How Do Insurance Companies Value A Car?

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   I assume you are talking about “total loss.”  Companies have various ways of evaluating a car.  One is to use an industry standard pricing system such as Kelly’s Blue Book.  Another is to try to find a comparable car in the immediate market.  Regardless of the technique the company uses, the insured has the right to disagree.  In most cases the insured has the right to collect an amount from the company and still keep the vehicle.  If you can have the vehicle restored for less, then you will have saved money.

   Answered on March 31, 2014

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