QuestionWife and I have a 2002 X-Type Jaguar 2.5 liter, with 55,000 miles in EXCELLENT condition prior to our accident. We are trying to determine whether it's totalled or not. The adjuster takes the value from both the NADA and the Red Book value. We have the NADA value, but we need the Red Book value and I can't seem to locate them in order to obtain that value. Any help is appreciated. Thank you.
Answer There are various methods for determining value as mandated by different states. The red book is something that I have never heard of. It must be a regional thing, but I can tell you that most of the books are pretty close to each other and using a different book will not usually make or break a total loss decision.
The books are a general guideline and alone do not determine if a vehicle is a total loss. The factors in a TL determination include actual cash value, salvage value, possible supplements, rental costs, diminished value (if applicable in your state) etc.
Also remember that if the vehicle is deemed a total loss, the valuation may not follow any published guides. Many states require that the insurance company actually locate comparable vehicles that are actually on the market and/or have sold in recent months. The value will be based on selling prices, not asking (book) prices. It may be more or it may be less than NADA.
Good luck!
