Auto Insurance Totaled Vehicle Value

Reader’s Question:

I would like to know how auto insurance agents or adjusters determine how much money they will pay me for my totaled vehicle here in Kansas. Thanks!

Milton

Lawrene, KS

Interesting question. It is always advisable to have a good idea of how much your can expect to get from your totaled vehicle before meeting up with auto insurance agents or a claims adjuster. These individuals are hired to always look out for the best interest of the company in every car accident claim they handle (which may not always be aligned with what is best for their policyholders).

A reasonable auto insurance company would pay you the amount of money or settlement equal to the market value of the said vehicle during the time of the accident. You can refer to web sites such as www.kbb.com or www.nada.com to get an idea of how much your vehicle costs. Of course, you will have to factor in all the administrative expense and deductibles involved when filing a claim that might be subtracted from the reimbursement check you will get.

Another effective way would be to look up the current value of your vehicle there in Kansas. You could also look up the current price of a very similar vehicle, if you can’t seem to find out how much your car model is worth these days. Don’t have false expectations that you can milk out more money from the auto insurance company since they will have all the necessary resources to know exactly how much your vehicle is currently worth.

Car Insurance Estimate

Reader’s Question:

I’m currently on the lookout for new car insurance coverage (I’m dropping my old one because they’re ripping me off!) I’d like to know how I can find a way to get a car insurance estimate or quote so I have an idea what rates I can get. Any suggestions?

Nielson

Dutch Fork, SC

There are three ways that you can do this, all with varying levels of success and ease. 1). you can flip-open the phonebook and call-up every car insurance company you find, speak to agents, and get rate estimates. 2). you can go to an agency or office and hire a broker to search the best rates for you. 3.) you can take matters into your own hands and use the Internet to locate the latest rates and get a good car insurance estimate.

The best approach really is subjective but let’s put it this way, the first option is definitely time-consuming and hardly anyone who does anything relevant for a living can afford to spend that much time. The second option is faster but costs you and even then there is no guarantee that the broker has your best-interest in mind (commission?).

The third one is a fast and convenient alternative. You only need a computer and Internet connection. You just spend a few minutes putting some information in (e.g. age, zip code, type of vehicle to be insured, etc.) and you instantly get the latest car insurance rate quotes. Not only do you get a reliable car insurance estimate from many different insurers, you actually maximize your time and ability to find the best offers for you.

Independent rating agencies like A.M. Best and J.D. Powers are also great resources. They rate many different companies from various industries under categories like best customer service, best pricing, most financially stable, etc. This kind of information is usually available online for free and can help you choose the best-overall car insurance companies today.