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Message |
Michael T
Guest
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 Posted:
Mon Nov 15, 2004 3:30 am Post subject:
Need to find insurance value fo my totaled Camry |
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My 2000 Toyota Camry was just totaled in the last few days.
If my residence is Southern California, can you recommend a web site for
determining what the settlement might be from my insurance company (GEICO).
For example, is Fair Market Value (FMV) different from Actual Cash Value
(ACV)? A Google search suggested (but was ambiguous) about whether most
states use ACV or FMV.
One final question based on the web site for Kelly Blue Book.
I was able to find the Blue Book Retail Value (when sold by a dealer) and
the Blue Book Private Party Value (when sold by a private party). Can either
of these be used as FMV (or ACV)?
Thank you for your time.
Michael T.
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Guest
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| Posted:
Mon Nov 15, 2004 4:57 am Post subject:
Re: Need to find insurance value fo my totaled Camry |
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Most state with which I am familiar, the insurance company uses
three sources, retail from two guide books and local advertised
rates for similar vehicles. They will average the three to get a
fair market value. They will add or subtract for the mileage on
the vehicle as it compares to average, but they use 12K a year
not 15K as do the guide books like NADA and Kelly. From that
price they deduct any deductible, then add any taxes due. If you
are keeping your car, which you can do if you wish, they will
deduct the salvage value.
mike hunt
Michael T wrote:
| Quote: |
My 2000 Toyota Camry was just totaled in the last few days.
If my residence is Southern California, can you recommend a web site for
determining what the settlement might be from my insurance company (GEICO).
For example, is Fair Market Value (FMV) different from Actual Cash Value
(ACV)? A Google search suggested (but was ambiguous) about whether most
states use ACV or FMV.
One final question based on the web site for Kelly Blue Book.
I was able to find the Blue Book Retail Value (when sold by a dealer) and
the Blue Book Private Party Value (when sold by a private party). Can either
of these be used as FMV (or ACV)?
Thank you for your time.
Michael T. |
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MDT Tech®
Guest
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| Posted:
Mon Nov 15, 2004 5:40 am Post subject:
Re: Need to find insurance value fo my totaled Camry |
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Michael T wrote:
| Quote: | My 2000 Toyota Camry was just totaled in the last few days.
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use http://www.kbb.com
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HachiRoku
Guest
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| Posted:
Mon Nov 15, 2004 5:40 am Post subject:
Re: Need to find insurance value fo my totaled Camry |
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On Sun, 14 Nov 2004 20:15:10 -0500, ma_twain wrote:
| Quote: | Michael T wrote:
My 2000 Toyota Camry was just totaled in the last few days.
If my residence is Southern California, can you recommend a web site for
determining what the settlement might be from my insurance company (GEICO).
For example, is Fair Market Value (FMV) different from Actual Cash Value
(ACV)? A Google search suggested (but was ambiguous) about whether most
states use ACV or FMV.
One final question based on the web site for Kelly Blue Book.
I was able to find the Blue Book Retail Value (when sold by a dealer) and
the Blue Book Private Party Value (when sold by a private party). Can either
of these be used as FMV (or ACV)?
Thank you for your time.
Michael T.
My 2000 Camry was totaled by State Farm. I got Blue Book Private Party
Value.
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Hmmm...that's interesting. See my response to MDT... |
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HachiRoku
Guest
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| Posted:
Mon Nov 15, 2004 5:40 am Post subject:
Re: Need to find insurance value fo my totaled Camry |
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On Mon, 15 Nov 2004 02:15:32 +0000, MDT Tech® wrote:
| Quote: | Michael T wrote:
My 2000 Toyota Camry was just totaled in the last few days.
use http://www.kbb.com
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Hey, MDT, I was going to suddest this, but I didn't want the OP to get
overconfident. KBB is a little 'inflated' and most banks/insurance co's
don't use it. (Um, I do, 'cause I'm a dealer :)
The banks and Ins cos use nada, paritally because values are lower. In
short, kbb is for sellers, NADA is for financers and buyers... |
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ron
Guest
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| Posted:
Mon Nov 15, 2004 5:40 am Post subject:
Re: Need to find insurance value fo my totaled Camry |
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if you need more www.edmunds.com or www.nada.com
ron |
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ma_twain
Guest
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| Posted:
Mon Nov 15, 2004 5:41 am Post subject:
Re: Need to find insurance value fo my totaled Camry |
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Michael T wrote:
| Quote: | My 2000 Toyota Camry was just totaled in the last few days.
