CENTREVILLE, Va., June 21, 2019 /PRNewswire/ -- Carfax announced today that a new insurance total loss valuation service is now available through its claims-centric web portal, CarfaxForClaims.com. The new product helps total loss adjusters determine a vehicle's unique pre-accident value using Carfax's VIN-specific History-Based Value. Carfax utilizes pricing data from millions of used car listings in combination with each vehicle's unique trim and options, mileage, condition, location and hundreds of other attributes drawn from Carfax's vast vehicle history database.
"The existing practice of valuing a total loss vehicle based on the values of a small number of comparable vehicles is fraught with subjectivity," said Peter LaPlaca, global insurance executive and consultant. "Furthermore, it does not consider the unique history of a vehicle and the impact of that history on the vehicle's value."
Carfax is helping reduce this subjectivity and increase accuracy in the total loss valuation process. In addition to providing the value and history of the loss vehicle, the Carfax Total Loss Valuation report also includes information on comparable vehicles available for sale in the used car marketplace. These comparable vehicles are selected from the millions of used cars available on Carfax Used Car Listings (carfax.com/cars-for-sale). Each comparable vehicle is based on similar year, make, model, trim, options, location, mileage and vehicle history, and is presented in a side-by-side comparison.
"When a consumer experiences a total loss, they want to be confident that the insurance company is making them whole and they can realistically purchase a replacement vehicle with their settlement," said David Lackey, general manager of the Carfax Banking & Insurance Group. "The Carfax Total Loss Valuation Report presents a fair and trusted vehicle valuation that helps close total loss claims faster for the benefit of both the insurance company and the claimant."
Carfax is the leading provider of vehicle history information and solutions to auto insurance professionals, serving over 300 insurance organizations nationwide. Carfax information helps insurers in underwriting, rating, fraud detection, material damage assessment, subrogation and total loss valuation.
Carfax, a unit of IHS Markit (Nasdaq: INFO), is the vehicle history expert for used car buyers, sellers, lenders, and the automotive industry. Carfax created the Vehicle History Report in 1986 and continues to develop innovative services like the Total Loss Valuation Service to assist insurers throughout the entire claim process. The company maintains a database comprising over 22 billion vehicle history records from more than 112,000 sources worldwide. Learn more about how Carfax helps insurers at www.CarfaxForInsurers.com or call 800-789-6232. Based in London, IHS Markit is a world leader in critical information, analytics and solutions.