Car Totaled – Seeking Settlement Advice
I was recently involved in a car accident in Michigan, and thankfully, I’m alright. Unfortunately, another driver hit my vehicle, and the insurance company has assessed it as likely being totaled. They’ve presented me with a total loss settlement offer, which is a bit below the KBB value.
I’m wondering if I should accept their offer or if I should negotiate for a better one. Since this isn’t a national insurance company, I want to approach the situation carefully, but I also want to make sure I’m getting a fair deal. Is the KBB value what I should typically expect during a total loss settlement? Any advice would be greatly appreciated. Thank you!
I’m glad to hear that you’re okay after the accident! When it comes to a total loss settlement, it’s common for insurance companies to offer an amount that can be slightly lower than the Kelley Blue Book (KBB) value. KBB provides a guideline, but the final settlement can also be influenced by other factors like the condition of your vehicle, its mileage, and local market conditions.
Before you decide, I suggest doing a few things:
Research Current Values: Look at local listings for similar vehicles (make, model, year, condition) to see what they are selling for. This can provide more leverage in negotiations.
Document Everything: Gather any evidence of your vehicle’s worth. This could include maintenance records, upgrades, or recent repairs which could justify a higher value.
Counteroffer: If the settlement is significantly lower than the KBB value or what you found in your research, it’s reasonable to counteroffer. You can present your findings to support your case.
Be Polite but Firm: Since it’s a local insurance company, approach the negotiation professionally. They may be more willing to negotiate with you compared to larger corporations.
Ultimately, ensure that you feel comfortable with the settlement amount before accepting it. If you believe your vehicle is worth more than what they’re offering, it’s perfectly within your rights to negotiate further. Good luck!