- Kelly Blue Book: This is a widely recognized source for vehicle values and is often used as a starting point for insurance companies. KBB provides estimated values for different make, model, and year vehicles.
- National Automobile Dealers Association (NADA): NADA is another reputable source for vehicle values. Similar to KBB, NADA provides estimated values for different vehicles based on their condition, mileage, and other factors.
- Black Book: Black Book is a valuation tool specific to the automotive industry. It provides trade values for vehicles based on their condition and current market demand.
- Mitchell or CCC Estimating System: These are software programs widely used by insurance companies to calculate vehicle repair costs. They provide estimated costs for parts and labor based on industry standards.
- Actual Cash Value (ACV): This represents the value of the vehicle before the accident, taking into consideration its age, condition, mileage, and other relevant factors.
- Repair Estimate: The insurance company may also obtain estimates for repairing the vehicle. If the cost to repair the vehicle exceeds the ACV, the vehicle will be considered a total loss and the insurance company will pay the ACV to the owner.
It's important to note that the specific method or combination of methods used by an insurance company to appraise a totaled vehicle may vary and depend on the specific circumstances of the claim and the insurance company's internal policies.
