Car Totalled - Geico Insurance - Adjuster Settlement Options?

[Bertolinoins]

Sorry to tell you... but you are not going to get anything for your aftermarket parts. if they have not collected the extra premium for aftermarket parts endorsement then you are not going to get paid. The rate you have been paying was based on a stock car.

Only way to get compensated is to have a agreed value policy through one of the several carriers willing to write one (Hagerty, American Collectors, etc) or some carriers offer endorsements for aftermarket parts.

Your problem was dealing with a website or 800 number when buying insurance... their coverage doesn't work unless you have a cookie cutter lifestyle.

 

[STIBROKER]

OK.....that is a good one.......

Here is your agent

 

[TotalD]

FL PC broker & Bertolinoins,

are you guys forum shills here or do you make any attempt at all to help people? Although I haven't read on "this" forum prior to now I am a forum member on many other areas and your posts reflect that of shills or someone whose response does nothing but waste time.

With that said i'll gladly answer your question. As far as why I chose Geico....the rate was part of the equation..but the fact that I hadn't heard any significant issues with them up until the time I purchased insurance with them as well as the fact that I never had an issue with any accident or claims in the past...it made it a relatively easy decision. For the record JD POWER and Associates rates Geico as above average in many categories.

@ Bertolinoins, thanks for your post. If you read my entire post as well as my most recent reply you'd see i'm well aware that i'm stuck between a rock and a hard place with my aftermarket parts. Fortunately, for you though you are wrong. I have already been offered over $500 for my aftermarket parts even though Geico does NOT have to offer anything additionally. So thanks for your reply, albeit inaccurate and incorrect.

I would love to know who you reccomend since you seem to imply you know who a solid auto insurer is. From my quick searching it appears AMICA has solid ratings all the way around via JD POWER AND ASSOCIATES. But please let me know your insight..i'm sure it would be helpful for many others.

And anyone who'd be willing to offer any helpful info on whether or not Geico loses anything from me not settling promptly at this point...would basically help let me know where I stand and if I have any playing chips at all. Thanks, again. : )

 

[Dave020]

 

[lisaann66]

TotalD.....

Hang tight. Don't agree to anything. Don't sign anything. I will respond to all of your questions and explain further your rights as an insured. Be it with GEICO or ALLSTATE or any other Property Casualty Insurer.

No worries. But be advised, once the "Insurer" makes an offer (total loss-physical damage) the rental will conclude after a "reasonable amount of time" (usually three).....If you have 30 days of rental coverage on your policy that means (generally speaking) if your car was under repair your policy would pay up to thirty days. It's different if your car is deemed a "total loss".....

I don't want to get to technical but not all is lost in your situation. You can negotiate.....

If you provide a phone number I will call you in between appointments tomorrow. Okay? Or, you can call me. My number should be below.

lisa

 

[arnguy]

TotalID, in what state are you located?

 

[Crabcake Johnny]

You don't need to be a P&C expert to directly answer this question without a bunch of BS.

You are paid based on the book value of your car. If you add anything of value to your car you then have to contact your carrier to let them know what you've done.

In some cases you might have to remit pictures. In other cases you'll have to take it to one of their locations to have an agent look it over.

What you can't do is drop a $10K "suped up" engine into a 1979 Pinto and expect to get a check which included the 10K engine. Unless you contact your insurance carrier you'll get a check for the value of the Pinto.

Imagine having $250,000 diamond in your $100K house - then your house burns down. I don't care what receipt you have, good luck getting an extra $250K out of your homeowners insurance. You would have needed to contact your homeowners carrier and pay an extra premium to have that stone insured.

 

[TotalD]

I'm a realist so even if the situation doesn't benefit me i'm not delusional. I have said I fully comprehend the "endorsements" at this point so that portion of the dispute is not an issue as far as i'm concerned. It's a great lesson moving forward with auto insurance or homeowners....my real question/concern now is what legitimate steps can I take now to get the most out of my car. Forget the aftermarket parts, again, I understand that's done.

The fact still remains my car was in pristine condition and I'm thinking I can get unbiased written statements from dealers, service agents, neighbors, co-workers, to prove that. As the adjuster essentially put average on every account when ALL aspects were exceptional.
Would doing what I am planning to do make any difference in this case?

And the real question I'd really appreciate knowing the answer to is whether or not the insurance company at this point has ANY REASON AT ALL to settle at a REASONABLE number. Meaning, now that they've made an offer, if It takes me 1-2 more weeks to put together this PROOF of my car's prior condition and they have to reassess anything...would they prefer to close the case quicker on a reasonable offer or could they care less if the case stays open another MONTH OR TWO? Anyone with experience...is there ANY reason Geico would want to close this out sooner vs. later at this point or no?

 

[arnguy]

If you are in a state where Erie Insurance writes auto insurance, I woiuld suggest you sign up with them. You've got a tough battle ahead with GEICO.

 

[lisaann66]

TotalD:

The Insurance Code and Fair Claims Practices Act are what insurers are supposed to follow when evaluating, negotiating and settling claims. They've made an offer based on the information available to date. That is their obligation. Whether it is reasonable or not is what is in dispute.

The ball is in your court now to provide documentation to substantiate your claim. Generally speaking most insurers do not over pay a claim just to "close" a file. The code reads that it must be "fair and equitable settlement". If they have nothing in their possession to document your vehicle is better than average. They've met their obligation in evaluating the car and extending an average condition offer. However, if new additional information is received that changes the original evaluation, the insurer must re-evaluate the original offer. This pertains to property and bodily injury claims.

As a former litigation adjuster I can't tell you how many times I solicited the additional information because I knew it would allow me to re-evaluate the case and bring me closer to settlement.

Bottom line is, once the carrier makes the offer you will have a "reasonable amount of time" to accept and if not accepted your rental will cease and often times you are then left to pick up the storage from that point forward. They can't salvage the car until the settlement has effected which means the car in many cases sits and collects storage until settlement is reached. You don't want to be stuck paying for a bunch of storage until you settle this value dispute.

If I were you, I would ask for a week extension on the rental and storage fees (if they are charging) and get my documentation over to the adjuster ASAP!

Good Luck!