Pain. Do you have pain that you didn’t have prior to the accident? There’s a diagnosis for everything these days. Get checked out and tell the Dr about your pain. Don’t use that other word.
I am surprise the insurance company doesn't include the $7500 in tax credit to figure out the lost. That means we paid to drive the car if we total it Not that I would want to do it on purpose.
I reckon they’d have to request a copy of one’s tax returns to determine if the credit was applied and what amount was credited. That might be considered an unreasonable request. They also could look into state and utility company rebates and dealer discounts. States require the vehicle to be registered for a certain period of time in order to keep the full rebate amount. Otherwise, some of the money will have to be returned to the state. Dealer discounts that were available at the time of purchase may no longer be available. It has to be easier for them to just determine a value, as they would on any other vehicle, and simply write a check.
What you paid is irrelevant. All that matters is Actual Cash Value. It is pretty normal for involuntary conversions from insurance coverage (though much more common for "total loss" houses than cars...). Involuntary conversion is a profit that was "forced" due to insurance paying cash rather than repairing. Upthread, it was pointed out that the $7500 actually only decreases the tax cost basis if the vehicle is used for business use, it's outlined on the irs tax form. So I don't have to pay any income tax on it . Market value would come in lower now, also would vary based on your location. Most of the insurance companies solely use CCC One for the valuation, you can ask them for the valuation report. The other inputs for the report are the condition assessments (CCC One computes an adjustment based on this) by the appraiser and the features checked off by the appraiser. It then uses sales or advertisements for comparable nearby vehicles, applies an (unjust) negative condition adjustment to those and then applies the (increase or decrease) based on the loss vehicle conditions. There were only 2 comp vehicles on my CCC report, and the appraisal conditions for the vehicle were all the top tier "excellent". YMMV on other valuation inputs by state and insurance company. Some states require consideration of other factors like book value but others vaguely define Actual Cash Value and leave it up to the insurance company. CCC and insurance companies also have lost class action suits in many states, and there are ongoing class action suits in many other states about the CCC value being inaccurate. I think on low mileage newer vehicles the CCC One might tend to overestimate value. The reason is that you're probably likely to have a very good condition on the comp vehicles. But they only value them all at something like "above average". If the loss vehicle is in perfect condition, that bumps you much higher than the comps. (Around $2500 higher in my case, which is ~10%).
