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Posted: Tue Jul 24, 2007 11:59 am Post subject: Insurence question

I was wondering. If your car gets written off or stolen. How does the insurence company determine how much to pay you. Do they go off the black book value of the car. The bill of sale that you have, or by looking at how much other cars are selling for?

Posted: Wed Jul 25, 2007 11:36 am Post subject: Insurence question

"Current market value.

Black book / Blue book are dealer wholesale prices and I don't think the insurance companies use them anymore."

Posted: Wed Jul 25, 2007 11:46 am Post subject: Insurence question

"It's all about the ""7 years"".

If your car is newer than 7 years, there will be a book value, and that's what the insurance company uses (unless you've already documented exceptions with your insurance company ahead of time).

If your car is older than 7 years, there's no book value on it, and all they can do is a comparison based on what else is out there.

If your car is older than 7 years, and in some way more unique/expensive than similar ones out there, you better make damn sure it's all documented with the insurance company before anything happens, or you've got nothing."

Posted: Wed Jul 25, 2007 11:48 am Post subject: Insurence question

They get the ACV (actual cash value) of your vehicle from a blackbook AND they go on auto trader and look at vehicles in calgary that are for sale with the same amount of mileage / body condition. Basically after you are paid out you should be getting almost the same amount of money, if not the same amount, as that same vehicle would cost in todays market. Only reason it'd be lower is if they're taking off your deductible upon settlement.