A CCC One Vehicle Valuation report is one of the standard ways insurance companies will determine a settlement for a total loss vehicle. If your vehicle was determined to be a total loss, this article is for you.
It's important to carefully examine the CCC report to understand how the value of your vehicle was determined. Insurance companies process hundreds if not thousands of claims everyday. So, its possible they may miss things when creating your vehicle valuation report.
It’s important to double check the report for errors to make sure your car information is correct and you can get paid fairly.
Here's a more detailed breakdown of what to look for:
Step 1: Check Vehicle Information
- Make: Check if the report correctly identifies the manufacturer of your vehicle, such as Ford, Toyota, Honda, etc.
- Model: Ensure that the specific model name and trim level (e.g., Ford Mustang GT, Toyota Camry LE) are accurately listed.
- Year: Verify that the report correctly states the model year of your vehicle.
- Mileage: Confirm that the mileage recorded is accurate, as it significantly affects your vehicle's value.
Step 2: Review Condition Description
- The CCC report should include a description of your vehicle's condition. This description typically ranges from "excellent" to "poor" and may include other terms like "good" or "fair." The assigned condition can significantly impact the value, so make sure it reflects the actual condition of your vehicle accurately. Here's one example where the condition in the report may not accurately reflect the status of your. If you recently got new tires but the condition of the tires on the report says “average” you may be able to make the case that your car’s tires are in excellent condition.
Step 3: Optional Features and Upgrades:
- Check whether the report accounts for any optional features or upgrades your vehicle has. When your car is compared to similar cars, a red X will show in the report every time the comparable vehicle has a feature your car doesn't. Its important to review these red Xs and make sure they list the features of your vehicle accurately. Features include power seats, a sunroof, type of paint, a premium sound system, navigation, or any other add-ons that might change its value. Ensure that these are accurately listed since the reports do not automatically pull every feature your car has.
Step 4: Comparable Sales Data:
- The CCC report may include information on comparable vehicle sales that were used to determine the value. Check if these comparables accurately represent vehicles similar to yours in terms of make, model, year, mileage, and condition. Sometimes, the comparable vehicles may have significant differences from you car. For example, your vehicle may have all wheel drive, but the comparables may have two wheel drive. This can significantly impact the value you are offered. Or your car may have a Trim level that is higher than the listed comparables. If you have an issue with comparable vehicle values, you may want to ask the closest dealership to you what they would list the car as with the details you have.
Step 5: Taxes and Other Fees
- Depending on the state you live in, you may be owed Sales tax as part of your settlement.
In closing, when reviewing the CCC report, pay close attention to any inaccuracies or discrepancies. If you believe that any of the information provided in the report is incorrect or if you have evidence to support a higher valuation, you may be able to use this information to negotiate with your insurance company or seek a reevaluation of your total loss offer.
Remember, the accuracy of the CCC report is crucial because it forms the basis for the insurance company's valuation of your total loss vehicle, so it's essential to ensure that all the details are correct and fair.
Finally, you may also consider hiring an independent appraiser to help assess the fair market value of your car.
