I'm sorry, I must have missed something, Glenn. Or is your name Kelly - and do you own Kelly Blue Book? You are clearly mistaken if you think that insurance companies look to Kelly Blue Book to determine a car's value. Let me point you in the direction of facts - not opinions - on this topic (link to article below, and I also pasted an important section below for your reading pleasure). I would encourage you to read the first paragraph and then the second bullet point, and then come back to the class with your apologizes for not being nice and pretending that you know it all. You have 3 hours, Kelly, to respond.
Your car's real worth
The value of your "totaled" car may surprise you. Auto-insurance companies don't use the standard Kelley Blue Book or National Association of Automobile Dealers value. Instead, each company has its own proprietary list of car values, and most have specialized software for valuing cars in each region. They take into consideration the car's mileage and pre-accident condition.
The insurance company may also ask local dealers what they'd charge for a similar replacement car. However, the insurer will consider quotes from suburban towns as reasonable estimates, even if you live in the city. You might have to drive several hours to reach the cheapest dealer, just to save the insurance company money. And they might be quoted a better deal than you could get if you walked onto the lot.
Tip: If you disagree with your insurance company's value determination, there are several things you can do:
• Next time, get "gap" insurance. It will pay the difference between what an insurer will cover and what you owe, which can be several thousand dollars.
• If you have maintenance records that show you've had the oil changed every 3,000 miles and you've had the car checked routinely by a mechanic, present copies to the insurance company to show the car was in good condition. If you've been paying premiums on any special parts or upgrades, make sure those are included in the insurance company's evaluation.
• Get price quotes on replacement cars from three dealers within a reasonable driving distance and submit these to your insurance company. Ask the insurance company for a list of dealers within a specific distance who can sell you an equivalent car for the value the company is claiming.
• If you still aren't satisfied, you can step up the process and go to mediation or arbitration. Mediation involves presenting your case to a neutral party for help in reaching a compromise; arbitration is a binding decision. You can also, of course, take the issue to court.
Here is the link:
http://articles.moneycentral.msn.com/Insurance/InsureYourCar/12hiddenWaysToSaveOnAutoInsurance.aspx