When I go to the Kelly blue book website there is am option to see what the car is worth under retail value or personal sale value. If my car (which is basically totaled) is being appraised by an insurance company which figure do they go by?
Kim
Comments
They are probably looking at retail value of the car. They typically want to know what it would cost to replace the vehicle. They may or may not be using Kelley Blue Book to get this value. One of the other main appraisal tools is NADA:
Personal Sale Value is when you are buying or selling a vehicle as an individual, without a dealer.
They will go by the wholesale value.Then you will need to ask for the private party price. If they insist on the wholesale value. Then tell them to go out buy the car for you bring it to you and you will then tell them if you want the car or not.
Private sale, though I don’t know of any insurance company that uses Kelly. NADA is used most often but your local market value is what should be used to estiblish the true value.
The private party sale value is going to be more accurate, but they don’t go by any - they subscribe to a service which corolates private party sale newspaper ads in your area. THAT’S how they determine it.
