| Message |
Author |
|
 Posted: Sun Aug 31, 2008 3:51 pm Post subject: Can I request a car instead of accepting the total loss chec |
|
|
| My son wrecked a car the same day we bought it. Geico has offered to pay $3000, les than we owe. I have found the same or comparable car for about $800 more than they are saying they will pay. I would rather they replace the car than pay it off and leave me with no car and a $3000 bill. I'm in Virginia, can I ask them to replace the car |
|
gunitjbf
New member
Joined: 31 Aug 2008
Posts: 1
1.47 Dollars($)
|
|
| Posted: Sun Aug 31, 2008 5:49 pm Post subject: |
|
|
You can ask but they are not obligated to do this, nor will they. It's not what the contract/policy states will happen.
If the _asking_ price of the car $800 more then GEICO is offering? If so, I'd think some negotiations could easily lower the price to about what GEICO is paying. |
|
tcope
Forum Expert
Joined: 22 Nov 2006
Posts: 5193
Location: Salt Lake City, UT
285.25 Dollars($)
|
|
| Posted: Mon Sep 01, 2008 11:02 am Post subject: |
|
|
The insurance company doesn't have the provision to replace a car, it may either pay for repairing the damages or may ‘total' the car if the damages are beyond repair in which case you may only receive the actual cash value on the vehicle.
IMO negotiating with the insurance company may help you in improving the claim amount. If there are differences in the quotes obtained from different sources, try to collect good and accurate evidences in your claim's favor. This may facilitate the negotiation process. |
|
RupertWBradson
Senior member
Joined: 05 Jul 2007
Posts: 703
131.12 Dollars($)
|
|
| Posted: Mon Sep 01, 2008 11:12 am Post subject: |
|
|
Hi, you need to ascertain first that whether you'll be better off by retaining the vehicle or not. Its not always possible to retain a damaged vehicle. However, even if the insurer allows to retain the car, they'll cut a check subtracting the salvage value from it, which will reduce the check amount further.
Moreover, you'll then be required to bear all the repair expenses and also the costs of obtaining the certificate from the highway authority, which will declare the vehicle road worthy. |
|
JeremyHolter
Senior member
Joined: 06 Jun 2007
Posts: 1194
210.30 Dollars($)
|
|
| Posted: Tue Sep 02, 2008 6:27 pm Post subject: Wrecked Car |
|
|
You should talk with the Insurance Company regarding the value that they came up with. If you have a bill of sale, show them that, that would clearly establish a fair replacement value, especially since you bought it that day. If they are suggesting a lower value, keep on them. They should reimburse you the total cost including taxes and license fees (they may require you to buy a replacement before they pay taxes and fees).
Good Luck and be firm.
Derek |
|
DerekGilbert
New member
Joined: 02 Sep 2008
Posts: 2
1.39 Dollars($)
|
|
| Posted: Tue Sep 02, 2008 6:47 pm Post subject: |
|
|
| Quote: | | If you have a bill of sale, show them that, that would clearly establish a fair replacement value, especially since you bought it that day. If they are suggesting a lower value, keep on them. They should reimburse you the total cost including taxes and license fees (they may require you to buy a replacement before they pay taxes and fees). |
That is incorrect. If I buy a 1996 Ford Escort for $10,000, the insurance company is _not_ going to pay me $10,000 for the loss. The insurance company owes market value... which could very easily be different then the OP paid on the vehicle. I can't speak for the OP but I've seen plenty of people with less then stellar credit histories pay much more for a vehicle then it's worth. Basically the dealer works in a much higher profit for the added risk and because the buyer has few other choices. Dealers can also give high trade in amounts buy increasing what they charge on a vehicle. Bottom line, what someone pays for a vehicle does not make that amount it's market value. |
|
tcope
Forum Expert
Joined: 22 Nov 2006
Posts: 5193
Location: Salt Lake City, UT
285.25 Dollars($)
|
|
| Posted: Wed Sep 03, 2008 12:04 am Post subject: |
|
|
| Quote: | | If you have a bill of sale, show them that, that would clearly establish a fair replacement value, especially since you bought it that day |
No, no, no, no Derrick...this is NOT correct...the insurance carrier owes the ACV only..they do owe to show how they arrived at that figure...oh wait Tcope has already hit this...anyway....please please please don't tell any of your insured this, unless of course you want run the risk of a giant E&O claim against you... 
_________________
"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
|
Lori
Moderator
Joined: 10 Sep 2007
Posts: 8173
Location: Missouri
287.90 Dollars($)
|
|
| Posted: Wed Sep 03, 2008 2:35 am Post subject: |
|
|
| Quote: | | If I buy a 1996 Ford Escort for $10,000, |
If you bought a 96 escort for 10K can i sell you a bridge in Maine for 60k to drive it on ?  |
|
rick7425
New member
Joined: 29 Jul 2008
Posts: 22
13.48 Dollars($)
|
|
| Posted: Wed Sep 03, 2008 2:53 am Post subject: |
|
|
| Quote: | | If you bought a 96 escort for 10K can i sell you a bridge in Maine for 60k to drive it on ? |
Sure! How about an IOU? |
|
tcope
Forum Expert
Joined: 22 Nov 2006
Posts: 5193
Location: Salt Lake City, UT
285.25 Dollars($)
|
|
| Posted: Wed Sep 03, 2008 3:34 am Post subject: |
|
|
Sure but just because I know where you post  ) Or a western union M O |
|
rick7425
New member
Joined: 29 Jul 2008
Posts: 22
13.48 Dollars($)
|
|
| Posted: Fri Sep 05, 2008 8:33 am Post subject: |
|
|
| Quote: | | Geico has offered to pay $3000, les than we owe. |
A gap policy in such situations can resolve the issue. I think your son has it on the new car. The gap insurance will pay for the difference.
Gap policies cover the differences between the claim check and the amount owed on the vehicle. The value of the car takes a plunge once it's rolled out of the dealer's shop. Hence, quite likely the claim check will fetch lesser amount than what you have paid for it.
| Quote: | | I have found the same or comparable car for about $800 more than they are saying they will pay. |
You are required to ask the adjuster to divulge his method of calculating the ‘totaled' value. Your insurer might have used a method that is different from yours to arrive at the amount. And its not uncommon. Hence, you are required to clarify it first.
Thanks,
Rupert |
|
RupertWBradson
Senior member
Joined: 05 Jul 2007
Posts: 703
131.12 Dollars($)
|
|
