Need some help--insurance value

[TheManWh0E1se]

Recently wrecked and want to know if anyone has an idea of the insurance value of an 01 4x4 stock with 137k miles. Dont want to get ripped by the big bad auto insurance company, ya know?
Thanks in advance...

 

[yogi_pahl]

Go to kbb.com put in all the info and it will tell u.

 

[TheManWh0E1se]

that tells you a MARKET value--but NOT what the insurance company believes your vehicle is worth. KBB is WAY off.

 

[Blee1099]

Your probably looking at anywhere between $3000-3500.

 

[yogi_pahl]

How do you think the insurance company look at see what ur car is worth. The insurance company will be way less likely the trade in value of it.

 

[Trebor]

insurance companies go by what the kbb value is and also what comparative models with the same features and mileage go for in your area. its all dependent on what prices are in your area and also what the sales value would be on trade in.

the main thing you have working against you is that with the way the market is your not gonna get much seeing everyone is trading in their suvs for more fuel effiecent cars or hybrids.

 

[71cutty455]

Just make sure you bring grease with you cause you're gonna get screwed.... Insurance companies have the upper hand when determining value because if you disagree then you have to spend YOUR money to pay for arbitration for a third party to decide on a value. I would say a good estimate of what they'll offer is fair dealer trade in value NOT retail or private party values. There are some companies out there better than others but most will try to get over on you.

 

[Donner]

Depends on a lot of things...how clean s the engine, how much tire tread, clean trunk, cig smoke damage, condition/color of the fluids.

Our adjuster was a car collector and bought for auction - he said they start from the top down - what's expected v. what's there. Aftermarket parts didn't count, he went by the vin.

 

[Donner]

You are correct...

Go to kbb.com put in all the info and it will tell u.

100% This is the starting point for most anyone that deals with vehicles.

 

[TheManWh0E1se]

What i have seen on KBB so far off from what NADA suggests and what Edmunds suggests NOT TO MENTION what they sell for in my area. KBB only gives an excellent value---a 2001 with 137k is not excellent...

so ballpark what should I expect for them to say? One person threw out $3000-3500....anyone else?

 

[Donner]

You aren't using kbb correctly.

 

[Turdle]

What you need to do is reasearch the dealerships in your area to see what they are retailing for. Find identical explorers with the same options, and similar mileage.
The insurance company will not even consider the KBB value. It is the true retail value they go by. You'll need to do some homework to fight this one, especially if your truck has over 100k miles.

 

[Donner]

Our guys used the kbb... and zip code

In kbb, after you run the value and it gets to Suggested Retail, look to the left and click on Trade in, etc...

 

[TheManWh0E1se]

Im NOT trying to argue...just trying to know what I am up against...

You aren't using kbb correctly.

How do you figure?? I just rechecked and KBB retail is $6935, down from last month which was $7350ish.
http://www.kbb.com/KBB/UsedCars/PricingReport/2001_Ford_Explorer%20Sport_4181_Retail_Fair.aspx?Mileage=137500&SelectionHistory=4181|25561|20794|0|0|162064|true|162071|true|162081|true&PriceTypePath=Trade-In
Fair trade-in value is $2495, Private party $4100, avg dealer price for trucks almost identical is around $4800, NADA is $5000. Edmunds comes in with its TMV at $3165.
Average all those out and its $4400ish.....am I on the right track?

 

[Blee1099]

They will give you the local value of the vehicle in good condition. Just remember that they will go by what the vin says about the options. That means any accessories like a stereo system, aftermarket stereo, etc will not be added into the value. Typically around here the value of a 2001 is around $6K for one with 115K miles at the local dealerships.

 

[TheManWh0E1se]

Its completely stock....and BLEE...I live right down the street from you in Jessup. I just hope I dont get the shaft one way or the other. Get a crap deal and they total it on low value or they fix it and its nothing but trouble after.

 

[Donner]

Keep all that info, and tell them what you expect. If they disagree, ask them to tell you how they differ.

 

[TheManWh0E1se]

...just never had the best of luck with the BIG BAD INS CO...

I have the gecko---anyone know how they operate?

 

[Trebor]

...just never had the best of luck with the BIG BAD INS CO...

I have the gecko---anyone know how they operate?

i had geico when i was in my car accident and as i stated before they based the value of my car off of what local dealers was selling it for and also kbb.... but kbb listed the car for less than what dealers was offering so surprisingly they based it off the dealers trade in value.

 

[Donner]

They're not like that, so scary anymore... after being sued enough, they've changed.