Reader’s Question:

My car’s been recently totaled here in Missouri. I feel that it is not being properly valued/estimated by my auto insurance company. How do I check whether or not it is?

Jeff

Colombia, MO

It is not uncommon for vehicle value estimates to be disputed by the owner and the auto insurance company. There are several things that factor in when determining the value of a car after it has been totally damaged or stolen. First of these is the model of the car and how expensive it is. To get a close enough estimate, try checking out other models available in the market. Next is the condition of the vehicle when it was totaled. If you managed to keep it in good shape, it should still be pretty valuable. The mileage is another. How often you use your car also affects its market value.

One of your greatest problems is actually depreciation. The moment you take your car out for a drive, its value begins to depreciate. This could be so much more than you expect. In any case, you have the right to request for an explanation. Typically, a representative from the auto insurance company will take a look at your car. Feel free to point out if you have added anything of value, like a player or some other similar equipment. The more information you have, the clearer it might all seem, so ask.

Tags: auto insurance, car, car insurance, Car Insurance Company