Help negotiating with total loss adjuster. What would be a fair settlement number?

[stephaniemfoster]

I’ve never had to deal with a total loss adjuster and so I would appreciate any assistance in negotiating the settlement price. I own a 2010 Dodge Caravan with roughly 150,046 miles. I got a copy of the NADA value from a bank which listed the retail value of the car at $4,075, trade in at $2,175, and loan at $1,975.

The insurance company is offering $2,225 as settlement. I asked for the valuation to see how they came up with that number and received a copy but I’m not sure how to read the report or what the numbers mean. Their report is generated by J.D Powers and shows the Trade-In Clean value at $2,400, the Trade-In Clean Loan at $2,175 and Trade-In Clean Retail at $4,275.

With this information, what would be a fair number to settle on for Kansas.

 

[ifitry]

@stephaniemfoster what state

 

[stephaniemfoster]

@ifitry Kansas

 

[ifitry]

@stephaniemfoster ks allows them to use any "nationally recognized automobile evaluation publications" so it looks like nada (now owned by jd power) is fair game

sounds like they're using better numbers that the bank gave you which is nice for you

they're offering you clean condition, which is the highest possible condition nada offers, so you can't go any higher on that front

i'm sure pushing back with some local comps will probably be worth a couple hundred bucks just to make you go away, but the argument is that you're not owed retail because you are not a retail operation (you don't run a car lot w/ all the associated overhead, profit and reconditioning costs); being that you're owed the fair market value for your exact vehicle which was a private-party vehicle in private-party condition (which nada considers the same as trade-in since they don't deal in private-party values being as they are the national auto dealers association)

 

[jcnwog]

@stephaniemfoster The NADA Clean Trade or Clean Loan values are the most indicative of actual cash value, which is what insurance pays absent any enhanced paid coverages, such as new or better car replacement.

Based on the information you provided, the value is likely accurate. If there is anything incorrect on the report such as options missed, let the adjuster know so they can correct it.

 

[fcmanutd18788]

@stephaniemfoster A dealer will give you $2,175 and they are offering $2,225 $50 more. The dealer then has to clean it up and recondition it and they don’t work for free.