How do insurance companies figure the Blue Book Value of our cars?
06-20-2005, 10:41 AM
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How do insurance companies figure the Blue Book Value of our cars?
If one of our cars was totaled (caused by the other driver). At what KBB price does the the insurance figure the cost? No, nothing happened (thank goodness), I'm just curious.
Here are the prices based on my car's specs:
Kelley Blue Book Trade-In Value
$545 (Eegads!)
Kelley Blue Book Private Party Value
$1,055
Kelley Blue Book Suggested Retail Value
$1,850
Here are the prices based on my car's specs:
Kelley Blue Book Trade-In Value
$545 (Eegads!)
Kelley Blue Book Private Party Value
$1,055
Kelley Blue Book Suggested Retail Value
$1,850
06-20-2005, 11:45 AM
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they probally use NADA, KBB is only
really used by the general public. KBB also tends to be a little higher in most cases than NADA. Most banks use NADA when reviewing a car loan.
Example from my 05 edition of NADA 1986-1997.
1986 4000CSQ. MSRP=17,800; Retail=1875
Mileage Class III+ 175 @ 112kmi
=2050$
Now this is basically irrelevent for our cars because there is not a large market for them. Trade value is 775$. You may get that depending upon the dealership, but i don't think you'd get more than 500$ Thats the way the car market is though. For more info you may want to talk to Dwight, I think he works for an insurance company.
Example from my 05 edition of NADA 1986-1997.
1986 4000CSQ. MSRP=17,800; Retail=1875
Mileage Class III+ 175 @ 112kmi
=2050$
Now this is basically irrelevent for our cars because there is not a large market for them. Trade value is 775$. You may get that depending upon the dealership, but i don't think you'd get more than 500$ Thats the way the car market is though. For more info you may want to talk to Dwight, I think he works for an insurance company.
06-21-2005, 02:47 AM
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My ears are burning
You want to use "private party" value. Retail is dealer asking price, and trade-in is what it would bring at a dealer wholesale auction.
KBB used to drive me nuts, but they have since gotten their values to be much more realistic, so for the purposes of general information for you guys I think they are fine.
Each state has different rules regarding total loss valuations. My state uses NADA and Redbook averaged, with the ability to use the values of actual advertised cars added to the mix. The older the car, the more difficult it is to peg an accurate value, as there are less on the road and therefore fewer changing hands.
KBB used to drive me nuts, but they have since gotten their values to be much more realistic, so for the purposes of general information for you guys I think they are fine.
Each state has different rules regarding total loss valuations. My state uses NADA and Redbook averaged, with the ability to use the values of actual advertised cars added to the mix. The older the car, the more difficult it is to peg an accurate value, as there are less on the road and therefore fewer changing hands.
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