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Had an unfortunate event last Friday where a cargo truck blocked my view and hit a pickup truck while driving forward from a stop sign.
Geico is calling the car total loss with repair estimate at 19500. I'm not sure how this works but will they write me a check for an amount less than 19500? I think the car was worth more than that I got the car for around 22K and spent 8K in repairs(engine oil leak, engine and tranny mounts, spark plug and coils, some suspension parts ect..) and also a brand new set of tires.
Anyone has experience on how to negotiate with Geico to get the most of my money back? I don't expect to make any money I got the car for about 22K last Sep, if I can recoup 20K I'll be happy but I doubt they are offering me that amount.
Would I lose more money if I take the wreck and sell the parts?
any thoughts?
Last edited by hotdogakamike; 03-15-2017 at 01:09 PM.
Checkout NADA.com, enter all your info, see what that comes up with. That'll give you an idea of the ballpark you should be expecting. They're going to take an average of "comparable" vehicles, to determine the ACV of your car. Make sure you have a printout of all your options(VMI), and make sure the cars they are using to determine that have the same options. It's a negotiation, so get as much info as you can to help yourself get the most you can for the car.
If you search you will find other threads addressing this issue. "My insurance company is crazy" comes to mind. Nuances of the process are discussed. Glad you weren't hurt.
Search "my insurance crazy" on this forum, you will find a lot of discussion of insurance and totaling your car.
States are able to set limits on repairs based on repair cost vs value of the car. If above a certain percent it is totaled, 75% in AL. Mine was hit much less severe and was totaled. $11-13k in repairs and car was totaled. Not even my fault.
I would definitely call that totaled. I would stand by your purchase price since its less than a year old, show them the receipt and include taxes and transfer fees. I would demand that and ask them to replace the same or better car for you.
Unfortunately I do not think you will get your repair money back.
My nephew's car was totaled, it's the other party fault but I filed the claim with his insurance Geico. I didn't accept their offer and ask for more including tax and title fee. At the end, they counter back at $3K higher than the initial one. You need to know the value of your car, search for similar car for sale in your area. I told them my nephew car had some upgrades, low miles.... Don't accept it if you dont think it's fair. Good lucks.
03-15-2017, 12:55 PM
