URGENT! GEICO: Car is Being Totalled what Can I Expect?

[Fast GTO]

The person was working on my car, put in the new motor, and took it out to make sure it was driving the way it should and slid it into a tree on a wet road.

Police report says he wasn't speeding or anything. the problem is that because he was a private person I am on the hook for insurance instead of him.

Obviously I have a civil case against him...

The problem is that the adjuster isn't looking out for me, he is looking to save his company as much as possible.

I seem to have the law on my side.

 

[Focus LTC]

I totaled a 2006 Brazen Orange Metalic GTO with 84K miles on it. This was years ago. I got $16,500. They always total cars like that. They're rare and parts are expensive.

The Aussies sure make a mean muscle car

 

[Fast GTO]

They are rarer over the years. Any dealership selling one with my miles is asking over 21K. NADA reflects that.

MD law says they have to account for local advertising and dealer prices. The car value has to be based off of Substantially Similar Vehicle that is the same year, model, and within 4K miles.

 

[Guest]

well, you gonna get what you get cause it is geico, that was your first mistake,

 

[Josh]

This is a low production vehicle not made anymore. It will be totaled.

Maryland law says it has to be a 'substantially similar vehicle' off which they make a settlement offer.

A. In General. After receipt of a settlement offer, a claimant may:
(1) Accept the offer; or
(2) In writing, reject the offer and make a counteroffer based on:
(a) Dealer quotations for a substantially similar motor vehicle;
(b) Advertisements for a substantially similar motor vehicle; or
(c) Any other source of valuation for a substantially similar motor vehicle.

First, they're a huge company. They handled a total loss with me very fairly.

Next, wait to see what they say. You may find it's what you want. If not, you have some options. Most of the time claims are handled well.

You're valuation is probably a little off. What some guy lists a car for on autotrader is just that, what some guy wants for his car. They will base the value a little different, but it's going to be a very realistic number. The killer would be the aftermarket work, so if you have that covered, I'd have a drink and call it a night.

 

[FullAuto]

The problem is that the adjuster isn't looking out for me, he is looking to save his company as much as possible.

Are you saying this before you've even received an offer?

I'd like to see some pics of the car if you have them.

 

[Fast GTO]

My valuation was based off of dealer prices, not private person pricing. Nothing in MD law says anythign about private sellers. All of the statutes mention dealer pricing.

I know adjusters use proprietary databases, and the law is vague on that beyond acknowledging it so long as it provides a true statistical value based on substantially similar vehicles. I am hoping for the best since NADA and local dealer sales are in the same ball park.

I also have an advertisement of a private person with almost my exact car and mods selling for $26,000 and it sold yesterday.

 

[Josh]

I also have an advertisement of a private person with almost my exact car and mods selling for $26,000 and it sold yesterday.

Were the mods listed on the policy?

 

[moonlightandmargaritas]

well, you gonna get what you get cause it is geico...

Exactly. PERIOD. END OF STORY.

 

[VolAgent]

My valuation was based off of dealer prices, not private person pricing. Nothing in MD law says anythign about private sellers. All of the statutes mention dealer pricing.

I know adjusters use proprietary databases, and the law is vague on that beyond acknowledging it so long as it provides a true statistical value based on substantially similar vehicles. I am hoping for the best since NADA and local dealer sales are in the same ball park.

I also have an advertisement of a private person with almost my exact car and mods selling for $26,000 and it sold yesterday.

Just remember, an adjuster is interested in the price at which cars sell and not the list price. I believe KBB is sold price and not list price like NADA.

Also, I'm surprised they haven't raised a red flag about an uninsured mechanic. It was his obligation to have insurance while working on your car.