Are you dealing with a total loss claim? You don't have to lose money!

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Where do auto insurers get their vehicle values?

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Auto insurers do not expect total loss claimants to know of the North Carolina total loss rule (11 NCAC 04 .0418) which is to protect the total loss claimant(s).  Auto insurers know this and they do take advantage of total loss claimant’s lack of knowledge of how vehicle values are obtained.

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Auto insurers use companies such as CCC ONE®, Mitchell and Audatex who work exclusively on behalf of insurance companies. Of the three, CCC ONE® report is the most popular one used followed by Mitchell, then Audatex.

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So, what is a CCC ONE® Mitchell and Audatex report? It’s simply a market valuation that is used by insurance company to help adjusters get claims settled. You don’t have to accept the amount that CCC ONE® or Mitchell and Audatex say your vehicle is worth!

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See which auto insurers are being sued on under-valuing total loss vehicles.

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                                                                                         Local Market Area

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The local market area 100 miles to increments of 50 miles until a substantially similar motor vehicle can be found.

 

The similar vehicle values found in the local market will be vary as to how the similar vehicle is equipped as per trim type options (example S - SE- SEL) along with any other additional options that may need added along mileage adjustments. Rather than the using the dealer’s “retail cost” as require by the “total loss rule” all three vehicle valuation reports uses a “base price” vs. the dealers “retail cost.”

 

Since each vehicle is not exactly alike, it’s my experience to increase a total loss vehicle value from $1,500 to as much as $9,000 against all three vehicle valuation reports. In order for me to do this, I search carfax.com and truecar.com because both show if any of the similar vehicle(s) have been in a prior accident. Once two or three accident free similar vehicles having the same trim type are found, I buy the window sticker ($15.00 each) of each vehicle (claimant’s too unless claimant provides window sticker) to see how each similar vehicle is equipped. Then it is simply adding or deducting to the value of the substantially similar vehicles found along with mileage adjustments to obtain a more accurate value. By this method there is no guessing in what to add or deduct, however it does time (hours) to do such work.

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Danny Wyatt owner of Collision Service Investigators-N.C can help you maximize the amount of your insurance total loss settlement. So don't wait call 704-216-0081 now.  

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North Carolina Total Loss Rule (11 NCAC 04 .0418)

 

The rule states “ If the insurance company and the claimant are unable to reach an agreement as to the actual cash value of the total loss motor vehicle, the settlement offer shall be based upon the following values:

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(1) The published regional average values (NADA) of substantially similar motor vehicles; and

 

(2) "Local Market Area" means an area within a 100-mile radius of the place where the motor vehicle is principally garaged. If a substantially similar motor vehicle is unavailable within a 100-mile radius, the insurance company may increase the radius in increments of 50 miles until a substantially similar motor vehicle can be found.

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(4) "Substantially Similar Motor Vehicle" means a motor vehicle of the same make, model, and year of the damaged motor vehicle.

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(d) If the insurance company and the claimant are unable to reach an agreement as to the actual cash value of the
total loss motor vehicle, the settlement offer shall be based upon the following values:

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(d 2) The retail cost of two or more substantially similar motor vehicles in the local market area when substantially similar motor vehicles are available or were available within 90 days of the accident to consumers in the local market area.

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(e) The settlement offer may be adjusted for condition, options, equipment, and mileage, less the cost of unrepaired damage that pre-existed the accident.

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g) The insurance company shall give consideration to evidence presented by the claimant such as receipts, photographs, or other documentation that the total loss motor vehicle owned by him or her was in a better condition prior to the accident than suggested by the insurer's settlement offer.

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