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kane · 10-13-2011, 12:28 PM

I used to work for a company that put values on cars that were total losses like this one. Here are a few pointers I can give you to help from getting screwed.

1. Chances are your insurance company used a 3rd party company to come up with the value they offered you. This company likely got the job because they consistently value cars on the low end.

2. Here is what you do. First, write down all the info on your car (year, make, model, mileage, condition, features like A/C, power windows etc). Add in any recent stuff you may have had done like new tires or brakes etc. Then go online and look in the papers for cars that are the same year, make, model that are for sale in your area. Call and get info on those cars. If they are offered at a dealer and not a private party still call. What you are looking for are comparable cars. With any luck you will find a few cars that were in similar condition as yours. If the car is sold, see if you can find out about it anyway. Sold cars are actually the best to use because it represents the actual value of the car, not just an asking price. Gather all this information and use it to show what cars similar to yours are selling for on the market.

3. If the country you live in uses the Blue Book or NADA book, use it to determine what the "book value" of the car was before the accident. Once you have that value call 2-3 dealers in your area. Ask to speak to the used car manager. Explain to them what you car is, give them the book value and ask them what they feel a car like that could bring on their lot. This is called a dealer quote. Hopefully you can get a couple of these.

4. Once you have a book value, a few dealer quotes and some comparable cars that are for sale/sold on the market you can take that information and determine if the price they are offering is fair. If they are low (and they likely will be) show them all of this information and tell them what you feel the real value of the car is. When you present this info to them they will realize that you know what you are talking about. Hopefully they will then just give you the better price without further fighting.

As for still making payments. If you owe more than it is worth, you will likely have to go after the other drivers insurance for that directly. You will need to make a case that you planned on owning the car for years and paying it off. You didn't ask for this accident and their client was at fault. Explain how much you are getting for the car and the difference you need to make up what you still owe and tell them you want enough extra to make a down payment on a like car. So long as your demands are not crazy, they will likely work with you.

Hope that helps some.

Good luck.

10-13-2011, 12:28 PM
kane Too lazy to set a custom title Join Date: Aug 2001 Location: portland, OR Posts: 20,684	I used to work for a company that put values on cars that were total losses like this one. Here are a few pointers I can give you to help from getting screwed. 1. Chances are your insurance company used a 3rd party company to come up with the value they offered you. This company likely got the job because they consistently value cars on the low end. 2. Here is what you do. First, write down all the info on your car (year, make, model, mileage, condition, features like A/C, power windows etc). Add in any recent stuff you may have had done like new tires or brakes etc. Then go online and look in the papers for cars that are the same year, make, model that are for sale in your area. Call and get info on those cars. If they are offered at a dealer and not a private party still call. What you are looking for are comparable cars. With any luck you will find a few cars that were in similar condition as yours. If the car is sold, see if you can find out about it anyway. Sold cars are actually the best to use because it represents the actual value of the car, not just an asking price. Gather all this information and use it to show what cars similar to yours are selling for on the market. 3. If the country you live in uses the Blue Book or NADA book, use it to determine what the "book value" of the car was before the accident. Once you have that value call 2-3 dealers in your area. Ask to speak to the used car manager. Explain to them what you car is, give them the book value and ask them what they feel a car like that could bring on their lot. This is called a dealer quote. Hopefully you can get a couple of these. 4. Once you have a book value, a few dealer quotes and some comparable cars that are for sale/sold on the market you can take that information and determine if the price they are offering is fair. If they are low (and they likely will be) show them all of this information and tell them what you feel the real value of the car is. When you present this info to them they will realize that you know what you are talking about. Hopefully they will then just give you the better price without further fighting. As for still making payments. If you owe more than it is worth, you will likely have to go after the other drivers insurance for that directly. You will need to make a case that you planned on owning the car for years and paying it off. You didn't ask for this accident and their client was at fault. Explain how much you are getting for the car and the difference you need to make up what you still owe and tell them you want enough extra to make a down payment on a like car. So long as your demands are not crazy, they will likely work with you. Hope that helps some. Good luck. Last edited by kane; 10-13-2011 at 12:30 PM..