blue book, red book, and fair market value

[ambolina]

What is the name of your state? CA

The adjuster, who wants to total my car, gave me an estimate $1000 below the BlueBook value.

When I asked why my estimate was so much lower than Blue Book, he said:
1. They use Red Book which has lower values
2. explained that he goes to autotrader.com and finds 5 cars like mine and takes the avg. throwing out the high and low car (however I went to autotrader and the AVERAGE cost for my vehicle is only $200 below blue book).
3. The market is inflated with people returing leased cars and when HE traded in his vehicle he was given 1/2 the Blue Book price because the dealer explained the market inflation.


First of all, my research shows dealers always pay about $2000 below Blue Book price anyway because used vehicels are pretty much useless to them, especially if they are over 4 years old. Two - what does that have to do with my estimate??? I am not trading it in for crying out loud - I have no choice in my situation. My car was hit while I was sleeping.

I guess I want to know - is this adjuster using the correct procedure and shouldn't Blue Book and fair market value be pretty close?

I had my insurance go do an estimate on my vehicle today and they're telling me my car doesn't need to be totaled. How can things be so discrepant?

 

[ProResearch]

I really REALLY luv the suggestion by IAAL to do a SEARCH in this forum for past posts on various subjects. Actually, cconsidering how some web sites are created, I did not allow for this myself. But as it turns out, freeadvice.com provides a wonderful Search resource for those to find answers quickly.

How do you do it? From 'Forum Features", click on SEARCH icon and then as that page comes up enter either a keyword or phrase (subject) ~ or~ enter a member name (if you like what you saw you might only want posts from that member).

It is excellent. Give it a try, k?

You do not *have* to accept anything from the *other* insurance company. If you go through your own company, they have a contract with you and will most likely do you better. However, even that is *negotiable*.

Make them prove their estimates. And you prove yours too. All the info you gather from your research, tell them you want it considered too.

Property damage...... as well as bodily injury claims (I am learning as I am going through this now).... are ALL negotiable. You just have to prove what you know. Document your findings and present it to the insurance company. They have to consider your findings if they are legitimate. AND if they say they aren't legitimate, ask them why? Make them PROVE their case.

Otherwise, you can sue...... and take a chance you will get more than offered -- or less........ it is your choice.

 

[JoBarry]

Ambolina -

I think that you did the right thing by getting your own insurance company involved in this....after all, that is what you pay them for. Maybe your insurance company can haggle with the other's and reach a satisfactory amount. In my experience with my car accident I found out that if your car is "totalled" under someone else's policy you are pretty much stuck with what they offer. However, if you file the claim under your own policy (with the expectation that they will subrogate against at fault party) you have more leverage when it comes to payoff amount. For example, when I was hit by another driver I had to total my car under my policy since I could not wait for the other driver's insurance to get their "investigation" over with. So, when my insurance offered less than what I found the vehicle to be worth I was able to negotiate. If it had been the other person's insurance I would have had to take what they offered.

Good luck.