by Guest » Fri Jun 17, 2011 06:17 pm
I just found out my Ins Co is totaling my car for the sum of damages of three separate accidents. They happened close together and I brought the car to be repaired for all three. None of the accidents were my fault.
My car:
2002 Toyota Prius
155k
Good Condition other than the damage from the accidents
Standard Equipment with a CD changer
They gave me a value of $6151 before mileage deductions and minus the $730 for mileage and $75 for condition the value is $5346.
I understand the mileage and the condition deductions, but I feel like the car should be worth a bit more than that. KBB said the retail value was $8475, NADA had it at $6200. KBB seems a little high though.
Any help figuring out what my car should be worth or any info to help prove my car is worth more than the ins company says would be greatly appreciated.
Thanks
Corey Fraser
My car:
2002 Toyota Prius
155k
Good Condition other than the damage from the accidents
Standard Equipment with a CD changer
They gave me a value of $6151 before mileage deductions and minus the $730 for mileage and $75 for condition the value is $5346.
I understand the mileage and the condition deductions, but I feel like the car should be worth a bit more than that. KBB said the retail value was $8475, NADA had it at $6200. KBB seems a little high though.
Any help figuring out what my car should be worth or any info to help prove my car is worth more than the ins company says would be greatly appreciated.
Thanks
Corey Fraser
Posted: Sat Jun 18, 2011 02:01 am Post Subject:
You cannot use the RETAIL VALUE. The insurance company came very close to the NADA value (the industry standard reference), however, and less the depreciation, has given you what appears to be a fair offer.
Standard mileage is figured at 12,000-15,000 per year. Your 9 year old vehicle should not have more than about 108,000-135,000 miles on the odometer. You can always argue for a larger payment.
Posted: Mon Jun 20, 2011 10:35 am Post Subject:
If they've come so close to the NADA value, will it fetch the OP a better offer if he continues arguing? I guess it's worth going for a settlement for such offers.
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