RogerHScott
Active Member
How could they possibly know it is going to take 33 days? I would plan for at least two months without your car. And Geico should brace for shelling out considerably more than $44k.
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Insurance Total Loss P85D
- Thread starter Russell
- Start date
my ultra old 2013 base with literally no options was valued at 83k last year... 22k repair bill, she told me it wasnt even a question theyd repair it lol
BigNick
Infamous Fat Sweaty Guy
I don't know what the threshold is. I’ve had no discussions with them after dropping off the car with them 2 months ago.
I'm sure it's dependent on the valuation. Initially Geico valued it at $58,350 but after 3 weeks of back and forth discussions(primarily me pointing out the fact they did not credit me for my car’s options) I got it up to $69,603.
Yesterday I left a message with the adjustor and told him I preferred to have the car totaled because the accident will diminish its value. I also asked if I agreed to $65,000 would they approve it and total the car.
Well, an hour ago I got a call from IAA (Insurance Auto Auctions) wanting to get a release from me to take the car.
I guess they agreed to my offer, but they have yet to communicate it to me.
Does anybody know if it's a bad idea to let IAA take the car without having the adjustor tell me the settlement amount?
Yes, go through the proper channels, as with anything in life related to massive dollar amounts and complex processes.
whitex
Well-Known Member
Ironic. It seems by raising the value of your car you raised the threshold and managed to move it above the repair estimate. So now you fight to lower the valuation. As annoying as it it, it makes sense from the insurance company point of view - their goal is to take the path which will cost less.
I would feel slightly uncomfortable releasing the car without having a total loss declaration, even at least a screen shot of some online portal (if you have one). Or maybe at least have IAA show you the order from your insurance company to take the car.
HankLloydRight
No Roads
I've never had a car totalled (knock on wood), but my gut would tell me not to release the car to anyone until I have the check in my hand.
RogerHScott
Active Member
Trusting total strangers in a matter involving large amounts of money -- what could possibly go wrong? 
You've waited this long -- wait a little longer and get everything in writing.
You've waited this long -- wait a little longer and get everything in writing.
whitex
Well-Known Member
I felt comfortable releasing the car once State Farm emailed me the settlement summary. The check was available at the local office few days later. That said, I didn't sign off the title till picking up the check.
My adjustor left me a voice message Thursday afternoon. He confirmed they are totaling my car and the payout is now $70,100! Why it's more? He did not say and I don't care at this point. I'll see it later when I sign the paperwork.
He did tell me that IAA needs to take it and then Geico will write the check. So I gave IAA the ok to pick it up.
He did tell me that IAA needs to take it and then Geico will write the check. So I gave IAA the ok to pick it up.
Picked up the check today! This whole accident ordeal took 2.5 months!!
The reason the payout jumped to $70,100 is they reimbursed me for last years DMV registration fee, prorated of course.
Did I get a fair valuation for my car? I think I did.
I found a P85D CPO with less than 20k miles (my car had 62k) and all options (except 3rd row seats) for $500 more than the settlement check. I can't wait to pick up the car next week.
I would like to give a shout out to GatorGuy for providing the Petty Details link. The information on that site gave me the courage to fight for a fair valuation.
Az_Rael, WhiteX, RogerHScott, D.E. and demundus for sharing their tips and experience with insurance companies.
Hank for giving me access to the historical prices on EV-CPO.com to help value my car. But I didn't use it for that, I used it to find my next car!
The reason the payout jumped to $70,100 is they reimbursed me for last years DMV registration fee, prorated of course.
Did I get a fair valuation for my car? I think I did.
I found a P85D CPO with less than 20k miles (my car had 62k) and all options (except 3rd row seats) for $500 more than the settlement check. I can't wait to pick up the car next week.
I would like to give a shout out to GatorGuy for providing the Petty Details link. The information on that site gave me the courage to fight for a fair valuation.
Az_Rael, WhiteX, RogerHScott, D.E. and demundus for sharing their tips and experience with insurance companies.
Hank for giving me access to the historical prices on EV-CPO.com to help value my car. But I didn't use it for that, I used it to find my next car!
RogerHScott
Active Member
Yeah, it's kinda like democratic government: the only thing worse than having it is not having it
2012MS85
Member
Warren not only knows how GEICO low balls, but he LOVES that it produces his $100+ Billion in what he labels “FLOAT” (insurance payouts that his companies owe, but don’t yet have to pay because the settlement is tied up in a dispute over the exact amount). Warren then invests YOUR float in companies that earn Berkshire Hathaway 20% returns on YOUR $$$.
Best of luck on receiving the proper true and full value of your loss. Glad you were in a five star safety rated vehicle!
It's been almost a year since the accident and I never told Tesla to remove the car from my account. I wanted to see if car would ever come online again.
Today I received a message from the app that my car was plugged in and charging in the Ukraine.
Today I received a message from the app that my car was plugged in and charging in the Ukraine.
Thanks for sharing. My 2018 75D is being totaled and insurance is being difficult. I sent over my info to see what they say.
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