AboutJames R. Berliner, CPCU Expertise My specialty is personal and busines insurance, relating to the property and casualty field. Homeowners, Auto, Business Auto, Workers Compensation, Business Interruption, Crime, Directors & Officers Liability, Employment Practices Liability, Professional Liability, General Liability, Umbrella Liability, etc.
Experience I am the owner of my own agency (established 1970), have obtained my CPCU designation, and am licensed in many states.
Organizations IIABA (Independent Insurance Agents and Brokers of America), CPCU Society, PIACT (Professional Insurance Agents of Connecticut - Board of Directors)
Question Hi, I owned a 2005 prius which was totalled(my fault) on Monday and I am wondering what I should be looking for in terms of a payment from my insurance co. The blue book is about 19,300 in excellent condition. It was fully loaded and maintained by toyota. I still owe money on the car. How much of the blue book value should I expect and do they take anything out other than the deductible? And how long will they give me with a rental in order to purchase a replacement? It only had 40000 miles on it as well.
Thank you.
Answer Hi Sonia,
So sorry to hear about your car. I hope the settlement process goes smoothly.
The insurance company typically takes two car valuations, and NOT usually from the Blue Book (Kelly Blue Book aka KBB.com). KBB tends to give the highest valuation of the more common valuation methods, which also include the red book and and CCC Valuations. (CCC is usually the lowest)
To get a realistic expectation, try to find a few cars exactly like yours that are currently for sale online or from a local dealer. (Do not use ebay as those sales are for much less than book value.) Keep these handy to show your adjuster if they make you an offer you think is too low. When the adjuster makes an offer to you, respond ONLY with "Please send me all the paperwork you have used to arrive at the value of my car."
Go through this paperwork very carefully, and make sure your car was valued properly. Were all options included? Leather, power windows/locks/seats, sun/moon roof, alloy wheels, stereo upgrade, correct mileage, fog lights, etc. Reviewing this paperwork carefully will tell you if the right valuation was made.
Regarding the rental, this is in your policy. All policies are different, so read your policy and look for a coverage called 'Rental Reimbursement', or 'Transportation Expense', or just call your agent and ask him/her.
