Quote:
Originally Posted by calgarygeologist
I don't believe that insurance companies talk to dealerships or anything like that to get an idea of value. From my experience, the insurance company gets or generates a vehicle valuation report from a third party (JD Power/Mitchell.) That report contains some information on the condition of the vehicle from the appraiser and some retail pricing and adjustments for three similar vehicles (autotrader listings.) I'm not sure how the report selects the comparable vehicles but in my case the comparables were priced really low. After I received my initial offer and report I found half a dozen more comparable vehicles listed on autotrader and sent the links to my claims advisor. After some back and forth on the other listings my insurance company offered 15% more than there initial offer.
The best thing that anyone can do when dealing with a write off vehicle is to request a copy of the vehicle valuation report because it clearly lays out how they are coming up with an offer.
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Well clearly times have probably changed, but I was an adjuster in a former life and that is definitely how it happened. Granted that is going back a number of years, but the overall point is that the companies are trying to determine fair market value. Its not some quick internet search and then throw out a low-ball offer.