by STUCKinLODI » Thu Oct 30, 2008 07:18 am
My truck was totaled and the person who hit me was at fault. His insurance company quoted me a acv(actual cash value)of 6,500 and I disagree with the amount. Blue book value is 8,900.I was told that the acv is figured on what a simaler vehicle is being sold for in that area and availability. I cannot find any cars with the same amount of mileage or add-ons I had on my car for less than 9,000. I asked the insurance Co. to send examples of the vehicles used to determine their acv. I was sent 2 examples, one (7,700)was a year newer with 40,000 less miles but lacked many of the factory extras. The other(5,500) was'nt even close. I then sent them what I had found. The trucks I found in my area,using a 500mi. radius, Ranged from 9,000 to 12,000. They then raised the acv to 6,900. Am I wrong for requesting the info. on how they came to figure their ACV. Can they use the same model with a different year(obviously newer) as an example? Can I request the same color? How close does the insurance co. have to get to matching my totaled truck? where can I find the written leagal guidelines on this matter?
Posted: Thu Oct 30, 2008 09:59 am Post Subject:
Can I request the same color?
That's going a bit far...first no companys use the KBB, if you want I'll run a value for you I need yr/make/model/mileage/ALL options and any unrepaired prior damage, (ie tears in the seats, dents not fixed, hail etc)...they have to prove their value, but you too need to prove your disagreement...let's see what I come up with to see who's closer...they more than likely used CCC or some such monster..they owe you the ACV as they said, trouble is no one really ever agrees on that...did you check to make sure they had all your options etc correct on their evaluation?Posted: Thu Oct 30, 2008 10:14 am Post Subject:
Lori, what I've heard that many of the companies use the CCC service to arrive at the ACV of the car. Can they deliberately offer a low value?
However Stuck, if you want to dispute the value suggested by the insurance company you are required to prove value to the insurance company. I'd rather say that Pls take Lori's help to know the actual worth of the vehicle and also start gathering the documents that will prove the higher value of the truck.
~Jeremy
Posted: Thu Oct 30, 2008 10:26 am Post Subject:
Can they deliberately offer a low value?
NOPosted: Thu Oct 30, 2008 11:31 pm Post Subject:
What is CCC? When I asked my agent how they would come up with a value for my truck he had said they used an average figure between edmunds and another place I can not seem to thin k of. I hate when that happens.
Posted: Thu Oct 30, 2008 11:34 pm Post Subject:
http://www.cccis.com/portal/page/portal/CCCISPagegroup/TrainingSupport/TechnicalSupport/TechnicalDocuments/MotorGuides
Posted: Thu Oct 30, 2008 11:39 pm Post Subject:
Cool...I bookmarked the page..hopefully I will never need it again and LIFE can be clear sailing from this point on. Don't laugh...we all are allowed to wish right?
Posted: Fri Oct 31, 2008 06:07 am Post Subject:
Hi lori, then pls explain why the value differed so much from the other estimations?
~Jeremy
Posted: Fri Oct 31, 2008 11:10 am Post Subject:
Hi lori, then pls explain why the value differed so much from the other estimations
I'll try Jeremy...and what I meant by my answer is no insurance company is allowed to DELIBERATELY low ball anything! That's not saying that some don't, I'm sure some do...I could look up a value (btw have been working with this OP off thread and have him a value)....of your car, and find atleast four different values...they 'should' all be pretty close...most of the time the problem with huge difference is the old 'garbage in garbage out' saying...meaning if a vehicle isn't properly coded you won't get good information...another problem..another issue is knowing how to desipher the data....most people have no idea what their vehicle is worth, and everyone thinks theirs is worth more...most don't realize that although they say, 'it's in perfect condition, it's mint or cherry' that is rarely true either...setting where you are now can you tell me EVERY dent ding and inperfection in your vehicle? course not...I couldn't either and I do this for a living...
CCC is a system that supposedly finds vehicles that are 'real' and for sale that match or are close to the totaled one...sorry but their system (IMO) is rarely correct anymore....when they first started it wasn't too bad and you'd get tons of comps....now they usually no longer exist or are so different they shouldn't be considered. That's why I advise people to actually call the comps, and find out about them..
Another flaw that no system accounts for...right now with gas being what it is...you can buy a gas hawg for next to nothing...and an economy vehicle is at a premium...
Posted: Fri Oct 31, 2008 11:50 am Post Subject:
I agree with you that we consider our vehicle is in perfect condition at the time of the accident when it wasn't. And we also tend to stretch the value since we have an emotional attachment with the car.
However, according to the original post made by Stuck, the mileage of the car that CCC system has considered for comparison has far more less mileage on it. Isn't the insurance company responsible for finding a vehicle that is more close to the original one?
~Jeremy
Posted: Fri Oct 31, 2008 11:55 am Post Subject:
yeah it is...his vehicle has VERY high miles, and more than likely they couldn't find one that was that high (166k)
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