General Question

joon1986's avatar

How to get a fair trade value of my car during Total Loss process?

Asked by joon1986 (185points) October 5th, 2010

I recently involved in a car accident
My car was damaged badly and insurance company decide to get rid of car…so they notice me about this “total loss process”
This is my first time getting into a car accident and I don’t know much about this process..I am most interested in how much can I get from insurance company…I still have 2 yrs left before I finish payments on my car so I want to get at least $13000~ so I can cover the left over debt and extra cash to invest on new car
Below is info on my car
black honda civic DXG 2007 model (about 60000miles)
Car was in great condition (in fact, I changed my tire only a month ago and I checked my car regularly)
If you know the site or if you are expert on this area and can quote me a price it would be great!!!!

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9 Answers

WestRiverrat's avatar

Find your policy and read it carefully. This should be covered somewhere in the fine print. I can’t give you a more difinitive answer as there are too many variables from policy to policy to make a decent estimate.

The insurance will probably give you Kelly Blue Book value.

robmandu's avatar

Unless you’ve got a “replacement value” kind of clause in your policy, then I expect that the insurance company will only provide you with the current market value of your car.

I’m sorry to say that a 2007 Honda Civic DX coupe – my best guess from your “DXG” trim level – is worth far less than $13,000.

Like @Westriverrat says, there’s too many variables to say definitively, though.

Have you tried calling your agent and getting their advice?

joon1986's avatar

Thanks for your reply
I thought there should be some kind of guide price line for the price of car
..and local honda sells same car for about $16000MRSP so thought I could get $13000 since my car is still under honda warranty + extra coverage

robmandu's avatar

Kelly Blue Book and NADA are two such price guide sources often used commercially. (my link above) is fine for roughing out a ballpark.

The warranty you had doesn’t count at all as it’s not the physical vehicle covered by the policy. You should be able to cash out of the remainder with your warranty provider.

Tropical_Willie's avatar

Quick check I made says $13,000 for near perfect ( no scratches, nicks or dings ) and less than 40,000 miles for retail and trade-in price for clean $10,000.
Get the cash value on the warranty for the extra coverage.

ben's avatar

I successfully negotiated with an insurance company when my car was totalled and increased the amount they gave me from $3000 to $3800 (for an old Saab—it was hit by someone while parked and their insurance was paying).

Here’s how I did it. I asked them if they could negotiate—and they said basically “no,” they just plug in the value of similar cars in the same area to their computer. So I sent them a few links from Craigslist to other (much more expensive) Saabs with similar year/miles, and they used those for the equation instead, and voila, 27% increase.

So when you talk to the insurance company, ask how they compute the value, and be ready with links to similar cars that are as high value as you can find.

joon1986's avatar

Yeah from, I could be able to get a quote around $13000 like I wished
hope insurance can pay me at least that much

WestRiverrat's avatar

Find out how much will it cost to fix the car. If it is close to the book value, you may be able to talk them into fixing it for you instead of totalling it. Or offer them $500 if they insist on totaling it. Then you can fix it.

BBSDTfamily's avatar

Depending on if it’s a coupe or sedan, exact mileage, add-ons, and where in the country you live, your car has a value of between $7,900—$12,000. Hopefully you have a good insurance company that will be fair. If you had bought GAP insurance when you purchased the car, that secondary insurance would cover the remaining portion that you owe on the car after your insurance pays. Your insurance is only going to give you what your car is worth, not more money to invest in a new car. How much you owed on the car has nothing to do with it.

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