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How do car insurance companies determine a car's value?
I've read that insurance companies can low-ball offers for totaled cars. I'm a careful driver, but money is always tight, and although it's unlikely, I don't want this to happen to me! How do insurance companies determine the value of a car, and how can I make sure that an offer is genuine?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“That’s a great question! To calculate a car’s value, most
car insurance
companies use their own formula or an industry formula. As a result, knowing what your total payout will be is difficult to ascertain—but there are ways that you can get close.A
Kelley Blue Book
might get you close, but don’t be disappointed if it’s not the same figure that your car insurance company comes up with.That said, it’s highly unlikely that your own car insurance company will give you a low-ball offer. In most cases, low-ball offers are the result of the other driver’s car insurance providing a low-ball offer or settlement. Most insurance providers will do their best to give you a fair deal, but it’s good to be aware of the possibility. If you’re concerned, though, you can always contact your car insurance company for assistance!
Since money is tight and you want to make sure you’re getting the best deal on your coverage, though, you can always shop around for a new provider. One easy way to do this is with the
Jerry
app—we’ll get you customized quotes from top insurers in seconds so that all you have to do is choose the best plan for you at the best price!Drive safely!”
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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