Is Your Insurance Carrier Taking Advantage of You?
Most people expect to receive accurate and fair compensation from their insurance carrier in the event of an accident. In cases where the vehicle is deemed a total loss, the expectation that insurance carriers seek valuations from reputable and objective sources like Kelley Blue Book isn’t unreasonable. Nevertheless, many insurance companies will rely on a company called CCC to provide a total loss market evaluation on vehicle values. However, unlike well-known and respected sources such as Edmunds or N.A.D.A, CCC is relatively unheard of.
CCC (Certified Collateral Corporation) Information Services Inc. is a Chicago-based company hired by the insurance industry to provide vehicle value reports to insurance carriers. Utilizing their own methods, CCC develops a value for your vehicle that is supposed to be reflective of the actual cost of a replacement vehicle in a resale market. The question remains: are you being taken advantage of with this “insurance controlled” evaluating source?
Can You Trust the CCC Report?
The answer is maybe. The report in and of itself consists of a simple market valuation commonly used by insurance companies to help adjusters get claims settled. Still, it is important to note that the accuracy of CCC valuations have been the subject of several lawsuits–as seen in this courtroom transcript— ending with Certified Collateral Corporation settling for millions of dollars, albeit without admitting culpability. But know this: you don’t have to accept the amount that CCC says your vehicle is worth; if you believe the report is inaccurate, FIGHT it!
The Bottom Line:
Certified Collateral Corporation only markets to insurance companies and works exclusively for the insurance industry with the sole purpose of saving them money–which isn’t exactly great motivation for providing accurate or fair evaluations now is it?