I was involved in an auto accident in August. I had a Dodge Dakota that appeared in good shape other than body damage to front end. Nationwide adjuster claimed that the price to repair exceeded 75% of its value and thus the truck deemed a total loss.
I had purchased the 2002 truck about 5 months prior for $14,000 which was about even with NADA and Kelly Blue Book (KBB). After the accident in August, I re-checked both NADA and KBB which showed values between 13000 and 13130, which is about what I owe on the truck. I thought that this was good. Not so!
Nationwide goes by what they percieve as "Fair Market Value." They claim that based on local retailers, the truck was worth $10,630. This is a significant difference from what NADA and KBB show. After discussions with Nationwide, they stood by there value as being fair, yet they will not produce any reference as to how they come up with this figure. One adjustor told me that they call "hundreds" of retailers in my area to ask what they would sell a "similar" truck for. Then they average the value out. I called several local new and used dealers in my area. All of them say they use Kelly Blue Book. Not only that, I also found 5 vehicles exactly like mine, same make model and extras, in my area, selling between $12,995 and 14,500.
This is completely unfair. Company's seem to use these online resources such as NADA, KBB, and edmunds to their advantage. However this was not a difference of a few hundred dollers. This was $2500. As a consumer, I feel very scammed and very helpless.
As a Nationwide customer, you should know that the value of your car is based on whatever value is in the best interest of Nationwide, not any other nationally known and respected companies such as KBB or NADA. They are certainly not on my side!
Respectfully,
Navy Officer stationed at Camp Lejuene, NC
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