09-09-2004, 11:04 PM
My dad is a CFO and he had a contact in the insurance division at BB&T. (BB&T owns the adjusting company or the insurance company, something like that) He told him the two ways to get the price up.
1. Do a radius online search for your car within a certain range and within a certain mileage (ie give or take say 30k of your actual mileage), then average the price and the mileage. If the mileage is not close to the actual mileage then use the NADA mileage adjustment. But then adjust the average price for the mileage adjustment, and you can establish fair market value.
EX We were oftered $6200 without the car(totaled). We established market value at $9000 (KBB $10,400), so they gave us about $8400 and the option to take 80% of that and the car. Obviously, the car was in great shape so I took the car.
2. Treaten Suit (alittle more risky)
1. Do a radius online search for your car within a certain range and within a certain mileage (ie give or take say 30k of your actual mileage), then average the price and the mileage. If the mileage is not close to the actual mileage then use the NADA mileage adjustment. But then adjust the average price for the mileage adjustment, and you can establish fair market value.
EX We were oftered $6200 without the car(totaled). We established market value at $9000 (KBB $10,400), so they gave us about $8400 and the option to take 80% of that and the car. Obviously, the car was in great shape so I took the car.
2. Treaten Suit (alittle more risky)
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Aaron
"Early to bed and early to rise probably indicates unskilled labor." - John Ciardi
Aaron
"Early to bed and early to rise probably indicates unskilled labor." - John Ciardi