Anonymous asked in Cars & TransportationInsurance & Registration · 1 decade ago

Bluebook value for my car is lower than what my insurance company says it is?

I paid 12,000 for my '07 Saturn Ion. Bluebook value is 11,500. I didnt give my insurance company the vin number at first and my insurance for full coverage was $95 with a $500 deduc. Later after they got the vin they say its worth 16,000! and now my insurance is $107 with a $1200 deduc. Can they do this? my car is in no way shape or form worth 16,000....

8 Answers

  • Anonymous
    1 decade ago
    Best Answer

    Of course they can do "this". If you don't like it, then you can do this: You can cancel your policy and find another insurer

  • lj1
    Lv 7
    1 decade ago

    Of course they can. They can raise your rates for a host of reasons at any time. Plus, they didn't have all of the information on the car (VIN #) when you bought your policy. If the rate you have now is unacceptable, you should shop around for a one.

    Is your car financed, or did you pay cash for it? If it is financed, you may be in violation of the terms of the loan by having such a high deductible. When I bought my truck last year, I financed it through Bank of America. I read in the loan agreement that my insurance deductible could be no more than $500. You need to find your loan agreement, and read the terms.

  • 1 decade ago

    You paid more than the car was worth, and since then it will have depreciated in value, so you surely weren't expecting to get even $11500 were you?

    Never accept an insurer's first offer anyway, it's always on the conservative side as they have to protect their own interests. I've had a few claims where I've refused fourth or fifth offers.

    Argue your case for the value of your car in it's pre-accident condition. Send the insurer copies of sales adverts for the same make, model and year. Do not expect an average of those prices though as they'll argue that the true price is always lower after negotiating with the salesperson. If your car had a full tank of gas and you have a receipt to prove it, then claim for that as well as it's a significant value these days.

    Good luck, and don't give in easily.

  • Anonymous
    1 decade ago

    Insurance Companies do not decide what the Bluebook value of a car is, Bluebook publication does.

    Find out for yourself, go to complete the questions, (including the correct VIN number)

    Print the results, and send it to your insurance company.

    Ustun Inan Insurance

    Source(s): I am an Insurance Agent
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  • 4 years ago

    When the cost to repair is at or more than about 70% of "fair market value" then it will be totaled. The adjuster is probably coming to look at your car and then will place a market value on it. Yes...He will consider the mileage and condition. But...... If it is totaled, you will be given the option of buying it back from the insurance company and use the money you get to pay for repairs.

  • 1 decade ago

    so you will get that much if the car is totaled! yes they certainly can do that; they will charge for the amount of coverage they are offering. ($16,000) The VIN tells them what model it is, and if you can prove that it is not worth $16k, and you ask for stated value not book, you may be able to get it lowered-if not, another insurance company will!

    Source(s): 25 years agent
  • Anonymous
    1 decade ago

    $8 dollars more, that's pretty good with no vin to run the inquiry on and yes they can....

    Source(s): Claims Adjuster 18 yrs
  • 1 decade ago

    and you never have to use any company you dont like the price easy to call another

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