Auto Insurance Claims: My car is a total loss, honda element sc, honda element

Question
First of all, I like your honest description of yourself...
..Now for the question.

My wife was driving our new car and was hit by another driver. They (their insurance company) has claimed liability and will be offering a settlement. I just want to be in the same situation as before. I don't want any of that pain and suffering crap. I am just happy no one was hurt.

The problem is that the car was 1 week old. Out the door total on the car was ~24,000. Had I paid MSRP, it would have been ~26,000.

How is depreciation figured on a car where there isn't any available resale information.

In case it's needed. It is a 2007 Honda Element SC with ~400 miles purchase 1 week before the accident. The MSRP is 23,495.

The other insured person only had a $25,000 liability. I am figuring about 750-1000 total for both the towing and rental car leaving about 24,000 covered.

I would love if I was offered 24k in settlement for the new car, but again, I just don't know how much they will try and depreciate the car.

Any information about possible value they will calculate is greatly appreciated.

Thanks,

Mike

Answer
With that kind of low mileage, there are not likely to devalue the car very much.  They will likely get dealer quotes on new cars like yours.  We really cant address what hasn't happened yet.  Give them a chance to crunch the numbers and if then, something seems very wrong, let me know.




As far as an honest description of myself, it's in the profile.  

They owe you the towing, rental and Actual Cash Value for the vehicle.  They will likely call several dealers to get quotes on that vehicle and will offer you the average of those quotes.  With a car that new, I'm sure that you'll be made whole.

Good luck!