Question about Progressive Insurance Claim
I hope someone can help clarify my situation. My daughter had an accident in front of our house on March 2nd. Progressive sent a tow truck on March 5th to take the car to an IAA auction yard for appraisal, which took place on March 7th. When I spoke to a representative from Progressive on the 8th, she mentioned that the vehicle was deemed a total loss, which surprised me because I hadn’t been informed of that yet. She briefly went over the details with me, stating that the car was valued at around $8200 (give or take a few dollars). While the amount was a bit lower than I expected, I accepted it.
However, when I checked the claim status in the app, it does indicate a total loss, but all I can see is the appraiser’s repair estimate of $8289, along with a deduction for the deductible. Is this repair estimate the actual value they are placing on the car, or does it just reflect potential repair costs? We still have a loan on the vehicle, so I need to plan accordingly. I’ve reached out to our adjuster but haven’t received a response yet. Any insight would be greatly appreciated!
It sounds like you’re in a bit of a confusing situation with your claim. To clarify: the appraisal estimate you received, which is around $8,289, is likely the cost to repair the vehicle, not its actual cash value (ACV). Since Progressive has deemed your car a total loss, they will typically calculate the ACV of your vehicle, which often takes into account the vehicle’s pre-accident market value, depreciation, and your deductible.
The value mentioned by the representative you spoke to ($8,200 something) is likely the amount they are considering for your total loss settlement. The repair estimate is just that—what it would cost to fix the car, not what they would pay you for it after deeming it totaled.
Since you mentioned you owe money on the car, it’s crucial to confirm the actual settlement amount with your adjuster. Since they haven’t returned your call yet, you might want to try reaching out again or see if there’s another contact number or representative you could speak with directly. It’s essential to get this clarified so you can plan accordingly regarding any remaining balance on your loan.