I got into an accident last week. My Honda Civic is a total loss after the collision. The person who collided with my car is at fault. Knowing how insurance companies like to lowball people, I expect that they would offer a low price for compensation. Is it possible to negotiate the compensation? Any good tips with negotiating?
Just to add, the car has low mileage (50,000 km for a 9 year car) and looks pretty much brand new prior to the accident. That’s why it would be a shame if I get only a small compensation for it.
Related posts:
- As far as compensation is concerned, what’s the best car insurance company there is (within USA) ?
- Can I negotiate my car loan interest with the company who loaned me the $$?
- How much money should I ask for from the Insurance company for a settlement from an automobile accident ?
- What is the best car insurance company?
- I was charged dui + my insurance company doesn’t know, should I notify them for $1700 coverage for road work?
{ 6 comments… read them below or add one }
Generally, they are going to give you blue book and then plus or minus for upgrades or pre existing damage.
You can get credit for new tires, new wheels, a new radio such as XM…you get the idea. Now if there were dings and dents that preexisted the accident and they can prove it, they can try to lowball you. If you have repair records that show that you upgraded, keep them and present them to the insurance company.
They have a "Bluebook" that only the Insurance agencies use get a copy of the Bluebook that your dealer uses or the one for the general public use .
good luck
you can try getting one from California (not on internet) they often price thiers higher
Lori; What is actual value if not resale or market value?
An insurance company pays out the actual cash value of the vehicle, and most use a form of NADA ( not available to the regular consumer). However, this value is usually close to a Kelley Blue Book private party value. Let them give you what they feel is a good offer, and if you don’t agree, give them your figure and work from there. Be ready with documentation or some type of proof to show why you feel that way. I think you may be surprised at the value the insurance company gives you. Just keep in mind, they have to settle for actual cash value, not resale or market value. An insurance company is only required to make you "whole" not better than what you were previously. I hope this helps- Thanks- Lori
In working with insurance companies, i found if you press hard enough on them they will eventually cave. Depending upon how much coverage you had and whose fault the accident was. If you had full coverage, and it was at no fault of yours you can press your insurance to fully pay off the debt and go after the faults insurance. You have to be stern and up front with them and get your point accross in a patient matter. If the accident was no fault upon you, and the person at falt had no insurance you will have to seek legal help in the matter. Sometimes, you come out with nothing but you never know, its always a shot worth trying, the insurance and laywers are there to help. If you owe more than your car is worth press for the company to pay it off! I had statefarm 7 years ago and i was in a like situation and they paid my car off and collected from the others insurance the only brutal truth was it took 2 years to complete. hope i was some help for you.
They go by bluebook value. Low mileage,fresh paint job, new tires, whatever, . matter so little. Lots of luck, and welcome to the club.
idemnify means to make whole again, restore etc. They will only give you what it would cost to replace the car. and be careful cars like civic and accords, usually all japan makes have a lower blue book but are higher cost to replace. Look for some cars in your area on sale and keep the ads handy to show them, becuase after all you have to replace your car.