Recommendations For An Independent Auto Appraiser To Estimate/fight The Fair Value Of My Total Car?
Hi,
My insurance co. has declared my car, which was involved in an accident, as total and have come up with a price which I don’t quite agree with. I could see some cars in local classifieds which are priced ~2K-2.5K above the quoted price by insurance co. I talked to insurance co. about it and they said if I wish to contest it, they would invoke the “appraisal clause” whereby my appointed appraiser and theirs would negotiate the settlement.
So, just wondering if someone has any experience/recommendation for an Independent Auto Appraiser who can estimate the fair value of my car based on market research and then *fight* on my behalf.
Also, if someone has any comments/feedback about the futility of that approach, would be really appreciated. Should I just accept what I am offered…
Thanks
Steve
February 8th, 2010 at 7:18 pm
You can try to get more: Get a couple of auto “experts” to give you a written appraisal of your car
February 8th, 2010 at 8:33 pm
I’m a claims adjuster and I’ve seen the “appraisal clause” from the company view many times. This isn’t exactly going to be a fair fight. You won’t have the tools or manpower available to you that the company does. The main thing about the appraisal process is that it is ungodly slow and will likely just raise your blood pressure. If you haven’t done it yet, pull out your policy and read the appraisal clause so you know what you’re getting onto.
I have seen a few times where people actually ended up getting less money because most appraisal clauses require that both parties pay for their own appraiser plus have the cost of an umpire.
I don’t know what kind of documentation you have presented to the adjuster but your best bet time and dollars wise is to try to negotiate a settlement without using the appraisal clause. Keep in mind that the prices you saw are probably “asking prices” which won’t do you any good because most people and dealers sell cars for less then the advertised asking price.
Good Luck
February 9th, 2010 at 2:33 am
I have gone through this many times for my customers and you are only entitled to the (ACV) actual cash value at the time of the accident but if you have done some improvements and or repairs within the past 6-months sometimes they will add this to the amount.
The (ACV) will be retail from kbb most likely and the car needs to be in good condition, hiring an auto appraiser will not do you any good and comparing your car to classified ads will not help as well.
If your figures from kbb are not the same with their offer then you can file a case with your states insurance board and they will help with this.
The other thing that you can do only if you have both the time and space is to buy back the car at the lower rate and part it out on ebay.
We have done this many times and you will always get double the amount or better then the original offer was…..http://www.kbb.com