Total Loss Accident

[junior59]

I was involved in an accident recently. Other driver-completely at fault, repeatedly admitted it to police, there was even camera footage from a business confirming they ran the light (around 9 seconds late). There were cars in the center left turn lane, so couldn’t even see it coming. Anyway, I’m having an issue with getting a fair value for my totaled car. Based on KBB, the trade value and private party value are between $5-6k more than the estimate that was provided by their NADA estimate. How can I negotiate this estimate higher? I understand trying to pull comps, but there are none in the area that compare to the vehicle we had…trim level, low miles (18000) for the year (2020), and was pristine with some factory additions.

 

[flajerz]

@junior59 The lack of comps is an issue. It’s not really a negotiation. There are accepted ways that are within regulation to have calculated an ACV and that’s what they got. I assume they averaged a dual source report of redbook and nada if there were no comps (unless you meant there were just too few). There can be some discretion - 1-300 bucks just so they can close a claim but they can’t just negotiate up a few thousand.

Did they grade your vehicle with any substantial negative conditions? Stains, body damage? Check the report.
Did they account for your factory additions?

You may be able to hire an independent assessor if you’re positive they’re way off. You’ll have to eat that cost but with how far off you’re saying they are - sounds like it might be worth it?

With respect to mileage - the report would account for mileage by adding value to whatever comps they do/did find if you’re just disputing the low number of comps.

 

[fcmanutd18788]

@junior59 I have not seen many vehicles sold for KBB value. Grossly inflated value most of the time.

 

[cbdbrian]

@junior59 Look at KBB AUCTION value, for a more reasonable expectation. It's far from perfect, but you won't have access to the databases that most insurance companies do.

 

[andiluvs]

@junior59 Check your policy for an arbitration clause. If it's there, use that option.
It will slow down the process to reach final settlement, but it sounds like you're too far apart to reconcile this on your own.