by Guest » Sat Sep 29, 2007 04:15 am
My car was hit and the other party has GEICO. THey are total lossing my car it is worth way more to me than they are willing to give me. I just put $900 into it last week. It is running beautiful. Please help. The money they are giving me will not near pay for a car as nice with as low milage.
Posted: Sat Sep 29, 2007 09:11 am Post Subject: May be they are referring to the Blue Book
Hi meme, there are many-a-ways an insurance company can calculate the ‘totaled value' of your car. They can consult the ‘Blue Book' or can apply their own means to decide the amount payable. You need to clarify it from them.
If they are referring to the Blue Book, you may not receive satisfactory compensation for your car. The Blue Book value may not take into account the present condition of your car or any value addition done to it or its value in the local market.
You can also find out the compensation amount payable for the totaled car, by yourself, from the “Kelly's Blue Book”.
Regards, Fatman
Posted: Sat Sep 29, 2007 09:49 am Post Subject:
My friend, almost all insurance company pay the ‘fair market value' or the ‘actual cash value' for you car. The fair market value is derived after deducting wear-n-tear factors from the value of the car.
Now if you don't agree with what GEICO has offered. Inform them immediately that you are not satisfied with the amount they are offering. Believe me, at times only a phone call can do the wonder. You can also request them to disclose the way they have arrived to that value.
However, if you dispute with the ‘totaled value' of your car. You need to establish it before the insurance company that your car is worth more than what they have evaluated. It may so happen that all the repair works or equipments were not taken care of at the time of evaluation. Therefore, you need to intimate them about those. Also inform GEICO if any repair work or value addition was done on the car.
Hope the info helps.
Take care,
Juanita
Posted: Sat Sep 29, 2007 10:02 am Post Subject:
Hi, get some quotes from the local body shops which will prove that your car was worth more at the time of loss. Speak to the adjuster and show him the proofs. It may influence him to change his mind. If still the matter doesn't get solved speak to the concerned official of the company. As the last resort, you can consult an attorney or can file a complaint against the insurance firm with the state insurance authority. But try to keep the ways of communication open. The insurance firms are more than eager to solve these kind disputes over the table.
Posted: Sat Sep 29, 2007 09:38 pm Post Subject:
A body shop is not a good source for the value of a vehicle. If it needs to be repaired, yes. An attorney would cost about $150/hour so it's not financially sound to have an attorney help (99.99% of them don't know anything about the values of vehicles anyway.
OP, you should obtain the valuation done by GEICO and review it to make sure it's an accurate reflection of your vehicle. Make sure all the options were considered and that they have the correct mileage.
You state that the vehicle is worth more then $900. Why is this? You need to provide the adjuster with documentation showing that the vehicle is worth more. When someone tells me that they vehicle is worth $xxx.xx, I always ask them what they have to show this. Most of the time they don't have any documentation.
If your vehicle is still in good running order or minor repairs can be made to keep it this way, consider retaining the vehicle. GEICO will deduct the salvage value from the offer but this would probably only be $50 or so. You could then possibly take the $850 and make needed repairs to the vehicle.
Posted: Sun Sep 30, 2007 08:20 am Post Subject:
Thank you everyone. I am looking up the state insurance information. They want me to give them $1700 to repair my car, when their party hit it. It is awful. My car was hit and I have to pay to have it fixed. GEICO is just wrong. I got a Kelly Blue book value over what they are telling me. I will fight with the chairmans office .
Posted: Sun Sep 30, 2007 03:53 pm Post Subject:
Meme- I'm confused-doesn't take much!
Geico wants you to give them $1700 to fix your car, is that what you are saying? That doesn't make any sense that you would pay them, so they could pay you to fix your car?
Maybe you could clarify for me- the others' may understand what you are saying- I'm old and slow!!..Karen
Posted: Sun Sep 30, 2007 08:11 pm Post Subject: I dont get it
are u at fault for the accident and are you insured
Posted: Sat Nov 03, 2007 05:39 pm Post Subject:
Geico does not use KBB, in fact very few insurance companies do. Geico will have collected somewhere between 5-30 or so "comps" which are comparable vehicles in your area that are for sale and adjusted the sale prices ro reflect mileage, etc to get an idea of how much your car is actually worth.
Your best bet is to provide reciepts for the recent repairs. If you put $900 in a car that is worth under $2k then that may not have been a good idea, and you probably wont be able to get all that back, but regardless a total loss settlement is negotiable. They may add on a few hundred dollars to avoid you taking their insured to small claims.
Posted: Sat Jun 28, 2008 10:11 pm Post Subject: GEICO -
You can not blame GEICO for your ignorance
Posted: Wed Jan 27, 2010 01:52 am Post Subject: Really?
Mods, is this approperate?
"You can not blame GEICO for your ignorance
_________________
Register Now to have your Insurance queries solved."
Add your comment