My agent said this gig is perfect for a motor mouth like me. One problem, I said, I know next to nothing about car insurance. So you'll learn, he said.
And I am. Like I always thought that if I totalled my car ICBC would settle it by giving me the short end of the stick. But the fact is that they will offer me fair market value for my vehicle - and they won't leave me in the dark about how they came up with the number.
When it comes to assessing the value of a vehicle that's been totalled, they do the same research you or I would do. They look at its age, make, model and mileage. Does it have factory options? Are there receipts for upgrades or after-market equipment? What's the condition of the interior and exterior? How is it mechanically?
Based on these criteria they'll get an independent automotive industry report that provides the estimated market value of your vehicle. You can also do your own research on auto websites like autoTrader and BUYSELL to find pricing of comparable vehicles for reference.
When they've reached a decision, they'll share it with you. And you'll get a copy of the vehicle evaluation so you can understand how the value was determined.