What can you expect from the new Carfax Total Loss Evaluation they just announced?
If you’re an insurance company or a dealer, then you can expect business as usual.
If you are the owner of a vehicle that has been totaled, then my guess is that you can expect nothing good from this new tool that is aimed at insurance companies.
Don’t be fooled; CARFAX is not going to provide private individuals with fair valuation reports on their car’s value.
Their announcement says the product will help ADJUSTERS that are considering total-loss claims. Yay, more help for adjusters and none for the victims, oh boy!
There are already total loss valuation companies that partner with insurance carriers and they have been, and / or are involved in class action lawsuits about the secret way they attempt to value vehicles (think CCC, or Mitchell) which many times results in a value that is much lower than what market information actually reflects.
The simple fact is that CARFAX is attempting to join the group of insurance partners who usurp authority on auto appraising. Keep in mind that CARFAX is not a vehicle valuation expert, nor are they an authority on auto appraisal methodology. They simply glean information about a vehicle’s history, and now they claim to have “History-Based Value” information.
The more one knows about Carfax and the more experience one has with Carfax, the less that person will trust them to give accurate results. Mark my words, the lack of transparency in valuation methodology will become increasingly evident as we see this new “CarfaxForClaims.com” portal take effect for adjusters.
My opinion is that it is just another way for insurance companies to pretend to be fair by partnering with a company that markets itself as consumer friendly (when it really isn’t). Look behind the big curtain in the corner folks.
Do you need help with a total loss? Is your claim against your own insurance company?
If so, we can help review and see if your case is a good candidate for invoking the appraisal clause. Fill out the form below today to get a FREE consultation with our experts on your claim!
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Very interesting perspective. What makes the Diminished value expert’s Valuation more accurate than the CARFAX model?
I believe they have a very large dealer base and aftermarket partnerships. I’m guessing they have some type of algorithm that calculates the value. So can you share how your Valuation is more consumer friendly ? Do you just find vehicles that are higher priced than what CARFAX can locate? Do you manually search or
use fancy programs ?
Just want to understand your value proposition? I want to get the best value for my vehicle.
Sorry for the late response on your comment. There are many differences including methodology and a REAL expert appraiser working on the appraisal, instead of a computer program. You can reach out to our office to discuss this more – Justin is a wealth of knowledge on this subject! 214-227-2154 and press 1!