My first wreck ever, not my fault. How do I deal with Geico?
09-20-18, 09:23 PM
#1
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Thread Starter
My first wreck ever, not my fault. How do I deal with Geico?
This is a carry on thread from my rear ended IS350. I haven't settled with Geico yet and I'm not sure how to. The assessor gave me 2 numbers. He said 10900 and he gets the keys. 9700 + 300 in rental car fees that I didn't use and I can buy it back for 900. Shouldn't I be able to get the full write off amount and be able to buy back the car for 900? How do I deal with the assessor who writes off the car and tells Geico the amount to send?
09-20-18, 10:49 PM
#2
As far as I know yes you should be able to get the write off amount and buy back the car. My friends father just had his car keyed & damaged(few months ago) and he got a write off amount of 7500. And a buyback amount of 900. The father took both options. He accepted the write off but they took the 900 out of the 7500. So he got his car back and was left with 6600.
I hope this answers your question, as far as being able to get both options. Not sure how to go about dealing with the accessor. But I’m sure others will happily give some advice.
I hope this answers your question, as far as being able to get both options. Not sure how to go about dealing with the accessor. But I’m sure others will happily give some advice.
09-21-18, 06:10 AM
#3
Ask the assessor. I had to get a quote from a Geico insured driver to hit me too, the assessor was actually super helpful and they didn't really lowball me, got the damaged almost fully fixed for half the payout Geico gave me. They're not really out to screw you over even though insurance companies have that stigma, at least in my experience.
09-23-18, 04:28 AM
#5
Gap insurance covers the difference in value of the car and your loan balance. For example: you took out a $12,000 loan on a car that has a value of 11,000. You total said car. Your primary coverage will pay you 11,000 and the gap coverage covers the rest of that 1,000 difference.
09-23-18, 11:54 AM
#6
Driver
Thread Starter
Gap insurance covers the difference in value of the car and your loan balance. For example: you took out a $12,000 loan on a car that has a value of 11,000. You total said car. Your primary coverage will pay you 11,000 and the gap coverage covers the rest of that 1,000 difference.
09-23-18, 12:24 PM
#7
The totalled insurance value has nothing to do with whether you buy back the car or not. They are two totally separate transactions. You should receive retail value for your car and then start talking about how they want to dispose of what is now their car.
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09-23-18, 06:27 PM
#8
Driver
Thread Starter
The assessor is quoting me KBB value of my car. I sent him a list of all 08 is350s that I found on car guru, truecar and card.vom but I still think he's lowballing me. The accident wasn't my fault, the lady's insurance should pay for it.
Last edited by Rrotz; 09-23-18 at 06:33 PM.
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