When an auto insurance company makes a payout do they go by Kelly Blue Book private party or retail value?
February 4, 2010
I was involved in an auto accident which I was not at fault for and was curious, considering it looks like the damage out weighs the actual value of the vehicle, when the insurance company cuts the check do they base it off of “private party value” or “retail value”? Its a 98′ Honda Civic sedan EX, and im just wondering how much I should be expecting…
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MSAD 1:27 am on February 4, 2010 Permalink
They don’t go by Kelly Blue Book.
If they use a book – it will be the NADA (National Automobile Dealers Assoc.) book.
If they pay based on the book – they will start with the retail value. Then subtract for mileage and condition. So…if your car needs new tires….there will be a deduction for that.
However, many companies use a market survey program (such as CCC or Total Logic). These are not products you have access to. But if the insurance company uses one….they can send you a copy of the report and let you see it.
mustanger 1:28 am on February 4, 2010 Permalink
They go by the average sales value for your area, which may be far different than what’s in the book.
la428282 1:28 am on February 4, 2010 Permalink
No reputable insurance company uses Kelly Blue Book. Check nada.com clean retail. Keep in mind any unrelated damage and high mileage charges will be deducted.
Kenny 1:28 am on February 4, 2010 Permalink
Insurance companies use http://www.nadaguides.com and use the clean retail value of the car. They then deduct any damage not related to the accident from the value of the car and pay you that amount. For example, let’s say your car is worth $5000 but has $1000 in hail damage, they will pay you $4000.