what would an insurance company use to base actual cash value for a comprehensive claim on 2003 buell firebolt; purchase price 2007 $3500
Total Comments: 3
Posted: Fri Jul 18, 2008 02:12 pm Post Subject:
Depends on the insurance company... some use 3rd party companies such as CCC and Audatex and others use book values.
Posted: Sat Jul 19, 2008 05:40 am Post Subject:
Hi jbell020, its difficult to say since the insurance companies preserve their trade secret. An industry insider may know it, but its difficult to guess from outside. Many are known to use third party computer software to determine the worth of the loss.
However, the trade-in value of the MV may give you an idea of the cash-value.
Posted: Sat Jul 19, 2008 05:51 am Post Subject:
Some may take take the help of NADA to determine the actual cash value of the motor vehicle. In a nutshell, there is no fixed formula, which is used by the insurance company to determine the ACV of the motorcycle.
While deciding upon the amount of the claim, they may take the assistance of CCC to do the market research on their behalf. They'll also take into account the wear-n-tear factor and also the old damages.
Posted: Fri Jul 18, 2008 02:12 pm Post Subject:
Depends on the insurance company... some use 3rd party companies such as CCC and Audatex and others use book values.
Posted: Sat Jul 19, 2008 05:40 am Post Subject:
Hi jbell020, its difficult to say since the insurance companies preserve their trade secret. An industry insider may know it, but its difficult to guess from outside. Many are known to use third party computer software to determine the worth of the loss.
However, the trade-in value of the MV may give you an idea of the cash-value.
Posted: Sat Jul 19, 2008 05:51 am Post Subject:
Some may take take the help of NADA to determine the actual cash value of the motor vehicle. In a nutshell, there is no fixed formula, which is used by the insurance company to determine the ACV of the motorcycle.
While deciding upon the amount of the claim, they may take the assistance of CCC to do the market research on their behalf. They'll also take into account the wear-n-tear factor and also the old damages.
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