On the kelley blue book site it says that my truck is worth $7,710 suggested retail value, $5,650 private party value, and $4,620 for trade in value. How much will my insurance company pay me since it is totalled?? It caught fire and is a total loss.
By car insurance | 8 Comments
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March 24, 2010 @ 5:30 am
they will pay for private party
March 24, 2010 @ 6:14 am
probably will pay you the NADA retail value for your geographic area. Blue Book is a joke.
March 24, 2010 @ 6:54 am
$3000
March 24, 2010 @ 7:31 am
Private party, and in some cases 10% more. Depends on your insurance company.
March 24, 2010 @ 7:55 am
depends on your policy – do you have replacement clause? if you do it will be 7710 and if you dont it will be 4620
March 24, 2010 @ 8:21 am
well first of all, do you have full coverage insurance? ok than did you set it on fire? third go get 3 estimates and call your company and have one of their adjustors come to you.
March 24, 2010 @ 9:17 am
You are owed actual cash value (ACV), or market value. I don’t know of any insurance company that uses Kelly, (most use NADA or CCC as a baseline), but the AVC will be established by the number of trucks as much like yours in condition, mileage and value that are for sale in your area (appx 50 miles). You should do your own homework and locate as many trucks as you can, jot down the asking prices and contact numbers and estimate a mean average. Who knows — the insurance company may make you a super offer first time out and you won’t have to negotiate at all. If not, you will have plenty of data to supply the adjuster. Believe me, there are very few insurance companies left out there that actually try to low ball you. It’s just not in their best interest to make you an unfair offer.
So… keep your cool, stay professional and be reasonable and you should come out OK.
March 24, 2010 @ 9:39 am
Most insurance companies use the truck trader to see what the going rate on your truck would be from a private party. This is where they will come up with there figure.
Best of luck with your new truck