Insurance Payment

[jwc]

Geico wants me to sign a release form to forever discharge their policy holder of any further liability, before they will send me the check for the repair of my car. I understand that this is a standard procedure.

The release form only mentions the $ amount as being considered by me. It does not make any reference that the check will be sent to me after I send them back the signed release form.

My concern is that if I send them back the signed release form and the check is not coming. I have no recourse. I asked that they send the check and the release form to their local office where I live, and I can do this at their office, and they said they can't do this either.

Should I be cautious on this? Am I over-worrying about a big insurance company like Geico intentionally cheats me out of a small amount of money?

TIA

 

[djs]

Be very cautious, though I doubt Geico will cheat you out of the money (in fact, I'm sure they won't).

Problem is, what if the repairs cost more? You didn't say what caused the claim, but you are entitled to get your car fixed. My guess is, there is more to the paragraph than what you are reading, since I've never seen a major carrier really try to stop a liability that they know they are responsible for.

I usually see these statements where there was an injury and they want to make sure someone won't keep coming back. I understand it there, but for property damage, they usually put a timeline to it for further necessary repairs.

Dan

 

[jwc]

Dan,
Geico's offer is what I already agreed with. My car is already repaired in full and the cost was finalized. Geico's offer is the remaining $ that will cover the repair cost. There is no additional cost that I need to claim. There was no injury.

I am concerned because all the Release Form said is about releasing their policy holder from any further liability. It bascially is asking for my trust in Geico that they will send me the money after I returned the signed form.

I just want to get some opinions from the agents if my request to Geico to settle this in their office in person is out of the ordinary.

jwc

 

[Josh]

They're going to send the check and if I'm understanding correctly that's even a component of the letter. "We (Geico) agree to give you $x and in exchange for that you agree that this claim is settled" to simplify it. All they are saying is that this is the end of the claim and that you agree that you are not looking for any more money.

That agreement is a contract and a part of that is them agreeing to pay you; if they don't pay you, no contract.

That help?

 

[Guest]

This is normal and a way for Geico to close the claim,
They want to claim closed so they can adjust their books.

 

[djs]

They have to send the money, I wouldn't worry about that. Why? Because for your signature to be valid, they have to show they sent you a check. Without the money, your signature is not valid.

Dan

 

[Sales71]

Geico I would not full trust them since they are you insurance company. So if there is a way to short change you they will do it and save money on paying a claim. That what they do in Claim.