How to get a fair insurance payout for your totaled car
If your car is in an accident and the repairs cost more than the car is worth, your insurance company may declare your car a total loss and just give you a check.
But the numbers on that check might be a lot less than what you should get.
State Insurance Commissioner Mike Kreidler hears it all the time and Kreidler says insurance companies are often wrong. His office has actually helped people get more money.
But your have to do your homework. First visit local car dealers and look for cars similar to yours.
"Then go online and find comparable cars for sale in your area," said Kreidler. "Check for the age of the vehicle, for the make and model, for the number of miles it's been driven -- all those kinds of factors so that it's equivalent."
"And use that when you deal with the insurance company. If you do that, it's not unusual to find that the insurance company will say, 'You know what? We should give you more money. We'll go out and give you enough so you can buy this vehicle that you found,'" Kreidler said.
Kreidler cautions consumers not to expect Kelley Blue Book values. You have to show the numbers, and your numbers must reflect the fair market value of an equivalent vehicle in your immediate area.
If after all that, you still feel your insurance company is trying to low-ball you, contact the Insurance Commissioner's Office. The office will intervene to make sure you're getting a fair deal.
But the numbers on that check might be a lot less than what you should get.
State Insurance Commissioner Mike Kreidler hears it all the time and Kreidler says insurance companies are often wrong. His office has actually helped people get more money.
But your have to do your homework. First visit local car dealers and look for cars similar to yours.
"Then go online and find comparable cars for sale in your area," said Kreidler. "Check for the age of the vehicle, for the make and model, for the number of miles it's been driven -- all those kinds of factors so that it's equivalent."
"And use that when you deal with the insurance company. If you do that, it's not unusual to find that the insurance company will say, 'You know what? We should give you more money. We'll go out and give you enough so you can buy this vehicle that you found,'" Kreidler said.
Kreidler cautions consumers not to expect Kelley Blue Book values. You have to show the numbers, and your numbers must reflect the fair market value of an equivalent vehicle in your immediate area.
If after all that, you still feel your insurance company is trying to low-ball you, contact the Insurance Commissioner's Office. The office will intervene to make sure you're getting a fair deal.