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False Car Value

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boarderline04

Junior Member
What is the name of your state? Arkansas

My Insurace company said that in order to find my car's retail value, they went to AutoTrader.com, found two cars similar to mine, averaged the asking prices, and came up with my car's retail value. Is that legal? I have had both my loan officer and another insurance agent (from another company) laught at this practice. One of them told me that if my insurance company will not give me the blue book retail value, I can take this to court? Advice???
 


racer72

Senior Member
The insurance company is obligated to pay you fair market value, not blue book retail value. Was your car in blue book retail condition at the time of the accident? Did it have a fresh coat of wax, detailed inside and out, recent inspection of all mechanical systems, paper floor mats? If the answer is no, you do not deserve full retail value.
 

ecmst12

Senior Member
That's a pretty absurd way for an insurance company to come up with a value though. Even the little tiny company I work for uses CCC reports.
 

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