Question I'm sure you've been asked this a thousand times, and I've searched the this site extensively, but nothing fully answers my question.
I live in GA and own a '94 Honda accord EX. The car is in "almost-mint" shape, with a small dime-sized tear in one of the seats, and no mechanical problems. The car has 174k miles on the odometer, but the paint is nearly flawless.
two weeks ago a van was crossing a street opposite from where I was sitting. I was waiting to turn left. The Van crossed the intersection when another car T-boned the Van and flipped it on top of my girlfriend and I. No one was hurt, and all that has to be replaced is the car. The A-pillar was mangled and deemed a total loss. The cars value (according to NADA) is $5,300. Of coarse the Van was at fault, and the insurance company representing the "van" has offered $4,200. I know it's the adjusters job to save his insurance company money, but it's my job to keep from loosing money. I would be happy with $5k for the car. Do you think this is feasable, or should I ask for $5,300? The insurance company uses the "cost market analysis" method of pricing cars. I've already spoken with the adjuster that I would like copies of all this "market analysis" so I could look them over. I'm sure they will drag their feet on the matter, and hope that I will just settle for less.
Thanks in advance,
Josh
AnswerI answered this question a few days ago but it remains on my open listing so here goes.. again.
The fact that the car is MINT is only one factor... the other, that you appear not to be conisering, is the mileage.
When calculating an ACTUAL CASH VBALUE (ACV) mileage is a consideration.
For ACV purposes the average car is deemed to go 12,000-12,500 miles per years. Yours at 11 years old has gone nearly 16,000... tjat is considered HIGH MILEAGE and an appropriate reduction will be taken.
Ask the company to provide you with their complete ACV workup and see how they arrived at their number.
If the compnay "drags their feet" file a complaint with your State;s Dept or Insurance" and seek their intervention and assistance.
Hope and trust that the above answers your questions and provides some direction.
Please take the time to rate this response in the various catagories.
Thanks
