New York total-loss valuation rules
New York Regulation 64 sets the framework for first-party motor-vehicle physical-damage settlements, including the permitted methods for a cash offer.
What the official record says
A New York Department of Financial Services opinion quotes 11 NYCRR 216.7(c)(1). For a cash settlement, the minimum offer may use approved current valuation manuals, a quotation for a substantially similar vehicle from a qualified dealer reasonably convenient to the insured, or an approved computerized database producing statistically valid values for a substantially similar vehicle within the local market area. DFS also describes actual cash value as retail value plus sales tax, subject to depreciation and applicable deductions.
What to check on the document
The report should identify the method and give enough detail to test the vehicle match. Read the written offer, valuation report, and policy together.
- Confirm year, make, model, trim, equipment, mileage, and condition against the loss vehicle.
- Identify whether the report used manuals, dealer quotations, or an approved database method.
- Check sales tax and every stated deduction rather than comparing only the headline number.
How to use the result
A New York packet should cite the applicable Regulation 64 provision and describe each factual mismatch without turning the packet into a legal opinion. If the issue is a computerized comparable, show the report’s local-market input and the source for a better match. If the report follows the stated method and the vehicles are substantially similar, the free check should say so.
The useful question is whether the report describes the same car and follows the rule that applies where the claim is handled. A listing is evidence of an asking price, not a conclusion about value. The free check can come back clean. If the comparables match and the report explains its adjustments, we say that the packet is probably not worth buying.
This is not an appraisal. We never state what your car is worth. We do not contact or negotiate with your insurer. You send the letter. Not legal advice; Reality Contact, LLC is not a law firm or public adjuster.