So your car is totaled in an accident, and your insurance company offers you a settlement that you think is low. Have you ever wondered how they decide what to give you for a damaged car? Many of us wonder where insurance companies get their amounts from. Some of the calculations are an in house system used by each insurance company.
Is Your Car Worth More than the Insurance Company Offers?
Your car may be worth more than the insurance company offers you. Some insurance companies will assess the value of your totaled car according to the Kelly Blue Book. This is a book that calculates value according to condition of the vehicle. The insurance company may assume the car was in fair condition before it was damaged. They will offer the fair condition price.
The car might have been in excellent condition, but how do you prove it now that it is a jumble of twisted metal? The point is you don’t. Most of the time, we will take the amount the insurance company offers for the loss of the vehicle. If you do not agree with the amount, you can try to dispute it, but you will need to have documentation to prove it.
How to Prove Your Car Is Worth More
If your car was in excellent shape, you should have filed photos of the vehicle with the insurance company. I once had a car that was in excellent condition for a vehicle of that year. I took the car to my agent and had him take photos of the car and put them in the file. If something happened to the car, I had proof that it was far better than “fair” condition and I expected to be paid for a car in excellent condition. With the information about insurance, the benefits are increased for the owner of the model. The average insurance cost of owning an Audi will be advantageous for the owner of the model. The expectations of the person are met with the services available with insurance companies. The car with insurance worth the investment.
Doing your own research as to what your car is worth helps too. You can search online for a car for sale that is similar to yours, or you can visit local car dealers to find out how much they would sell one similar to yours for. If you are not willing to accept what the insurance offers you; you might be able to do a “buy back.”
When the insurance company offers you an amount for a car they deem “totaled” they give you a check and they keep the car. If you prefer to keep the car, they will offer a lesser amount and you get possession of the car. You may be able to fix it yourself, or sell parts to make more money. Just be sure to know all of your options before you accept that settlement check.