Hmm, is your KBB the retail price? Is Edmunds the trade price? My favorite way to check car values is to just go to Autotrader and search for your car, subtract for high mileage, body damage, etc.
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OP, keep in mind that KBB, NADA, and Edmunds are only guides. It's no guarantee that you'll get that price. The car's true value is only really what someone else will pay for it. So you can try to find a good starting point from the guides, but don't blow the deal by being too much of a stickler to the guides' price.
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Life is not about waiting for the storm to pass ... it is about learning to dance in the rain.
Since this is for insurance coverage purposes, try to find out what your insurance company uses to price vehicles. I eventually got rid of collision on my car, but I kept the comprehensive so that I could have the gas coverage (it's been worth it for me).
Neither. I'm trying to figure out if it's worth it to continue to have comprehensive on my car. If it's only worth $3-$4K, it's not. If it's $9-$10K, it is.
Do you currently have Comprehensive and Collision coverage on the car? Most insurance companies will allow you to drop Collision and just keep Comprehensive. The premium for Collision is often up to three times the cost of Comprehensive, so removing Collision could represent a nice chunk of change off your insurance bill.
By keeping Comprehensive, you are still covering the car for things that are out of your control! Theft, weather damage, fire, vandalism, debris thrown from the road, falling objects and impact with a deer or other animal.
Using my own policy as an example, Comprehensive is $82.14 per year and Collision is $222.88 per year ($500 deductible on both). My 2006 Mazda3 is worth about $7k and I may decide to drop the Collision coverage in another year or two. But for $82/year, I'd rather know that I would get some compensation if my car was damaged or destroyed due to something that wasn't my fault....
Just something to think about. Most folks don't realize that you can keep Comp (the majority of insurance companies allow Comp only) but cancel Collision. They also don't realize that Collision is exponentially more expensive and Comp is pretty cheap.
"I always wanted to be somebody...Perhaps I should have been more specific?" - Lily Tomlin
Different dealers use different books. A long time ago I negotiated a car's trade in value and the dealer used the KBB as their basis for negotiation. The next time I went to buy a car, I studied the KBB beforehand so I knew more going into the negotiation, and that dealer pulled out the black book (average of auction prices for cars) and that figure was so low, it completely threw me off of how I planned the negotiation was going to go.
I would get a few figures from a few different sources and average them for your insurance purposes.
Using my own policy as an example, Comprehensive is $82.14 per year and Collision is $222.88 per year ($500 deductible on both). My 2006 Mazda3 is worth about $7k and I may decide to drop the Collision coverage in another year or two. But for $82/year, I'd rather know that I would get some compensation if my car was damaged or destroyed due to something that wasn't my fault
In my case, comp is $137 and collision is $157. I have no deductible on my comprehensive and a $500 deductible on my collision. If I raise my collision deductible to $1000 it'll be $45 lower. I may go that route.
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