There is a statute (written law) and a regulation from the Connecticut Insurance Department that describes the process an insurance company must use when calculating fair market value in case of a total loss. The rules, and other helpful information about car repairs, can be found on the Insurance Department's website at www.ct.gov/cid/lib/cid/faqsauto.pdf . Basically, the insurance company must pay no less than the average of the vehicle's retail value that is listed in the used car guide from the National Automobile Dealer's Association, www.nadaguides.com and one other valuing service approved by the Insurance Commissioner. These valuing services are: 1) Automobile Red Book-Prism Business Media, Inc. 9800 Metcalf Avenue, Overland Park, KS 66282-2901 (800) 654-6776 www.pricedigest.com 2) Mitchell International, Inc. 9889 Willow Creek Road, San Diego, CA 92131 (800) 854-7030 www.mitchell.com 3) CCC Information Services, Inc. 222 Merchandise Mart, Suite 444, Chicago, IL 60654-005 (800) 621-8070 www.cccpathways.com 4) Audatex North America, Inc. (formerly ADP) Bishop Ranch 1, 6111 Bollinger Canyon Road, Suite 200, San Ramon, CA 94583 (925) 866-1100 www.audatex.us/ 5) AutoBid Services, LLC, 8900 Indian Creek Parkway, Suite 450 Shawnee Mission, KS 66210 (800) 875-2217 www.autobid.com 6) Vehicle Valuation Service 1 South 450 Summit Ave., Suite 380 Oakbrook Terrace, IL 60181 (888) 475-9975 www.v-v-s.com To this average is added applicable Connecticut sales tax on this amount, less the

My vehicle is a "total loss."; Are there any rules the insurance company must follow to calculate my vehicle's "fair market value"?

 

A:

There is a statute (written law) and a regulation from the Connecticut Insurance Department that describes the process an insurance company must use when calculating fair market value in case of a total loss.  The rules, and other helpful information about car repairs, can be found on the Insurance Department's website at www.ct.gov/cid/lib/cid/faqsauto.pdf . 


Basically, the insurance company must pay no less than the average of the vehicle's retail value that is listed in the used car guide from the National Automobile Dealer's Association, www.nadaguides.com and one other valuing service approved by the Insurance Commissioner.   These valuing services are:

 

1) Automobile Red Book-Prism Business Media, Inc. 9800 Metcalf Avenue, Overland Park, KS 66282-2901 (800) 654-6776 www.pricedigest.com  


2) Mitchell International, Inc. 9889 Willow Creek Road, San Diego, CA 92131 (800) 854-7030 www.mitchell.com   

 

3) CCC Information Services, Inc. 222 Merchandise Mart, Suite 444, Chicago, IL 60654-005 (800) 621-8070 www.cccpathways.com  


4) Audatex North America, Inc. (formerly ADP) Bishop Ranch 1, 6111 Bollinger Canyon Road, Suite 200, San Ramon, CA 94583 (925) 866-1100 www.audatex.us/


5) AutoBid Services, LLC, 8900 Indian Creek Parkway, Suite 450 Shawnee Mission, KS 66210 (800) 875-2217 www.autobid.com

 

6) Vehicle Valuation Service 1 South 450 Summit Ave., Suite 380 Oakbrook Terrace, IL 60181 (888) 475-9975 www.v-v-s.com 

 

To this average is added applicable Connecticut sales tax on this amount, less the "salvage value" as determined by the insurance company.  You can require the insurance company to document how it calculated your vehicle's value.


Free Booklet

Tips on Buying Car Insurance in Connecticut


Request Now

Contact Us

Name *

Phone *

Email *

Tell us more *


Rocky Hill
2049 Silas Deane Highway
P.O. Box 129
Rocky Hill, CT 06067
Phone: 860-257-1000
Get Directions

Norwich
441 Salem Turnpike
Bozrah, CT 06360
Phone: 860-866-6899
By Appointment Only
Get Directions

Brooklyn
257 Gorman Road
Brooklyn, CT 06239
Phone: 860-774-1699
By Appointment Only
Get Directions

Storrs
17 Flaherty Road
Storrs, CT 06268
Phone: 860-456-4011
By Appointment Only
Get Directions

The use of the Internet for communications with Glass, Lebovitz, Kasheta & Bren LLC will not establish an attorney-client relationship and messages containing confidential or time-sensitive information should not be sent.

Offices

Rocky Hill
2049 Silas Deane Highway
P.O. Box 129
Rocky Hill, CT 06067
Phone: 860-257-1000

Norwich
441 Salem Turnpike
Bozrah, CT 06360
Phone: 860-866-6899

By Appointment Only

Brooklyn
257 Gorman Road
Brooklyn, CT 06239
Phone: 860-774-1699

By Appointment Only

Storrs
17 Flaherty Road
Storrs, CT 06268
Phone: 860-456-4011

By Appointment Only

FAQs

Motor Vehicle Accident

View All

Glass, Lebovitz, Kasheta & Bren LLC does not intend to provide legal advice in the creation or publication of the materials found on this website. The materials presented on this website do not constitute legal advice. They are not intended to be a substitute for legal advice. The intent of these materials is to provide the reader with information regarding the subject matters discussed. Every case has different facts and circumstances that must be considered when definitive legal advice is rendered. Every state has different laws and rules that apply to various types of legal causes of action and these materials may not be applicable in states other than Connecticut. To avoid any potential confusion, understand that an attorney-client relationship is not intended to be formed unless and until a written retainer agreement is signed by both you and an attorney. If you require legal advice, you should seek the services of a competent attorney. Listing of fields of law does not indicate any certification of expertise therein.

©2012 Glass, Lebovitz, Kasheta & Bren, LLC, All Rights Reserved, Reproduced with Permission Privacy Policy
Attorney web design by Foster Web Marketing, the best attorney website design solution on the Web offering search engine optimization for attorneys, lawyer website design, video for attorneys, and more.
Get SEO Tips from The Attorney Internet Marketing Blog