Subject: Reassessing ACV After My Car Was Totaled
Hello,
I recently had my car totaled, and it was a unique model with features that make it hard to find. Unfortunately, the payout I received is significantly lower than its true value when I compare it to similar vehicles.
Is it possible for me to find comparable cars at a similar price point and use that information to contest my payout? This is my first experience with a totaled vehicle, so I’m unfamiliar with the process.
Thank you for your guidance!
Hi there,
I’m sorry to hear about your car being totaled—it’s always a frustrating situation. Yes, the Actual Cash Value (ACV) of your vehicle can often be re-evaluated, especially if you have evidence that supports a higher value.
Here are some steps you can take to help make your case:
Gather Evidence: Look for comparable vehicles that are similar to yours in terms of make, model, year, mileage, and condition. This can include listings from dealerships, online marketplaces, or local classifieds.
Document Unique Features: If your car has unique options or features that contribute to its value, make sure to document those as well. Pictures and descriptions can help support your claim.
Review the Insurance Settlement: Evaluate the payout you received and compare it to the value of comparable vehicles you found. If there’s a significant discrepancy, be prepared to present this information to your insurance company.
Contact Your Insurer: Reach out to your insurance adjuster and express your concerns. Provide your evidence and ask for a re-assessment. Many insurance companies have a process in place for this.
Consider a Third-Party Appraisal: If you’re not having success with your insurer, you may want to consider hiring an independent appraiser.
Follow Up: Get everything in writing, and keep a record of all your communications. Persistence can pay off, so don’t hesitate to follow up on your request.
It can be a process, but being proactive and organized will help you advocate for a fair value. Good luck, and I hope you get a resolution that works for you!
Feel free to reach out if you have further questions or need more guidance!