Nope they're supposed to give you market value which on my car according to NADA avg retail is $11,125 (so that is what I'd have to pay to buy my car with my mileage etc) which is fairly accurate as a 99 t/a A4 just down the street at Lynnwood Dodge is listed at $13,765 and nada lists it's avg retail at $13,400. Which is pretty close.

 

If I'm not mistaken they do not give you retail price for the car but what you could expect if you were to trade it in. In other words wholesale price.

 

They're supposed to give you what it would cost for you to replace the car if you were to buy it today.

 

Sadly I think what you will find (although I hope I am wrong for your sake) is that they are like car dealers.......buy low, sell high......meaning low book value more then likely. Unless you have some special coverage/retail replacement rider (like they give during the first year of new cars in some cases) that will pay full retail/book/whatever, then you will prolly only see wholesale or at BEST low private party value........like I said, I HOPE not, but I have totalled a few cars and that is not a way to "make money". And knowing how dealers (like Lynnwood Dodge) jack up prices for cars on their lots, I cannot see an insurance company (second most tight-fisted business in the world) giving up high blue book for a payout without a special add-on/rider in your policy.

And the "supposed to give you what it costrs to replace" thing is what THEY think it would cost to replace your car.........

Just my $.02 from way too much experience.

 

That's really good information Amy. Thanks.

Mike

 

FYI the insurance commissioners opinion on all of this
I would have posted the article but it was too long

WA state insurance Commisioners site

 

Update: picked up my check today for the property damage portion... after paying the lienholder the pay off of $8305 and the salvage value I was left with a check for $4400 so I made out pretty well. Waiting on some financing stuff on my hopeful acquisition.

 

What are you doing with the salvaged car?

Mike

 

Ryan K is taking it.

 

So what/who's car are you trying to buy?

 

Bill's... I'm just working out a few more details with BECU which should get it goin.

 

Groovy....good luck.

 

Thanks loan's approved just gotta get to a becu branch with bill soon and do all the red tape.

 

Sweet! And MAYBE the new one will be a garage queen
Did you get a line item statement yet?

 

I'm glad things worked out for you...........good to hear!

 

From pemco or from stevens?

 

Pemco. Check your notes from the other night. Its $800 more you are due if they bundled/buried it.

 

oh... yeah, when he called he broke it down with value, tax, tabs, and license fee.

 

Great Josh. Glad it worked out for you & Bill. Although if you wreck the WS6, we might have to kill you (if you survive the accident). Trust me, it's significantly faster than your car was.

 

Thanks mark I'm excited.

lol and I just re-read that post too... it looks like i was saying bill was working out the details lol. (fixed it).. but yeah I got the loan approved through BECU for Bill's car. And I don't think you guys would have to, I think I'd do the job myself if I survived. One thing I'm definately investing in is some PR training time.