How to calculate total loss vehicle value in Canada is always a loaded question. We all think that we can quickly generate a replacement value by doing a search on our favourite auto sites to find our vehicle value… Yes… this is helpful, but there are so many others factors that lead to getting the best total loss replacement value in Canada.
Let me explain… Insurances companies are a funny thing. They have no set guideline for how to deal with a total loss vehicle value. It always seems to be a cat a mouse game or tug of war to get fair values that make sense. We all know that ultimately the general goal is to give you the least amount possible. Understandably every vehicle is different, but there will always be the lingering question? Is it replacement or cash value?
The answer is always…whatever is best for them.
Luckily we more or less go about deterring fair market value of my vehicle in Canada the same way. Of course we use the comparables we have already found to create our base price. Now, our advice would be to start looking at everything else. Have you attached anything to the vehicle while you’ve owned it? Think, trailer hitch, covers, interior items, command start… got a recite? Even with out a recite these items are absolutely worth mentioning. These items add direct value to your vehicle as you have fixed them to the vehicle as such are now a part of the vehicle. You should be composted for that.
Then, we move onto maintenance. Had anything worked on lately? Bought any parts ? What about tires? Again with a recite these are worth compensation as you put maintenance into your vehicle to extend the reliability of the vehicles life. Insurance doesn’t like to pay for the labour of those recites which to me is a little unfair but unfortunately this just the way it is for most of them. But never the less vehicle maintenance bills can certainly add up.
And let’s not forget about kilometers. Kilometers in our opinion play the most important role to a fair value. Every km is worth money plus or minus. Getting to a vehicles true value is in the difference in kilometres. Take two exact vehicles…1 has 100,000 kms on and one has 150,000 kms on it. Which one is worth more? Obviously the one will less. No mater the condition, figuring out that difference is where the money lies. I can’t give away all my secrets here but I can assure that the biggest difference lies in your kilometres. If your vehicle is the one with 150,000 on it, you will have to be willing to take a little less for the vehicle. But, if we use our recites and apply things that are fixed to the vehicle we can certainly get that price back up.
So, there is absolutely no reason then not to try and maximize our settlement value when dealing with insurance. Total loss vehicle calculations in Canada sadly have to be done manually. If you are looking for someone to find that value for you, we are always here at Arbitter to help you. If you're fighting on your own, we wish you nothing but the best.
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