If my residence is Southern California, can you recommend a web site for
determining what the settlement might be from my insurance company (GEICO).
For example, is Fair Market Value (FMV) different from Actual Cash Value
(ACV)? A Google search suggested (but was ambiguous) about whether most
states use ACV or FMV.
One final question based on the web site for Kelly Blue Book.
I was able to find the Blue Book Retail Value (when sold by a dealer) and
the Blue Book Private Party Value (when sold by a private party). Can either
of these be used as FMV (or ACV)?
Thank you for your time.
Michael T.
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My 2000 Camry was totaled by State Farm. I got Blue Book Private Party
Value. |
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HachiRoku
Guest
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| Posted:
Mon Nov 15, 2004 5:41 am Post subject:
Re: Need to find insurance value fo my totaled Camry |
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On Sun, 14 Nov 2004 14:30:31 -0800, Michael T wrote:
| Quote: | My 2000 Toyota Camry was just totaled in the last few days.
If my residence is Southern California, can you recommend a web site for
determining what the settlement might be from my insurance company (GEICO).
For example, is Fair Market Value (FMV) different from Actual Cash Value
(ACV)? A Google search suggested (but was ambiguous) about whether most
states use ACV or FMV.
One final question based on the web site for Kelly Blue Book.
I was able to find the Blue Book Retail Value (when sold by a dealer) and
the Blue Book Private Party Value (when sold by a private party). Can either
of these be used as FMV (or ACV)?
Thank you for your time.
Michael T.
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http://www.nadaguides.com
look up the trad in value. that will be close enough. |
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Timothy J. Lee
Guest
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| Posted:
Mon Nov 15, 2004 11:28 pm Post subject:
Re: Need to find insurance value fo my totaled Camry |
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In article <7aTld.5264$2V4.3564@trndny06>, HachiRoku <Trueno@ae86.GTS> wrote:
| Quote: | look up the trad in value. that will be close enough.
|
They should give you the cost it would be to theoretically replace the
car with a similar one, including sales/use tax and license (pro-rated
for the amount of time your current registration has been "used").
Often, they do this by using a service that surveys used cars for sale
and recently sold in your area, trying to match up the loss vehicle with
"comparables".
--
------------------------------------------------------------------------
Timothy J. Lee
Unsolicited bulk or commercial email is not welcome.
No warranty of any kind is provided with this message. |
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ma_twain
Guest
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| Posted:
Tue Nov 16, 2004 5:40 am Post subject:
Re: Need to find insurance value fo my totaled Camry |
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HachiRoku wrote:
| Quote: | On Sun, 14 Nov 2004 20:15:10 -0500, ma_twain wrote:
Michael T wrote:
My 2000 Toyota Camry was just totaled in the last few days.
If my residence is Southern California, can you recommend a web site for
determining what the settlement might be from my insurance company (GEICO).
For example, is Fair Market Value (FMV) different from Actual Cash Value
(ACV)? A Google search suggested (but was ambiguous) about whether most
states use ACV or FMV.
One final question based on the web site for Kelly Blue Book.
I was able to find the Blue Book Retail Value (when sold by a dealer) and
the Blue Book Private Party Value (when sold by a private party). Can either
of these be used as FMV (or ACV)?
Thank you for your time.
Michael T.
My 2000 Camry was totaled by State Farm. I got Blue Book Private Party
Value.
Hmmm...that's interesting. See my response to MDT...
|
I suspect there was a hidden motive. My Camry was a V6 with a manual
transmission - somewhat rare. The only major damage was to the roof.
The doors still opened/closed, locked/unlocked, and power windows
worked. The car had 37K miles with Mobil1 from the start. I suspect
this car is back on the road . . . |
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