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.
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