Total Loss Market Valuation Reports

Was your vehicle declared a Total Loss by your insurance provider or the at-fault party’s insurer? Prior to signing a settlement agreement, it is imperative to ascertain the true value of your vehicle. We have observed many cases where insurance companies have offered inadequate or inappropriate settlement amounts, sometimes exceeding five-figure sums. Calculating an accurate market valuation for a total loss vehicle requires careful consideration of multiple factors.

Firstly, the date of loss is critical as market valuations can fluctuate rapidly. If your claim was filed in July and the vehicle was declared a total loss in October, the insurance company is obligated to compensate you for its value on the date of loss. We’ve analyzed market valuation summaries in which the adjusted value of the vehicle failed to take into account its market value on the date of loss. Manufacturers typically announce new model year vehicles in the Fall, usually between September and November of the preceding year. This impacts the current market value of your vehicle.

Secondly, the overall condition rating is crucial. Our observations indicate that insurance companies often rate vehicles in average condition across each category within their valuation reports. This factor encompasses all aspects of a vehicle, from the exterior to the interior, as well as the engine and transmission. Depending on the model year and mileage of the subject vehicle, this adjustment can lead to substantial disparities in valuation. These discrepancies become particularly pronounced when inappropriate comps are utilized to create inaccurate market values against your vehicle, further diminishing what should be a fair, accurate, and true market valuation.

Finally, the precise trim level and options of a vehicle may not be factored into the  valuation process undertaken by insurance companies. This oversight can result in significant inconsistencies between the settlement offer and the actual market value of a vehicle. We invite you to contact us for a complimentary consultation. Our experts will evaluate your settlement summary and determine whether we can assist you in securing an appropriate settlement amount by preparing an accurate and professionally crafted market valuation report for your total loss vehicle.