Consumer FAQsThe following are answers to a few of the questions we often hear from consumers. Don’t see your question answered here? Contact us and we’ll help you find an answer.
The following is the CT Statute, the Insurance Commissioner’s approved additional sources that may be used for valuation and the link to the NADA website.
(a) Whenever any damaged motor vehicle covered under an automobile insurance policy has been declared to be a constructive total loss by the insurer, the insurer shall, in calculating the value of such vehicle for purposes of determining the settlement amount to be paid to the claimant, use at least the average of the retail values given such vehicle by (1) the National Automobile Dealers Association used car guide or any other publicly available automobile industry source that has been approved for such use by the Insurance Commissioner, and (2) one other automobile industry source that has been approved for such use by said commissioner. For the purposes of this section, “constructive total loss” means the cost to repair or salvage damaged property, or the cost to both repair and salvage such property, equals or exceeds the total value of the property at the time of loss.
(b) The insurer shall provide to the claimant, not later than the date the insurer pays the claimant the settlement amount for such vehicle, (1) a detailed copy of such insurer’s calculation of such vehicle’s constructive total loss value, (2) if applicable, a copy of any valuation report provided to the insurer by any automobile industry source that is not publicly available, and (3) a written notice disclosing that the claimant may dispute such settlement amount by contacting the Insurance Department. The written notice shall include the following statement, which shall appear in the final paragraph of the notice in not less than twelve-point type: “If you do not agree with this valuation, you may contact the Consumer Affairs Division within the Insurance Department”. The notice shall include the address and toll-free telephone number for the division and the Insurance Department’s Internet address.
- Automobile Red Book—Prism Business Media, Inc.
9800 Metcalf Avenue, Overland Park, KS 66282-2901
- Mitchell International, Inc.
9889 Willow Creek Road, San Diego, CA 92131
- CCC Information Services, Inc.
222 Merchandise Mart, Suite 444, Chicago, IL 60654-1005
- Audatex North America, Inc. (formerly ADP) Bishop Ranch 1
6111 Bollinger Canyon Road, Suite 200, San Ramon, CA 94583
- AutoBid Services, LLC.
8900 Indian Creek Parkway, Suite 450 Shawnee Mission, KS 66210
- Vehicle Valuation Service 1 South
450 Summit Ave., Suite 185 Oakbrook Terrace, IL 60181
NADA Guide: http://www.nada.com
Yes, but you must be aware of a couple of things first. Here’s an example of how this will work:
- The value of the vehicle is determined as follows: value at the time of loss using at least the average of the NADA Used Car Guide and one other approved source, less the “salvage value” of the vehicle as determined by the insurance company. (The salvage value is the value of the wrecked car at a salvage car auction, which is where the insurer will sell it if they buy it from you.)
- You will have to pay for any repairs on your own if you choose to keep the car.
- The vehicle Title will be stamped “SALVAGE” by the insurer and returned to you.
- After being repaired, the vehicle must be flat bedded to The Department of Motor Vehicle inspection garage to be inspected and certified safe before it can be allowed back on the road.
- Extensive documentation of the repairs including pictures must be presented at the time of the inspection.
Please check with the DMV Website for complete details.
Have more questions or concerns? Click here to contact us.