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How to negotiate with auto insurance (Progressive) the

Customer Question
settlement prince on their offer...
how to negotiate with auto insurance (Progressive) the settlement prince on their offer to total my vehicle after the accident.
I see only two vehicles of the exact same kind for sale by the dealers on cars.com within 75 miles of my ZIP code. My mileage was 75K. The 81K mls car is sold for $12k, and 105K mls car is sold for $10k.
The KBB my exact vehicle, mileage and options, accept the premium sport body trim which I have, shows $6.8K for the private buyer market value in Good condition, even though my car would qualify for Very Good.
Assuming dealer mark-up is 20%, which makes $12k into $10K, there is still a $3K gap between de facto market price and KBB-estimated private buyer market value.What are the valid arguments for moving the price up in this situation that insurance company should legally consider when coming up with a settlement price for me.And does the estimated cost of repairs, which they will have now, have anything to do with such settlement price? (I think not, because the whole point is to avoid paying more in repairs than it would cost to repair the vehicle.
Or could the salvage cost which they can receive from the junk yard possibly impact the settlement price?Is my understanding of the full collision coverage correct in that Insurance have obligation to put me in the same vehicle as I had before the accident?
Submitted: 8 months ago.Category: Finance
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Answered in 36 minutes by:
11/14/2017
Financial Professional: bkb1956, Finance Enthusiast replied 8 months ago
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 6,382
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Each insurance company uses their own proprietary methods to get what they give you as ACV. In order to provide your own counter-estimate, you'll want to know as much as possible about how they came to their figures. Ask questions and stay involved in the negotiation process. The insurance company WANTS you to give up without asking questions, staying in touch with them, getting involved in the valuation process, etc. so it can pay you the least amount it can.

Keep in mind that car insurance is regulated by the department of insurance in your state. You will want to visit your state's website to find out how insurance settlements for totaled cars are handled.

The following links contain additional, detailed information that will help you:

https://www.carsdirect.com/car-insurance/tips-for-negotiating-the-actual-cash-value-ff-your-car

http://www.bankrate.com/auto/totaled-car-bag-a-car-insurance-payout/

http://www.auto-insurance-claim-advice.com/car-total-loss-2.html

There is a great deal of information in these links, and you should familiarize yourself with all of it so you can negotiate a better offer from the insurance company.

Bot***** *****ne--don't settle for what Progressive is offering without a fight!

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Financial Professional: bkb1956, Finance Enthusiast replied 8 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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Category: Finance
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