Insurance companies use Kelley Blue Book as a reference but will set their own policies as to which values they use. My car is more than 21 years old. How do I find its value?

Does insurance pay Blue Book value?

While it is a reasonable assumption to make, the insurance company does not use Kelley Blue Book to determine the value of your car. Insurance companies use an independent company to evaluate the value of your car. The insurance company does not evaluate how much your car is worth on your own.

Do insurance companies have to pay fair market value?

Your Insurance Company Will Not Pay More Than Your Policy Limit. Now, California law is a bit different than the way insurance companies want to adjust the claim. The law states: “To recover damages for the loss, you must prove the fair market value of the car just before the harm occurred.

Which NADA value do insurance companies use?

NADA values the same car between $20,475 and $26,875. Your car’s value is determined by the fair market value it was worth just before the accident. Your insurance company may use Kelley Blue Book or NADA. You can negotiate the value of your car if you are unhappy with the amount your insurance company derived.

What is difference between Blue Book and Black Book value?

The Blue Book® is where drivers look to know what amount they can expect to purchase a vehicle or sell a vehicle for. The Black Book, however, deals more with up-to-date car sales and wholesale pricing values, so the information is more useful for car dealers.

Which is the Blue Book for car insurance?

In the past, most car insurance companies used the Kelley Blue Book as the standard for car values. The Kelley Blue Book commonly referred to as just the “blue book,” is a publication used by banks and car insurance companies to get an average price on any given vehicle. Ready to compare car insurance quotes?

What does book value mean on car insurance?

But one thing that many people do not consider when they are shopping for car insurance is the “book value” of the car, which can have as much impact as any other factor on your cost of auto insurance. Essentially, “book value” refers to what your car would cost to replace.

Where can I find the Kelley Blue Book value for my car?

Find out what your car is worth at KBB.com, the Trusted Resource for used car values. Get the Kelley Blue Book Value for your used car or trade-in vehicle, find tools to help you with buying or …

When does an insurance company determine the value of your car?

The only time an insurance company will determine the value of your car is when you get into a car accident and file a claim. The goal of this process is to determine if your car can be repaired for a reasonable cost or if your car needs to be deemed a total loss.