Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
A claim is “settled.” That means that both parties are agreeable to the amount. The insurance company will try to pay the going rate for a similar vehicle in like condition. Since that is obviously subjective, you as the policyholder don’t have to accept the offer and may counter with an offer that is more suitable to you. At some point there is an agreement, a “settlement” or a lawsuit.
That is a great question! Basically what happens is that the insurance company will refer to a resource like the Blue Book, or their company's guidelines, and that is the amount that they will offer. It can be changed, if you had a stereo system, rims, or something else done to the car that would have increased it's value from what a "normal" car same make/model/year would have. Don't let them lowball you, ask for more. Often they will compromise with you, and pay more. Good luck, and thanks for asking!
Owner, Best Health And Car Insurance Rates - Instant Online Quotes, US
When a car is totaled, the insurance company will pay for the value of the vehicle at the time of the loss. Of course, mileage, condition and market value are sefveral factors that impact the amount you receive.
The "Blue Book" and "Grey Book" are two resources that are used to determine your payout. Often, you have some influence in the payout, so allowing a broker to help you research try values may put more money in your pocket.
Owner, Best Health And Car Insurance Rates - Instant Online Quotes, US
When a car is totaled, the insurance company will pay for the value of the vehicle at the time of the loss. Of course, mileage, condition and market value are several factors that impact the amount you receive.
The "Blue Book" and "Grey Book" are two resources that are used to determine your payout. Often, you have some influence in the payout, so allowing a broker to help you research try values may put more money in your pocket.
.JPG){kind=avatar}
The "Blue Book" and "Grey Book" are two resources that are used to determine your payout. Often, you have some influence in the payout, so allowing a broker to help you research try values may put more money in your pocket.
The "Blue Book" and "Grey Book" are two resources that are used to determine your payout. Often, you have some influence in the payout, so allowing a broker to help you research try values may put more money in your pocket.