Q: On a total loss vehicle, when determining the Acual Cash Value
Is it legal for an insurance company to "discount " the asking price of comparable vehicles?
A: I’m not sure what you mean by discounting the asking price of comparable vehicles. The way it should be valued is what the value of a similar vehicle in similar condition is valued. One of the best ways to find the value of your vehicle is to use the vehicles listed on EBay Motors that are comparable to yours and find what their value is being placed at.
Tim Akpinar agrees with this answer
A:
Insurance carriers can offset the fair market value of the car by the salvage value. You mention a total loss vehicle. That's a determination made by the property loss adjuster. In terms of a discount, somewhere in the computations of the adjuster, there should be an offset figure for the salvage value of the car. Good luck
Tim Akpinar
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