What price for totaled vehicle?

[gregor1234]

What is the name of your state? Delaware

We are having a run of bad luck. This will be the second vehicle totaled because someone ran into us. Fortunately it's an older car belonging to my son.

The insurance company is offering us $2200 to total it. the body shop says repairs would be about $3800.

I am tired of having cars (even though old) totaled out from under us.

When I look up the value of the car in various car appraisal websites, there are three values offered... the (dealership)retail value, the private-party resale value, and the trade-in value.

On which of these values should the settlement amount from the insurance company be based? What is customary? How much room is there for negotiation?

On which of these values should the settlement amount from the insurance company be based?
The lowest one.

What is customary?
The lowest one.

How much room is there for negotiation?
None.


Warning: This is based SOLELY on my own experience, not on any laws, statutes, rules, regulations, gossip at the coffee shop, or even-ifs in this forum.

[calvino]

Rhode Island

You might want to check out the responses I received a few days ago -
(see "Should I Settle?" - Calvino) - on this site.

It seems we the victims are always the losers when it comes to property damage with insurance companies. And they never appear to compensate for time and hassle it takes to find another vehicle. Really unfair when one realizes that the compensation for the car lost won't come near to finding a fair replacement vehicle.

Anyway, look at the responses - they encouraged me to write a letter to the Insurance Company. The Company did up their offer a couple of hundred dollars. Haven't settled yet, but the new offer will probably be the best I'll be able to get. It is still less than I think the car is/was worth, but without going to a lawyer I can live with it.

Good luck

[Lynx 36]

Quote: "When I look up the value of the car in various car appraisal websites, there are three values offered... the (dealership)retail value, the private-party resale value, and the trade-in value."

Retail Value

Quote: "On which of these values should the settlement amount from the insurance company be based? What is customary? How much room is there for negotiation?"

Retail value, retail value, not much.