by 2012jime » Fri Feb 24, 2012 06:10 am
My car was totaled. In WI does the Insurance company give you trade in value or average retail ??? I have a 2010 Kia Forte LX. Millers First Insurance is only giving me trade in value of car. Is this right ???[/url]
Posted: Fri Feb 24, 2012 01:31 pm Post Subject:
They are going to compensate you with the Actual Cash Value of your vehicle one way or another. Read your policy document, it should help you answer your query.
Posted: Sat Feb 25, 2012 01:00 am Post Subject:
If Heller wanted to be helpful, he could have said that Actual Cash Value is the vehicle's replacement cost the moment prior to the collision, with a deduction for depreciation, also based on the condition of the vehicle prior to the collision.
If the damage to the vehicle exceeds about 75% of the ACV, it will be considered a total loss, and you will exchange ownership of the vehicle to the insurance company for their claim check payable to you (and your lienholder, if the vehicle was financed at the time).
From the sound of your post, the vehicle must be a total loss. The vehicle is only 2 or 2-1/2 model years old. "Trade in value" seems too low to me if the vehicle was in excellent condition. Demand to see the comparables the adjuster used to determine the value of your vehicle, and make sure that he is using "like-for-like" -- that is, vehicles in your market and similarly equipped, not one 2,000 miles away in California where many people put 30,000 miles per year on a vehicle commuting to work and fooling around on their time-off and KIAs are cheap (closest to the port of entry from Korea). (My first two full years in the business back in 1981-1982, I put 103,000 miles on a brand new 1980 Honda Accord that had 47 miles on the odometer when I drove it off the dealer's lot.)
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