totaled question

[350sexZ]

quick question guys not about the mustang but need some info. I was just informed the wifes explorer is going to be totaled out. i dont want to get screwed over by the insurance so going to get some prices from different sites and find the average price. But my question is, I'm i looking for trade in value or value it is worth retail? It"s a 2014 explorer sport with about 12k miles. thanks

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[Wblv17]

retail, as it will be what it cost you to replace,

 

[StangMan04]

quick question guys not about the mustang but need some info. I was just informed the wifes explorer is going to be totaled out. i dont want to get screwed over by the insurance so going to get some prices from different sites and find the average price. But my question is, I'm i looking for trade in value or value it is worth retail? It"s a 2014 explorer sport with about 12k miles. thanks

My 2013 was totaled back in March. My insurance adjuster did comparisons of other cars for sale similar to mine when making an offer. I would go that route if you could, do a search for cars similar to your own being sold at dealerships,etc.

 

[lwilliams]

My 2013 was totaled back in March. My insurance adjuster did comparisons of other cars for sale similar to mine when making an offer. I would go that route if you could, do a search for cars similar to your own being sold at dealerships,etc.

This.......................... And, I hope no one was harmed in the "totaling accident:.

 

[coopdro]

I worked insurance claims for 6 years in a previous life, a year of that time was specifically total loss settlements. Barring any specialty endorsements to your policy, you'll be looking to get the ACV (Actual Cash Value) for your car. That's not to be confused with Replacement Cost.

That said, I take it you're probably using KBB and/or NADA for the value of the car. That's totally fine to get a pretty good idea of the range to be looking for. Keep in mind KBB has it in their print (at least used to) that the value they provide incorporates dealer costs into the value they provide which isn't reflective of a vehicle's value, meaning the internet value may be slightly inflated vs ACV.

Other than just the sites like KBB and NADA, especially with newer vehicles, we used 3rd party companies that do real market research on vehicles to appraise value. Goes into a regional comparison of similarly equipped vehicles and how much they sold for from many dealers in the area and also includes private party sales.

Lastly, each state has different regulatory items that go into a total loss settlement. Some states will pay for your next vehicles tax, title, etc whereas others may not or they'll give you a tax voucher.

If you have any other questions, just post or pm me.

 

[350sexZ]

I worked insurance claims for 6 years in a previous life, a year of that time was specifically total loss settlements. Barring any specialty endorsements to your policy, you'll be looking to get the ACV (Actual Cash Value) for your car. That's not to be confused with Replacement Cost.

That said, I take it you're probably using KBB and/or NADA for the value of the car. That's totally fine to get a pretty good idea of the range to be looking for. Keep in mind KBB has it in their print (at least used to) that the value they provide incorporates dealer costs into the value they provide which isn't reflective of a vehicle's value, meaning the internet value may be slightly inflated vs ACV.

Other than just the sites like KBB and NADA, especially with newer vehicles, we used 3rd party companies that do real market research on vehicles to appraise value. Goes into a regional comparison of similarly equipped vehicles and how much they sold for from many dealers in the area and also includes private party sales.

Lastly, each state has different regulatory items that go into a total loss settlement. Some states will pay for your next vehicles tax, title, etc whereas others may not or they'll give you a tax voucher.

If you have any other questions, just post or pm me.

ok thanks, yeah I've check nada - $42,100. kbb- $42,934 and a used dealer close by has on with twice the milage for $37,995. Gonna call my local ford dealer and see what kinds of prices they can give me.
thanks guys

 

[350sexZ]

This.......................... And, I hope no one was harmed in the "totaling accident:.

It was only the wife at the time, thank god the kids weren't in there. The majority of the damage was to the rear drivers side. The airbags did a realy good job for her.

 

[Chameleon]

5 star safety rating is earning its review. Glad she is ok.

 

[thewolfofhollister]

Don't take the first offer if you aren't satisfied, well within your right to say it isn't acceptable to you if they lowball

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