How does Geico arrive at a value for totaled vehicles?

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Posted: Thu Jun 25, 2009 7:11 pm Post subject: How does Geico arrive at a value for totaled vehicles?

My girlfriend was hit from behind and wrecked a BMW 328i. The Geico adjuster asked to see her bill of sale on the recently purchased used vehicle. They are trying to bully her and I was wondering if their formula was avaliable to the public.

carlyle99611

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Posted: Thu Jun 25, 2009 9:07 pm Post subject:

I'm pretty sure that they use a 3rd party vendor called CCC... but I'm not 100% sure. Whatever means they use, you can ask for a copy of their valuation.

tcope

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Posted: Fri Jun 26, 2009 7:21 am Post subject:

Hi carlyle99611..

Quote:

The Geico adjuster asked to see her bill of sale on the recently purchased used vehicle.

Did she already offer the bill?

Could you tell us more regarding the cause of the accident?

Steven

steven

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Posted: Fri Jun 26, 2009 9:11 am Post subject:

Quote:

They are trying to bully her and I was wondering if their formula was avaliable to the public.

What has made you think that the insurance company is bulling her?

BTW, Geico is the insurance company of the other driver, right?

There is no formula to compute the total value available in the public. As Tcope has mentioned some insurer use a third-party vendor and some use interfaces like- NADA to arrive at the total value. You may ask Geico about the method they are using.

~Jeremy

JeremyHolter

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