in "savings"
- 15,319
I would contact Mark Rosenthal. He has more experience with auto claims than any claims adjuster.
Rick
Rick
- 385
The two companies I've had a total out with used 2 different systems. One went by NADA and the other used a point system. They did a search for same year, make, model, and pre-crash condition and looked at price tags. Then they did an average of those. I was told they used 30 points. Starting the search locally and then broadening until 30 points achieved.
Not sure about what method our company uses. They want agents out of the entire process, unless needed for mediation between claims and insured.
Not sure about what method our company uses. They want agents out of the entire process, unless needed for mediation between claims and insured.
I am answering this question as a consumer more than an agent.
I had this happen in college and got totally shafted by Liberty Mutual. That is why I now work extra hard when I have the opportunity to take business from them.
Liberty Mutual paid me about 2k less than the KBB value.
Thankfully as an agent I have not yet had this problem, since I represent a couple better companies I hope this will not be the case.
What I can tell you is this. If you represent a comapany that does that to an insured, the client, will go out of his/her way to tell everyone they meet about it.
I had this happen in college and got totally shafted by Liberty Mutual. That is why I now work extra hard when I have the opportunity to take business from them.
Liberty Mutual paid me about 2k less than the KBB value.
Thankfully as an agent I have not yet had this problem, since I represent a couple better companies I hope this will not be the case.
What I can tell you is this. If you represent a comapany that does that to an insured, the client, will go out of his/her way to tell everyone they meet about it.
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- #8
- 11,280
I found out today that they were going by the KBB private party value. I went by the retail value because that's what I was told to go by. Not sure if they are right but I know I couldn't buy the same car at a car lot for what they are giving us.
- 16,876
I have never found KBB to be very accurate.
If they are offering that low, don't settle. Have them find you a comparable car. Show them where several comparables are and let them negotiate the car for you.
This has worked many times for motorcycles. It should for cars also.
If they are offering that low, don't settle. Have them find you a comparable car. Show them where several comparables are and let them negotiate the car for you.
This has worked many times for motorcycles. It should for cars also.
Ahhh, remember if you save $500 in 15 minutes you could lose $2000 in 10 seconds....
Somebody should make a commercial.
To be honest, I didn't know any carriers went by KBB anymore. It's somewhat like selling your home based on the zillow.com price. Fun to look at, a good guideline, but not specific enough.
Dan
Somebody should make a commercial.
To be honest, I didn't know any carriers went by KBB anymore. It's somewhat like selling your home based on the zillow.com price. Fun to look at, a good guideline, but not specific enough.
Dan
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