What is the value of my car? How much should Insurance pay me?
Can you guys help me out, my insurance called me and they said its a total loss so they quote me that they will pay (ACV) $11,020. To me that seems pretty low on Kelley Blue Book I get a quote of $14,740 unless I'm doing something wrong?
Information about my car
2010 Honda Accord EX-L V6 3.5 (Black)
Leather Seat (Black)
Dual Power Seats, Multi Disc, XM Radio
Traction Control, Premium Sound
All stocks, clean record, no modifications.
State: Michigan
Excellent Condition. No dents.
How much should I actually get from my insurance? Can I fight their offer of the ACV?
ACV is actual cash value. That is what similar cars in your area sell for. You may be able to get more money for it. Probably won't be much more. Get on the net… Auto trader… Etc and see if you can prove yours is worth more. KBB is too high. Go to Edmunds.com put in you info and see where you fall… When it comes to a wreck all at once everyone thinks there car is excellent condition… HERE LET ME TELL YOU AGAIN YOU HAVE TO PROVE YOUR CAR IS WOTH MORE T%HAN ACV.
Insurers are in business to make a profit. So they will always make a low first offer and it's up to you to provide evidence to support your claim for a higher figure. I've never taken fewer than three rounds of offers and it has taken me six on one occasion.
But the value you quote is only a guide. The valuation will vary according to whether it's a retail price at a dealer, a private sale price or an auction/trade-in valuation. Mileage (which you failed to state) will also affect the basic pricing. Insurers will NEVER offer the top price as they factor in the fact that sensible buyers never pay the price demanded by the retailer. First offers are usually around the auction/trade-in figure. Once a value is agreed you then get the money, less any compulsory and voluntary excesses (US = deductibles). For young drivers those excesses can be very high indeed.
They owe you fair market value, in other words, if not for this accident, what could you have sold your car for?
KBB is used for dealers only, since they have to do dealer prep plus make a profit, since they are a business.
Like 1 poster stated, need a comparison based on where you live. Edmunds, NADA and auto trader are good places to do a "valid" valuation.
Go to those sites and input your vehicle with options that add value and other things that can SUBTRACT out value. One of the key factors is mileage. Most insurance will allow on average of 12,000 per year. So, with a 2010, should have 60,000 or less. If, you have for instance 72,000, then they can SUBTRACT out a few thousand, but if lower milegae ADD value.
MI may go against you, since due to high unemployment, may have lower values on vehicles, since may have more problems selling it.
If, I had to guess, the $3000 difference is due to high mileage and the zip code where you live.
Yes, the current market value of your 2010 Accord EX-L V6 is indeed approximately $14,500. However, the fair market value which an insurer will pay out if your vehicle is deemed total is much different than current market value. You can expect as much as a 20% lesser difference between current market and fair market value. What they are offering is within reason.
Try NADA value. Also look for an identical car in your area at a dealer for sale. That will give you some power in negotiating a higher value for you car, if it is worth more than what the insurance co claims it is worth.
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