OT auto insurance expert question

No, you generally get the average selling price for that particular vehicle in the local area.

No. it's on you

Valuation is actual cash value.


ETA: if your trying to prove some rare value....And be careful. What did you tell the carrier it's worth???

I was told NADA plus 5%...it has to exist for some reason...and what Im referring to is an older model vehicle.

I mean you asked for help and now your fighting it.

Yeah sorry...guess I wish it was cut and dry...but it seems more of a haggle Im in for.

Standard policy only pays actual cash value...basically blue book retail. I've heard of "new car replacement" where insurer covers you based on value of same model but one model year newer, mainly comes into play if you total a car thats only a few months old so you aren't getting killed by that initial depreciation when you drive brand new car off the lot. Never heard of NADA +5% though

Exception would be a specialty policy for something out of the ordinary, like a restored classic car where you've insured it on an "agreed value" basis. In that case, you and the insurance company agreed to a set value on the car at the time you took out the policy.

ACV based off of a local market eval
+ sales tax
+ title & license fee




ETA, When new cars are totaled (up to 7-8 months old) I've seen where like 50¢ per mile is deducted off of the sale price.

Never heard of NADA + 5%. Where'd you hear that?

I deal with property damage claims on a regular basis and I've never heard of this NADA plus 5% business.

quote:

---

A friend that sells cars...but I dont know where he got that

---

Never ever ever trust anything this friend says ever again

Jurisprudence in the state has said NADA is the best way to value, but if your car is not cherry, you're not getting NADA clean retail, and not 5% on top. You likely are owed if the car is relatively clean, somewhere between average and clean retail, inclusive of options, minus mileage, and minus wear and tear damage to the vehicle that is over and above what would be expected as the norm for that year make and model.