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Car Values Used By Insurance Companies

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If the car is totaled, however, the finance company will expect the person who leased the car to pay off the entire value of the car. Gap insurance provides coverage for the difference between the lease value and the purchase value of the car. Some lease finance companies require gap insurance as part of lease terms.

Car values used by insurance companies.
Research your car’s “book value.” The “book value” is one piece of information you will need, but is not the ultimate source for true car values. This is because “book value” sites do not usually offer an accurate estimate of what insurance companies will actually offer you if you have a claim.
Colossus is a software program which is believed to be used by most of the top auto insurance companies to “calculate” the settlement value of minor to moderate car accident injury claims. In other words, the system is used in the very types of cases that you may be handling yourself.
NADA has been around for over 80 years and is the premier valuation guide in the used vehicle industry. Customers include, but are not limited to: dealers, wholesalers, rental car companies, insurance companies, lending institutions, OEMs, government agencies, as well as individual consumers.

Buying or selling a car? KBB.com gives you everything you need to research a new or used car, compare cars, find cars for sale and make a well-informed decision. Get the Kelley Blue Book Fair.
The average of these vehicles will determine the overall value that will be used as the ACV by the car insurance company. Some car insurance companies may also ask local area car dealers about selling prices for similar vehicles. In some circumstances, car insurance companies may even find values at websites like Kellye Blue Book or the Edmunds.
In the past, most car insurance companies used the Kelley Blue Book as the standard for car values. The Kelley Blue Book commonly referred to as just the “blue book,” is a publication used by banks and car insurance companies to get an average price on any given vehicle. Ready to compare car insurance quotes?

Insurance companies rely on external sources to assess this value — two popular sources are Kelly Blue Book and Edmunds. Both of these resources are used by the National Auto Dealers Association to determine the fair market value of used cars. They consider the production year, average mileage, average wear and tear, and so forth.
If your car is totaled in an accident, meaning the cost to fix it is more than a certain percentage of the car’s value, then your insurance company will pay out the actual cash value, or ACV, of your car.. That means that (assuming you have comprehensive and collision coverage, which cover damage to your vehicle) you’ll be paid the value of your car before the collision that totaled it.
NADA has been around for over 80 years and is the premier valuation guide in the used vehicle industry. Customers include, but are not limited to: dealers, wholesalers, rental car companies, insurance companies, lending institutions, OEMs, government agencies, as well as individual consumers.

The older your car is, the less worth it has in the eyes of insurance companies. If you own a classic vehicle or one that is considered a hot rod that isn’t used for everyday use, you may be able to obtain a policy for classic cars that involves an ‘agreed upon’ value in the case of totaled cars.
Get NADA Values for used cars, certified pre-owned cars and more, brought to you by NADA Used Car Guide. Consumer Vehicle Values NADAGuides.com, the leading source of Car, Motorcycle, RV & Boat Values
By using your zip code, you may also find values and other information that are specific to your location. With this information and its own formula, the insurance company calculates your car’s actual cash value. Blue Book Value. To find new and used cars’ depreciated value, insurance companies may refer to the Blue Book value.

Car insurance companies determine a car’s salvage value through a variety of methods; When a car is considered a total loss by the insurance adjuster, the cost to repair the car exceeds the value offered by the trade-in value suggested by the Kelley Blue Book; Every car insurance company must follow the state-mandated rules for total loss vehicles because the car insurance company wants to.
Confounding the issue is the fact that most car insurance customers are clueless as to the methodology used by insurance companies to value cars.
Dealers can make up for the differences in values because they deal with a high volume of cars regularly. Insurance companies typically take into consideration the wholesale value of a car. That’s because a wholesaler selling used cars has a wider market, and car values can differ a lot more. Wholesalers don’t sell cars to the general public.

Whether their first car costs £300 or £3,000, the cost of insurance won’t be affected by the vehicle value because a lack of driving experience poses a greater risk. Older drivers see more of an influence from vehicle value as there are fewer risks for insurers to consider.
Car insurance companies can use their own formulas for determining your car’s value, or they can use a site like Kelley Blue Book or NADA to determine your car’s value. According to Kelley Blue Book, if you currently drive a 2010 Acura MDX with 50,000 miles on it, your car is currently worth $24,263 if it is in “very good” condition.
Disagreements between Auto Insurance Companies and Policyholders. Sometimes even the [best car insurance] companies come to disagreements with policyholders on the price of an insured vehicle. If motorists disagree with the ACV produced by their insurer, they may be able to demand an additional appraisal at their own expense.

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