Car accident car value

[RArroyo]

What is the name of your state? Illinois

I am writing to get some advice on the value of my car. I was recently in a car accident and I belive that my car might be totaled. My car was only 6 months old from when I bought it and I have a receipt for what I paid. Since is so close to the date of purchase can I present the receipt to the guilty's party insurance and get that amount or somewhere close to it? Any advice would be appreciated. Thanks is advanced.

[RArroyo]

Anyone? Any thoughts?

[jpritchett81]

The insurance company will only give you fair market value for the vehicle. If you financed the car....hopefully you have GAP(guranteed auto protection) to cover the difference.

[RArroyo]

No I paid cash for it. Wouldnt it be fair market value since it is what I paid for it and it has only been 6 months?

A brand new car as soon as its driven off of the lot loses value and you say its 6 months old.Milage and condition will determine its value.Cars are not good investments unless its a 1960 vette etc....

[RArroyo]

Thanks for the help, I appreciate the feedback.

[jpritchett81]

You can check with kbb.com and nada.com to check the value of your car to give you a good idea of what to expect.

[teflon_jones]

What you paid for it is not a definitive indication of true market value. Refer to the nada price guide (poor condition) for an indication of what the insurance company may offer you. The usually offer a settlement based on poor condition since they can get away with it, unless it was a fairly new car, in which case they'll generally offer average value.