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Stolen Car Question... What valuation do insurers use for claims ?
Posted by: cbelt3
Date: August 08, 2018 01:05PM
NADA ?
Kelly ?

The ranges are ridiculous. I'm trying to get a handle on what the end result will be.. the car is still out there being looked for (yeah right).
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Re: Stolen Car Question... What valuation do insurers use for claims ?
Posted by: Markintosh
Date: August 08, 2018 01:09PM
Our insurer allowed us to submit local prices being asked by dealers, craigslist etc to determine a fair market value when our first Matrix was totaled. That turned out to be about $4k above what KBB listed.



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Re: Stolen Car Question... What valuation do insurers use for claims ?
Posted by: Lux Interior
Date: August 08, 2018 01:24PM
Do the right thing.

Give the car back.
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Re: Stolen Car Question... What valuation do insurers use for claims ?
Posted by: RAMd®d
Date: August 08, 2018 01:28PM
Do the right thing.

Give the car back.



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Re: Stolen Car Question... What valuation do insurers use for claims ?
Posted by: M A V I C
Date: August 08, 2018 01:33PM
Varies by state. Some subscribe to a list of car sales.




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Re: Stolen Car Question... What valuation do insurers use for claims ?
Posted by: JoeH
Date: August 08, 2018 01:36PM
Also varies by insurance policy. Could be "fair market value" or some other value defined in the policy.
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Re: Stolen Car Question... What valuation do insurers use for claims ?
Posted by: billb
Date: August 08, 2018 01:55PM
Chances are good you don't want the car back.



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Re: Stolen Car Question... What valuation do insurers use for claims ?
Posted by: MarkD
Date: August 08, 2018 02:06PM
The insurance guys will come up with their number using references that let them quote the lowest number. My experience is that there is some lowballing on the value and you need to have specific info that they have overlooked or not considered to get the price up. The co. that has their proprietary system, says the guides are too general.


You need to figure out what you want. Look on Craigslist, local sales sheets, internet, etc. and print out. Going back in time is tough. Put down the features of the car. How was the car maintained? Any addon such as wheels, the condition of tires, stereo. What works what doesn't. Any pictures?

The standard will be what was the value of the car (what a reasonable buyer would pay a reasonable seller or what would it cost to replace the car) on the day it disappeared. Don't forget Tax, Title and License fees because you have to pay em to get a replacement auto. Good to check with a buddy in the insurance, claims or legal business. They'll know what the Ohio standard is and what certain companies do.
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Re: Stolen Car Question... What valuation do insurers use for claims ?
Posted by: ztirffritz
Date: August 08, 2018 03:36PM
I have a friend who managed to find his old POS Honda Accord that was stolen in Yakima WA and found in Spokane WA. He covertly stole it back. It was a POS of the first order. Such a distinctive POS that when another friend saw it in Spokane he immediately contacted him and asked when he'd sold the car. The vehicle was back in Yakima within 4 hours.



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Re: Stolen Car Question... What valuation do insurers use for claims ?
Posted by: max
Date: August 08, 2018 06:00PM
Quote
Markintosh
Our insurer allowed us to submit local prices being asked by dealers, craigslist etc to determine a fair market value when our first Matrix was totaled. That turned out to be about $4k above what KBB listed.

I lost three cars in the last couple years to tornadoes and floods. Except for the Suburban, the insurance company also lowballed them by quite a margin. I had to do the same, submit local sales, but the most important aspect was questioning them as to what options and features they based their numbers.
The difference was in thousands, not hundreds...

Quote
ztirffritz
I have a friend who managed to find his old POS Honda Accord that was stolen in Yakima WA and found in Spokane WA. He covertly stole it back. It was a POS of the first order. Such a distinctive POS that when another friend saw it in Spokane he immediately contacted him and asked when he'd sold the car. The vehicle was back in Yakima within 4 hours.

I had a '60 VW Transporter that was stolen several times in Manhattan, the first time my coworkers saw it in East Harlem and I stole it back, the second time it was seen in the Bronx and I stole it back again...
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Re: Stolen Car Question... What valuation do insurers use for claims ?
Posted by: davester
Date: August 08, 2018 08:17PM
Google car insurance lowballing. I did actually make a claim once where the insurance company came back with a reasonable number, but all the other claims they lowballed. You need to be prepared to do battle with them. Do NOT cash any check they send you without prior agreement on value as that is a classic scheme to get you to accept a lowball offer. You cashing the check generally indicates acceptance of their offer.



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Re: Stolen Car Question... What valuation do insurers use for claims ?
Posted by: Racer X
Date: August 08, 2018 11:31PM
Quote
MarkD
The insurance guys will come up with their number using references that let them quote the lowest number. My experience is that there is some lowballing on the value and you need to have specific info that they have overlooked or not considered to get the price up. The co. that has their proprietary system, says the guides are too general.

My insurance company tried that on me once. I was using the NADA Gold book. They said my old Buick was worth $1250, and NADA Gold was notoriously unreliable.

I asked if they wanted a phone call from the person who submits the values for the NADA Gold values for Buick Gran Sports. They said Yeah, Sure. They assumed I was bluffing.

The president of the Buick Gran Sport Club of America is on the NADA board of Advisors. All registered GSCA members are asked to submit sales info on any of their cars that sell.

He flooded my ins company with data on their fax line. After a few hours, they turned their fax machine off and called me accepting the NADA numbers.

I now have a stated value policy that gets updated quarterly.
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