Has insurance changed?
I’ve had limited interactions with insurance companies, and they’ve never been due to my fault.
Typically, in the case of a total loss, they assess the Actual Cash Value (ACV) and make an offer.
I usually gather similar comparables to support my case for the ACV in my area.
However, in my most recent experiences, the insurance has been trying to lowball me using CCCONE and is unwilling to negotiate.
What’s going on?
It sounds like you’ve had a frustrating experience with insurance companies recently. Yes, the insurance landscape can change over time, and there are several factors that might contribute to the issues you’re seeing with lowball offers.
One reason could be an increase in the use of automated valuation tools like CCCONE. These systems rely on data-driven algorithms that may not always account for the unique nuances of your specific vehicle or local market conditions. Unfortunately, this can lead to undervalued offers that don’t reflect true market value.
Another factor may be the overall economic environment. Rising costs for repairs and parts, along with inflation, might make insurance companies more hesitant to pay out higher claims, leading them to stick to lower initial offers.
You’re right to present comparable sales as proof of the ACV, and it’s important to be persistent in negotiations. If you’re facing difficulties, consider getting a professional appraisal or seeking advice from an insurance claims expert who can better advocate for your case. It’s unfortunate that you’re encountering resistance, but knowing your rights and being informed can help you negotiate a better outcome.