I helped my little brother buy a 2017 Chevrolet Bolt a few years ago, and he was T-boned a couple of weeks ago. Fortunately, no one was hurt, and a bystander caught it on their dashcam, showing it wasn’t his fault. The car has 95k miles and got a new battery about a year ago.
He filed a claim, and now the car is declared a total loss. The insurance is offering about $12k. But shouldn’t it be worth more with the almost-new battery? Google says a new battery costs about $16k, and while this one isn’t brand new, shouldn’t it increase the car’s value?
Has anyone dealt with this situation before or have any general thoughts?
Provide proof of the battery replacement to the insurance company. You’re negotiating, so look up similar cars with new batteries to support your claim. When my car was totaled, I showed them receipts for new tires, and they added it to the offer.
The battery cost isn’t relevant. Insurance is meant to restore you to your pre-accident situation, so they’re giving you the market value for your car. $12k seems reasonable for a Bolt with high mileage, even with the new battery.
Market value for a Bolt is around $12k. You could take advantage of Chevy’s $3k cash off an Equinox EV lease while you still own the Bolt. Just something to consider before signing over the car.
You can try negotiating, but it likely won’t work. The battery’s cost may be high, but the payout is based on the car’s value at the time of the accident. Plus, the battery could have been damaged in the crash.