Has there been a shift in how insurance companies operate?
My experience with insurance has been limited, and thankfully, it hasn’t been due to any mistakes on my part. Typically, in total loss situations, they assess the Actual Cash Value (ACV) and present an offer.
I usually support my case by providing comparable sales data to demonstrate the ACV in my area.
Recently, though, in my last two encounters, I’ve noticed that insurance seems to be making lowball offers using CCCONE and is unwilling to negotiate.
What’s going on?
It sounds like you’re experiencing some frustrating interactions with insurance companies, especially when it comes to total loss evaluations. Insurance practices can indeed fluctuate based on various factors, including market conditions, company policies, and even regional trends.
CCCONE is a tool used by many insurance companies to evaluate vehicle values based on their own algorithms, which can sometimes result in lower offers than what you might find in active listings or comps in your area. If you feel that their offer doesn’t reflect the fair market value of your vehicle, you have every right to gather evidence to support your case.
Here are a few tips that might help you in negotiations:
Document Everything: Keep thorough records of your own research on similar vehicles, including their condition, mileage, and selling price.
Be Persistent: Don’t hesitate to follow up with your adjuster and request a detailed explanation of how they arrived at their offer.
Consider a Third Party Appraisal: If the negotiation isn’t going anywhere, a third-party appraisal might provide you with more leverage.
Know Your Rights: Familiarize yourself with your state’s insurance regulations. Each state has different laws that protect consumers in these kinds of situations.
Escalate If Necessary: If you remain unsatisfied with their response, consider asking to speak to a supervisor or even filing a complaint with your state’s insurance commissioner.
Insurance companies often have a lot of leverage, but being informed and prepared can strengthen your position. Good luck, and don’t hesitate to advocate for what you believe is fair!