Car crashes that result in the total loss of a vehicle will receive a fair market value in Raleigh. To determine what your car is worth, consult the Kelley blue book.
Car crashes that result in a total loss generally won’t cause a financial burden if there was no money owed or any money owed is less than the car's worth. However, when more is owed on a Raleigh vehicle than it is worth, it can cost the owner.
Negotiating a settlement with the insurance company includes determining what it will pay for your vehicle. It could mean the difference between having no vehicle and still owing money and being able to take the steps necessary to move on after an accident. Learning how to use a Kelley blue book can be an integral part of this process.
Raleigh Car Crashes That Result in a Totaled Vehicle
After an accident, an insurance adjuster usually will come out to examine your vehicle. A decision needs to be made as to how much insurance will pay for it, depending on its value before the crash.
Various factors will play a role, such as taking into account the mileage and depreciation. A fair market value is given and compared to what the costs for repairs would be.
If it would cost more to repair than the value of the vehicle in Raleigh, the insurance company will declare it a loss, to be totaled. The amount you receive for the vehicle will be based on the fair market value.
The hope is that you would receive a fair price. Unfortunately, this isn’t always the case with car crashes, which is where the Kelley blue book might help.
Determining Value of a Totaled Vehicle: Kelley Blue Book
No matter what the insurance company offers, you want to check the Kelley blue book to make sure it’s right. Consumer editions are available that give important pricing information, and consumers may estimate the value of their cars online.
There are books available for used and new cars, so the information available will be different. For a new car, it generally includes the Raleigh dealer’s cost and manufacturer’s suggested retail price. You also can find pricing schedules for a variety of options.
For a used car, it includes the price expected to be paid at a dealership, price if sold by private owner and its trade-in value. Because used cars have different conditions, charts are available to help figure out the most accurate amount.
To find the value of your car you would look up the manufacturer, then you would search for the model (these are listed alphabetically). So if you owned a Toyota Camry, you would first search under Toyota and then Camry.
These books are available in paper form, but you can access Kelley Blue Book online. There are several research tools available to assist in your search.
When determining the value of your vehicle, it’s important to take into consideration any customization or other features that may help increase the value.
Car crashes are a hassle in many ways, including dealing with the insurance company. Nobody wants to be left owing money on vehicles that no longer can be driven after car crashes.
If your car was new, you might be able to protect yourself with gap insurance. This helps cover the difference between what the insurance company will pay and what is still owed on it. By utilizing both this and the Kelley blue book, you can be sure you are doing your best to retain as much of the value of your car as possible in Raleigh.
