From recent personal experience, they do more research than use one reference. They take actual vehicle condition and local market into account. I doubt they’d say an ‘89 300E is with half what NADA says. Their concept of diminished value can be very different from what it’ll cost you to repair or replace. And the fine print says they’re not on the hook to replace your car, rather to compensate you for diminished value.

I wish you good luck but these claims tend to be challenges for our older MBs.

Sixto
98 E320s sedan and wagon
02 C320 wagon