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How do I know my Insurance is giving me the right amount?

joahjoah Member Posts: 3
edited July 2015 in General
I recently had a car accident, at first my insurance was going to repair it but at the last second they told me my car is a total loss. I checked on Edmunds of my car value

Car: Black 2010 Honda Accord EX-L V6 Sedan
Miles: ~105,xxx
No modification or Navi
Has the basic traction control, premium sound, 6 disc changer, leather seats, dual power seating, etc.
Located in the 49508

They're giving me $11,000 after taxes and a $500 deductible. Is this a fair amount?

Thanks for the help!
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  • kyfdxkyfdx Moderator Posts: 236,760
    joah said:

    I recently had a car accident, at first my insurance was going to repair it but at the last second they told me my car is a total loss. I checked on Edmunds of my car value

    Car: Black 2010 Honda Accord EX-L V6 Sedan
    Miles: ~105,xxx
    No modification or Navi
    Has the basic traction control, premium sound, 6 disc changer, leather seats, dual power seating, etc.
    Located in the 49508

    They're giving me $11,000 after taxes and a $500 deductible. Is this a fair amount?

    Thanks for the help!

    Right or wrong, every used car manager in the country will tell you that your car can't be in "outstanding" condition, if you have over 100K miles on it. Take out the $990 adjustment for condition, and I'd say you are pretty close on value.

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  • explorerx4explorerx4 Member Posts: 19,304
    At least where I live, the number is supposed to include sales tax, so there's that.
    2023 Ford Explorer ST, 91 Mustang GT vert
  • kyfdxkyfdx Moderator Posts: 236,760
    explorerx4 said:

    At least where I live, the number is supposed to include sales tax, so there's that.

    Good point.... where I live, as well

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  • joahjoah Member Posts: 3
    sorry the figure is...

    Actual Cash Value: $10,853.00
    Applicable Taxes/Fee: $666.18
    Less Deductible: -$500.00

    Total Pay out or total loss: $11,019.18

    Should I accept this offer or try to fight it for a little more?
  • steverstever Guest Posts: 52,454
    edited July 2015
    I think you're pretty close but it's been decades since I've done this drill. You may be able to get ~$500 more, maybe not. Back in the 70s, a family car that got creamed had just had an engine rebuild and the insurance coughed up a few more bucks for that.

    Confessions of an Auto Claims Adjuster
  • Mr_ShiftrightMr_Shiftright Member Posts: 64,481
    Looks close to me, maybe a tad low. Of course you could ask for another $1000---all they can do is say "no, get an appraisal"--but by the time you do that, and then go through arbitration, you've spent an additional $650 or so to gain $1000.
  • joahjoah Member Posts: 3
    I guess I will accept it then. Thanks for all the help guys.
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