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They will contact used jdm car dealerships such as velocity/applewood and see if they recently sold a similar car or have something similar on the lot. But if you've got something like an r34 v-spec, you probably would want it appraised and insured for its market value through 3rd party insurance.
Edit: they used to base the price on JDM cars on the price you purchased it for. Since most cars back then were under $2k, they got totalled for fender benders. No longer seems to be the case though.
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