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How do you dispute your insurance's car valuations?
Can you fight an insurance company over a totaled car? I got into an accident that totaled my car. I bought it for $20,000, but my car insurance company is only offering me $13,000. What do I do?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Insurance companies assess a vehicle’s
actual cash value
to determine the payout in the event a car is totaled. Actual cash value is the price of the vehicle minus any depreciation.While your car may have been worth $20,000 when you first purchased it, the value of a vehicle begins depreciating the moment it’s driven off the lot. So, your vehicle is worth less now after factoring in depreciation.
Since you’re unhappy with the number your insurance is offering, you’ll need to do your own research. Look at resources like Edmunds and
Kelley Blue Book
. You can also look online at Craigslist, eBay, and dealership websites to determine what your car is typically being sold for in your area.If you find those figures are more than what your insurance is offering, use your research to strengthen your argument. You may want to write a formal letter of demand that clearly states the settlement amount you desire, as well.
Once your insurer receives your letter, a claims adjuster will review the evidence and provide another offer. Whether you accept it is up to you—but if you reject it, you’ll need to clearly state why, as well as provide additional proof to back up your reasoning.”
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- Gregory R.
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