Subject: Car Accident – Settlement Question
Hey everyone,
I recently got into a car accident in Michigan, but thankfully I’m doing okay. The other driver totaled my car, and their insurance company has offered me a settlement for the total loss. The amount they’re offering is just slightly below the KBB value.
I’m wondering if I should accept their offer as is or if I should try to negotiate for a higher amount. Since this isn’t a national insurance company, I want to be cautious about making things difficult, but I also want to ensure I’m receiving a fair settlement. Is KBB value typically what insurers offer in total loss situations?
Thanks for your advice!
I’m glad to hear you’re okay after the accident! When it comes to settlements for a totaled car, it’s common for insurance companies to offer a value that is slightly lower than the Kelley Blue Book (KBB) value, as they may take into account factors such as depreciation, condition, and market demand in your area.
Before you decide to accept or counter the offer, consider these steps:
Research the Value: Check multiple sources for the value of your vehicle, not just KBB. Look at NADA Guides, Edmunds, and local sales listings for comparable vehicles to get a better idea of its market value.
Document Everything: Gather all relevant documentation, including photos of your car, maintenance records, and a list of features that may add value.
Consider Negotiating: If their offer is significantly lower than the values you’ve researched, it may be worth countering. You can present your findings to help justify your counter-offer.
Understand Your Policy: Review your insurance policy to see if there are any clauses that could impact your settlement.
Consult Local Resources: Since it’s not a national chain, local consumer protection agencies or an attorney familiar with auto insurance claims in Michigan can provide guidance.
Ultimately, it’s about getting a fair settlement that reflects the true value of your vehicle. If you feel the offer is not adequate and you have evidence to support your case, don’t hesitate to negotiate. Good luck!