Book Values For Used Cars

Q.I was in a car accident recently, where the other driver was entirely at fault. Because I don't have collision insurance, I'm dealing directly with the other driver's insurance company. I'm waiting to hear from from the insurance claims adjustor, who will decide whether to repair my car or call it a total loss. I understand that they will try to pay out as little possible. How do adjustors typically determine the value of your car? Which blue book do they use? (Blue book values vary by a lot). What happens if we cannot agree on a settlement? What leverage do I have to get the settlement that I consider fair? I'd like to be more informed about the process... BTW, there were no injuries and I'm in Massachusetts.

A.t may depend on the insurance company. If you get an offer, ask for documentation on how they came up with the value. A common method is to subscribe to a service that surveys used cars at dealers to find "comparables", then try to match the loss vehicle with some "comparables", adjusting for cosmetic condition, options, and odometer mileage. Tax and pro-rated license should be added to the assumed cost of replacing the vehicle to get a settlement offer. Your chances of a good offer are worse if your car is rare or in better mechanical condition than most on the used car market. Rare cars may be valued on common comparables since there may not be any for sale locally, and the adjustment for the model may not reflect the actual cost to find the rare one. Good mechanical condition is not valued much in the general used car market on which insurance valuations are based on, even though it makes a huge difference in future reliability and repair expense. On the other hand, if your car runs, but you know it will be needing an expensive repair soon, you just might get an attractive settlement offer.

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