insurance question.

[civicjuju]

so my car got stolen 2 weeks ago....

insurance called me today telling me that they will give me 1500 dollar


its a 2000 honda civic ex (to start with )

kelly blue book value is 7300 dollar


WTF?


the car is salvage prior to a theft recovery (from the first time)

how much can you reduce the value of the car by? when the car is salvage?


which way can i go for me to get what i want....

i want at least 4000 grand...which i think is resonable


any advice will help

thanks

[Evil_SpeedRacer]

$1,500!?!?!?!?! Its time to start beaking some knee-caps! That is garbage, but I'm not sure if you can do anything if it was a salvage title. If I heard that from the insurance guy, I might have spit in his face. BTW I am in a saucy mood.....

[civicjuju]

$1,500!?!?!?!?! Its time to start beaking some knee-caps! That is garbage, but I'm not sure if you can do anything if it was a salvage title. If I heard that from the insurance guy, I might have spit in his face. BTW I am in a saucy mood.....

yea... no shit...

[asianjkim]

1500? I would probably go and talk to them about it. I'm not really sure about salvage titles. Although I think they are just trying to get around not paying full amount that they really should be paying.

[stu]

Was the car recovered? If you pay the $200 to have an independent adjuster come out and appraise the car, they'll usually just pay you what he says it's worth if he appraises it higher. However, if the car is still gone, you don't have anything to appraise. Call a dealership or two and ask them what they'd value a sight-unseen 2000 Civic with a salvage title. Your insurance company may be on the mark.

[Mario]

Haha yeah, the insurance company offered me $1200 for my Prelude when it was totaled. I wrote a HUGE long letter, with who knows how many receipts of attached parts (over $9k worth of parts), and asked them to kindly 're-evaluate the value of the car'. I battled with them for 3 months, but I got $4,500 from it.

[Street_Kings]

so my car got stolen 2 weeks ago....

insurance called me today telling me that they will give me 1500 dollar


its a 2000 honda civic ex (to start with )

kelly blue book value is 7300 dollar


WTF?


the car is salvage prior to a theft recovery (from the first time)

how much can you reduce the value of the car by? when the car is salvage?


which way can i go for me to get what i want....

i want at least 4000 grand...which i think is resonable


any advice will help

thanks

Damn, this right here is my worst nightmare. I'm still waiting for an answer on my appraisal right now, HOPEFULLY things will work out for both of us!

EDIT:
Which pricing does insurance use? Trade-In, Retail, or Private-Party?

[stu]

Damn, this right here is my worst nightmare. I'm still waiting for an answer on my appraisal right now, HOPEFULLY things will work out for both of us!

EDIT:
Which pricing does insurance use? Trade-In, Retail, or Private-Party?

Actual Cash Value. Retail basically. It wouldn't make sense to do trade-in value. They break out the NADA book, and price the car based on the area you live in. Example: A Subaru is worth more in Colorado than it is on the beach in California.

[Street_Kings]

Actual Cash Value. Retail basically. It wouldn't make sense to do trade-in value. They break out the NADA book, and price the car based on the area you live in. Example: A Subaru is worth more in Colorado than it is on the beach in California.

wow, just checked and NADA is much less than KBB :frown:

[TedR719]

Salvage title will always get you; typically around 30%-50% off what regular market value is for the vehicle. Don’t know the DOI rules in CO but I can help you the best I can. Request for the evaluation from the insurance company and look it over first.

Normally they have to run a market survey with comparable vehicles that sold in your market area, they avg them out and have a starting figure of what a typical civic goes for, from there adjustments are made for the condition and the options you had on the vehicle (keep in mind aftermarket stuff don’t add a lot of value if any) and you should have your total, but since you have a salvage title there is huge adjustment for that.

I deal with total losses all day long, and I can tell you its hard to get extra value out of your vehicle when it has a salvage title, period, but like some said you can get a appraisal completed but from what I hear a legit one will set you back around $300.

[TedR719]

Actual Cash Value. Retail basically. It wouldn't make sense to do trade-in value. They break out the NADA book, and price the car based on the area you live in. Example: A Subaru is worth more in Colorado than it is on the beach in California.

ACV is not really close to what Retail KBB value, ACV is basing the figure on the local market area while KBB is more like a nationwide avg and also with KBB retail is takes into account for dealer profit, cost for advertising, ect (look at the fine print under a retail value when you quote a car on KBB). So pretty much what a dealer would price the vehicle at, the most accurate value if your going to use KBB is a "good" private party value...cause with the "excellent" value on private party it will state that less than 5% of ALL used vehicles in the market would qualify "excellent"