How insurance pays for stolen/wrecked car?

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I'm wondering, since I luckly never had a chance to find out, how the insurance company figures out what the car is worth if it's stolen or wrecked. Suppose they reimburse you up to the total worth of the car, do they go by what you paid for the car (looking at bill of sale) minus depriciation or do they have standard tables that they use?


posted by  pelachrum

What I heard is they look up the value of the car in the Blue Book and then give you around that much money.

posted by  Nissan_Altima

they give you the book value
but dont just get ur boy to steal ur car and make some money.

posted by  6000LE

My sister crashed her car and blue book value was half of what she paid....

posted by  Spencer

Most insurance companies will pay you the blue book value of your car if it's stolen or totaled. Theirs a guy that lives down the street from me who had an MR2 and put at least 7 grand in upgrades into it. A couple months later it was stolen but I know that this was all set up cause if you sneezed by his car it would go off. It was found stripped of everything and all he got was blue book. Unless you notify the insurance company of your upgrades(which will heighten your insurance cost) you will only get the blue book value for it. Sucks for him.

posted by  Spanky2324

Unless he set it up himself and now he has lots of extra car parts. :hi:

posted by  Pythias

They suck. Bluebook value doesnt cover your attachment to the car. I saw something on TV for modified cars that gives you money based on what you invested into it. Instead of giving $500 for a 69 Charger like a regular insurance company would.

posted by  Oomba

that means she overpaid
or she bought it a long time before totalling it
book value does drop u know

posted by  6000LE

Some insurers will insure for market value ("blue book"), but you can get a car insured for an agreed value ... this would account for value-adding mods etc.

posted by  windsonian (kelly blue book) has a survey you can take to answer some questions that will determine the value of your car. It takes into account do you have tarnished paint, major body work done, etc. I'm wondering, do the insurance people care to do this, or do they just give the baseline blue book value of your car? Also, do they use the private party one, or the dealer blue book value?

I've actually been looking into new insurance for a while now. I could probably save a ton by getting collision only and not comprehensive. Although my car's a '96 Camry, it's pretty beat up. Although it drives pretty good, just by looking and from the way some of the features sound when you start them up (AC) and with the shocks being completely worn out...... and oh, the paint looks like total shaite, I'd have put the value at $1000. But kbb says 6 grand in good condition, and 3 grand after I filled out that survey. I'm really quite confused. :ohcrap:

posted by  JaneiR36

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