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How do ins companies figure the value on a totalled car?

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How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 10:20 AM   #1
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How do ins companies figure the value on a totalled car?
Let's say they had a 97 vette with 90k on it. How would they figure the totalled value?

Do they give extra for rims, shocks, and other upgrades?

Can someone with experience tell me what I need to do to get the most $?
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 10:23 AM   #2
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Re: How do ins companies figure the value on a totalled car?
Did you total your vette?
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 10:28 AM   #3
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Re: How do ins companies figure the value on a totalled car?
I think so.
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 10:29 AM   #4
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Re: How do ins companies figure the value on a totalled car?
If you have receipts, they will give you half value for mods.
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 10:33 AM   #5
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Re: How do ins companies figure the value on a totalled car?
Quote:
Originally Posted by Red5
I think so.


Well, tell us what happened, damnit!
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 10:49 AM   #6
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Re: How do ins companies figure the value on a totalled car?
The cones fought back.


MM
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 10:54 AM   #7
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Re: How do ins companies figure the value on a totalled car?
A friend of mine had his heavily modified car totalled about two months ago.

They gave him full value on receipts for any mods less than a year old, but nothing for anything else, and they made it clear that was an unusual concession. He had to fight pretty long and hard to get that.

There is no general rule, though, it's all up to the company and the adjuster.
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 10:58 AM   #8
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Re: How do ins companies figure the value on a totalled car?
My insurance company had an evaluation done by a third party. They went through the car and based on mileage and options did a search on used vehicles, KBB and other resources. After that value was determined I took in paper work showing recent work and aftermarket stuff stuff I had added. In addition, I made sure the company doing the evaluation knew about all my options on the car...some were not noticeable to the untrained eye.

When it was all said and done it, with a little debate, I settle for what I considered a fair price. It was a realistic amount for what the vehicle would have sold the day before the wreck.

Then they added sales tax and prorated the registration. That was something I didn't know they do so it was an added bonus.
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 10:58 AM   #9
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Re: How do ins companies figure the value on a totalled car?
You will have to fight for every penny, good luck.
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 11:01 AM   #10
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Re: How do ins companies figure the value on a totalled car?
USAA goes by market value of the vehicle. They hired a 3rd party to price comparable Vipers in the area when I totaled my first R/T10. The fact that I live right outside of Los Angeles helped me out BIG TIME. I would have received much less if I were living in Kansas or Florida.

As for upgrades, they wanted receipts for everything and gave a depresiated value on a item by item basis. Most upgrades they did not cover.
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 11:02 AM   #11
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Re: How do ins companies figure the value on a totalled car?
They also gave me sales tax and registration costs.
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 12:20 PM   #12
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Re: How do ins companies figure the value on a totalled car?
Leaf,
I didn't know you were an officer.

Anyone know what the book value of a 97 c5 with 90k would be? Will they add anything for the fact taht there are only 157 fairway green (sorry, 156) corvettes in existance?
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 12:22 PM   #13
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Re: How do ins companies figure the value on a totalled car?
They won't care about the color, but they must replace the car with what it was. So, you can fight about that color not being available.

Just bitch whine and moan, threaten to sub if you have to [img]/images/graemlins/toothy[/img]


MM
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 12:26 PM   #14
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Re: How do ins companies figure the value on a totalled car?
They lookat how big of an assholy/cocky motherfucker you are on the internet and give you $$ accordingly. You're gonna owe them money.
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 12:32 PM   #15
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Re: How do ins companies figure the value on a totalled car?
This one may have taken a bit of the pimp out of my step for a while [img]/images/graemlins/laughing.gif[/img]

37 years and not so much as a fender bender. I blemished a perfect record.

Wait till all the smoke clears and I will fill you in on the details.
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 12:33 PM   #16
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Re: How do ins companies figure the value on a totalled car?
Fuck I can't even get you going this f'n sucks. I'm out. Sorry about your car red.
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 12:39 PM   #17
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Re: How do ins companies figure the value on a totalled car?
Quote:
Originally Posted by Red5
Leaf,
I didn't know you were an officer.

Anyone know what the book value of a 97 c5 with 90k would be? Will they add anything for the fact taht there are only 157 fairway green (sorry, 156) corvettes in existance?
I'm an NCO....so I have to work for a living. USAA provides coverage for enlisted as well.
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 12:46 PM   #18
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Re: How do ins companies figure the value on a totalled car?
Scroll to the bottom to see what happened to Reds car:

http://www.viperalley.com/showflat.p.../o/all/fpart/1

Eddie
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 01:21 PM   #19
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Re: How do ins companies figure the value on a totalled car?
You had better hope I am not your adjuster Red5!!!!!!!!

So were the payments getting tight? Had a friend that owed a favor to take and burn in the woods? Did someone play a sick joke and paint cement shaped cones orange?
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Re: How do ins companies figure the value on a totalled car?
Old June 15th, 2004, 01:25 PM   #20
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Re: How do ins companies figure the value on a totalled car?
Nope, just a good old fashioned fuck up on my part.

Joker, Tell me how they will value the car. How much do you think I ma looking at?
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