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What is CCC when referring to actual cash value?

When a car has been determined a total loss due to the extent of damages it sustained in an accident, insurance companies evaluate the vehicle to determine its actual cash value (ACV). A vehicle is normally totaled out by an insurer when the costs of repairs, storage, etc. are found to be between 51 and 80 percent of the vehicle's worth.

To determine the ACV, insurance companies may use the NADA guide, Kelley Blue Book or Edmunds, which consumers have historically used to determine the value of their vehicle, but most insurance carriers also use computer software – such as CCC.

CCC is short for Certified Collateral Corporation Information Services, Inc. and provides technology and data to car insurance carriers so they can make accurate and informed decisions about vehicle claims. CCC states that it processes the majority of automotive claims in the U.S. each year.

CCC has a tool that allows car insurance companies to leverage detailed data --aggregated claims and repair information that has been processed over the last 30 years—-- to calculate a value for a totaled vehicle.  This is why many auto insurers use CCC's total-loss valuation program to determine a vehicle's total-loss value.

While many insurance companies use CCC’s software and applications, there are is other software and databases that can be used, such as AudaExplore and Mitchell.

CCC helps establish vehicle valuations by employing field inventory representatives to physically inspect vehicles at local dealers nationwide as well as researching local newspapers and automobile publications. CCC values take into consideration all aspects affecting the value of a vehicle, including its age, mileage, options, and condition.

All of this information is stored in the CCC database. This database allows CCC to continuously track the local market value of various vehicles.

The ultimate goal of CCC's database is to identify vehicles in your area that are comparable to the one that was declared a total loss. These comparable vehicles are known as comps, and their information is loaded into software that is licensed by insurance companies.

Insurance companies that purchase third party software or applications, like the CCC’s tool, do so to help them quickly estimate costs in automotive claims and collision repairs, which in turn should speed up the claims settlement process so you can obtain your check faster.


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3 Responses to "What is CCC when referring to actual cash value?"
  1. Visitor

    I think CCC values are low and a tool for the insurance companies to rip off the consumer. I've spent hours on line to find something close to what I had and the best I can do to replace my vehicle, is off by $3,000. The estimate from NADA was $15,500 and their CCC value was $11,200. That should tell you all you need to know. CCC values are suppose to be based on average in your area, yet the Internet tells me the average on my vehicle was $13,900 and it doesn't specify a limited, which mine was. Let the buyer beware!

  2. Visitor

    Lawsuits allege popular valuation method low balls the insured. Part of CCC's method involves sending field inventory representatives to car dealerships nationwide and obtaining not the asking price, but the lowest possible price that the dealer would take for the vehicle. Consumers whose settlements are based on a valuation method based on the take price could find a sizable gap between what they receive for a totaled vehicle and what they need to replace it.

  3. Anonymous

    Explanation of what CCC is is Great. BUT their computer system is BULL !@#$%^...... I had my Mustang stolen and not recovered. NADA And Kelly Blue book had the car valued at close to $5000, CCC value $3900.... I have seen several mustangs like mine sell for $5500 easy.