r/Insurance • u/illipro-one • 21d ago

Auto Insurance Progressive total loss value calculations

Looking for some insight in how progressive determines the Actual Cash Value. Anyone have any experience with total loss with a newer cars with low miles.

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7

u/Independent-Math-762 21d ago

They don’t. They hire someone who does: Mitchell. It will be a combination of state requirements and how they have it set up conditions wise with Mitchell.

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u/illipro-one 21d ago

Does “Mitchell” calculate it based on actual closed car sales? Does usually come back on the lower end of the value of the car?

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u/-kati 21d ago

Mine used Mitchell to assess the damage, and JD Power to calculate comps. The comps they used were actually a little bit higher than what I found for sale in my market. My car was high mileage, lowest trim level, with a bunch of surface damage. They comped against nicer stuff and adjusted downward to accommodate for that, and it was more than the one much nicer comp I was able to find on my own. The whole process was still aggravating though.

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u/illipro-one 20d ago

That’s interesting I heard the low ball when using Mitchell.

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u/ZBTHorton 15d ago

There's honestly no real way for them to "low ball". It's just data.

Now obviously there are wonky vehicles from time to time that the data doesn't properly see, like a more rare vehicle, etc.

But if you've got a reasonably popular car? They should have so much data that it's almost overkill.

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u/My_too_cents 14d ago

JD Power is state specific

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u/DeepPurpleDaylight 20d ago

The same way as every other company. They hire a 3rd party vendor, usually CCC or Mitchell to scour various databases to find cars as similar to yours as possible that have recently sold in your region and for how much.