|
Be aware that if the car is significantly more valuable than a search of comparables on the local used car market is likely to value it at, you may want to find out about declaring a value for the car based on an appraisal (and paying premiums based on that value).
The typical insurance company comparable search involves finding similar cars recently sold and for sale at dealers, and adjusting for cosmetic condition, odometer mileage, and options / features. Mechanical condition does not really count for much (since the used car market tends to use odometer mileage as a proxy for mechanical condition -- surely most people here know that that is not all that accurate, but we're "outvoted" by most used car buyers). Insurance companies should be willing to give you a copy of the list of comparables and adjustments used to determine the value of the car for determining whether it is a total loss and making a total loss settlement offer if it is (the settlement offer should be the valuation plus any needed tax and pro-rated license expense that you would incur when buying a replacement car of the same value).
|
