So the neighbors turned this over to their insurance company, and I have to take it in today for an estimate at their shop. The KBB value of my truck is only around $ 1500-1700, and the repair will likely cost at least $ 2500 or so. This concerns me that they will likely just total the truck. In Washington, our law provides as follows:
When deciding if a car is going to be declared totaled or not the actual cash value (ACV) should be determined. The WA insurance regulator notes that actual cash value means your cost to replace your car with a like car. This includes the retail price, plus all applicable taxes and fees.
According to the Office of the WA Insurance Commissioner Like Car means a car that is the:
* same make and model;
* same or newer year;
* similar body style, options, and mileage as your car; and
* in as good or better overall condition.
To achieve likeness, the WA Insurance Commissioner states that you or the company must itemize and confirm in a dollar amount any deductions or additions for options, mileage or condition. An insurer must consider information that you supply when it determines deductions or additions. However, shared information may not always produce a change in the value.
The insurer can adjust and settle your claim using one or a combination of the following methods:
1. Offer to replace your car with a like car that is available for your inspection within a reasonable distance from where you garage your car.
2. Offer you a cash settlement based on the actual cash value to purchase a like car. To arrive at a cash settlement offer, the insurer may use one or more of the following:
* find and offer you a like car in your area;
* obtain a quote for a like car from two or more licensed dealers in your area;
* find two or more like cars advertised for sale in the local media within the last 90 days; or
* use an independent company to determine the value of a like car in your area.
3. If you and the insurer both agree, the insurer may use other appraisal methods, such as using independent auto guides.
So I am thinking about looking on Ebay Motors, Craigslist and Auto Trader to try and come up with some comps of a like car supporting a higher value for my truck than KBB. The sticky wicket is there are not a lot of 1986 Mazda B2000s out there on the market, and the late 80's models that are all have considerably higher miles, upwards of 150K, as opposed to my 20K miles.
Any suggestions on how I should approach this? Bear in mind that my primary goal is to have my existing truck repaired with a minimum of non-covered out of pocket expense. I do not want a new used truck or $ 1500 cash.