Market Valuation Report Not Adding Up

Accident
1

Someone recently crashed into my parked car, and their insurance is paying me. But the payout offer seems off. The comparable vehicles they used don’t seem right. Here’s the info:

My Car: 2006 Toyota Camry XLE V6 3.0L, in perfect condition before the accident, with 96k miles. The report only noted a few scratches and took about $150 off, offering around $9,500.

Comparable Vehicle 1: 2006 Toyota Camry XLE V6 3.0L, with 117k miles, listed at $8,274. After adjustments, its value was $7,966.

Comparable Vehicle 2: 2006 Toyota Camry XLE 4-cylinder 2.4L, with 206k miles, listed at $6,995. After adjustments, its value was $9,469.

Comparable Vehicle 3: 2006 Toyota Camry XLE V6 3.0L, with 192k miles, listed at $5,950. After adjustments, its value was $8,492.

Comparable Vehicle 4: 2006 Toyota Camry XLE 4-cylinder 2.4L, with 178k miles, listed at $6,995. After adjustments, its value was $9,579. This car had more than 60k more miles than mine and didn’t have features like heated seats, a sunroof, or leather seats, which my car had.

Can someone help me understand this? Is there something I’m missing in the report?

2 Likes
2

Would it be better to just accept it and move on? Also, keep in mind that this isn’t my insurance company; it’s the insurance of the person who hit me.

Apart from one of the cars, all the others had significantly higher mileage compared to mine.

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3

If you file a claim through your own insurance policy, you have the right to challenge the valuation report using the appraisal clause in your policy. Even if you’re not at fault, that’s perfectly fine. Your insurance company will pursue reimbursement from the at-fault party’s insurer, so it won’t affect your claim or your record since you weren’t responsible for the incident. If you choose this route, I can assist you with the process.

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4

Would going through my insurance raise my rates?

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5

No, because as I mentioned, your insurance company will seek reimbursement from the at-fault party’s insurer to recover their costs. As a result, your insurance company has not incurred any loss.

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6

Well if I have already decided to go through their insurance and they took the car, Is it too late to change my mind?

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7

Perhaps, but unless you’ve accepted the settlement payment, you are legally free to proceed as you wish. It depends on how proactive you are. Inform the at-fault party’s insurance company that you disagree with their compensation and wish to file the claim through your own insurance. This will give you the right to an appraisal.

1 Like
8

I recommend checking other reliable websites, like CarMax, to see what similar cars are available in your area. Focus specifically on XLE V6 models and their options, and avoid V4 versions. This will help you determine if the price they’re suggesting aligns with the market value.