Total loss insurance question

[ploni]

Hey all,

Totaled my MYLR 2 months (3,500) miles into her brief short life. Purchased July 2021 so about $4k less than current prices ($55k~ with MSM, White interior).

Geico just offered me $70k. I'm blown away by the offer and don't want to be greedy but also want to be absolutely sure I'm not leaving any money on the table.

Is that the most I'll get? Didn't have FSD but I'm curious wether they credited it to me.

Also, any tips on beating a June-July wait for a new MYLR would be greatly appreciated.

Thanks for your time!

P.S. If you have experience, how much can I expect my insurance to go up by on my new car? Was paying about $150/month until now. I know there no simple answer, many factors etc....just looking for a ballpark if you have it. I don't believe Geico does first accident forgiveness. Worth it to switch insurance? Though Geico has been fantastic (so far) with car right off and medical bills.

 

[Prax]

$70k? Ask them to send the check already. Jesus. Buy a MYP if you dont want to wait forever.

 

[Pianewman]

...I can't believe this is a serious question...and yes, you ARE being greedy!!!

 

[hot_tamale]

take it and run! MYP here you come!

 

[Kairide]

Anytime you total a new car and aren't underwater count yourself lucky. Accept the check and don't ask them anymore questions.
As far as insurance pricing, if it's your fault, expect it to go up.

 

[ploni]

take it and run! MYP here you come!

Ya, seriously debating whether to take the plunge or not. Reserved another MYLR and originally was quoted August delivery, they changed it to "June 13-July 11" and now changed back to August.

I'm considering paying the extra $5k simply to skip the line, though I really do not need/ the upgrade. I would even get the LRRWD if it was an option. I care more for range than speed/acceleration.
Also, considering I'd have to pay $1,000~ a month just to rent something until August maybe its worth it just for that.....

 

[ploni]

Anytime you total a new car and aren't underwater count yourself lucky. Accept the check and don't ask them anymore questions.
As far as insurance pricing, if it's your fault, expect it to go up.

Ya that's where I'm in the dark. All my paperwork from insurance notes a "no-fault" injury though it was only my car in the accident, it spun out in icy weather. Not sure where I fall in that regard.

 

[ploni]

...I can't believe this is a serious question...and yes, you ARE being greedy!!!

I read many horror stories about insurance once I started my claim, I know I'm lucky.....just wanted to be certain, thanks for responding!

 

[ploni]

$70k? Ask them to send the check already. Jesus. Buy a MYP if you dont want to wait forever.

Don't think I can justify spending an additional $5k. This was a value purchase (gas savings, holds value well) and that extra upgrade kinda kills that argument.

Would get a LRRWD if an option. I just value the car itself (safety) and bells and whistles of the tech. I could care less about my 0-60 or top speed.....though it is fun at times

 

[gx9901]

Ya that's where I'm in the dark. All my paperwork from insurance notes a "no-fault" injury though it was only my car in the accident, it spun out in icy weather. Not sure where I fall in that regard.

If you regularly drive in icy weather perhaps put the extra money into a good set of winter tires. Unless you already had winter tires when you spun out.

 

[ploni]

If you regularly drive in icy weather perhaps put the extra money into a good set of winter tires. Unless you already had winter tires when you spun out.

Ya guess I should splurge on those. Buffalo winters have been tame recently, but this year was kinda rough....was hoping global warming would save me needing to purchase those. Leased cars for last few years and never bought tires, just used stock.

 

[Jim R]

maybe depreciated value of the car + cost of rental car until replacement car available = $70k.

 

[Ken_Y]

If I were in your position, I would hawk the inventory twitter or discord to grab a demo and get your replacement in 2 weeks.

 

[thesmokingman]

Is this thread a trick question??

 

[stan23]

Changing insurance isn't going to erase your claim either. Insurance Companies share the same claims data, so it will follow you.

 

[theocguy]

Hey all,

Totaled my MYLR 2 months (3,500) miles into her brief short life. Purchased July 2021 so about $4k less than current prices ($55k~ with MSM, White interior).

Geico just offered me $70k. I'm blown away by the offer and don't want to be greedy but also want to be absolutely sure I'm not leaving any money on the table.

Is that the most I'll get? Didn't have FSD but I'm curious wether they credited it to me.

Also, any tips on beating a June-July wait for a new MYLR would be greatly appreciated.

Thanks for your time!

P.S. If you have experience, how much can I expect my insurance to go up by on my new car? Was paying about $150/month until now. I know there no simple answer, many factors etc....just looking for a ballpark if you have it. I don't believe Geico does first accident forgiveness. Worth it to switch insurance? Though Geico has been fantastic (so far) with car right off and medical bills.

70k - you might be just able to get a replacement of MYLR with no upgrade at today price (march 16) 65k + tax + destination charge. It looks like the 70k is a replacement value and they does not seem giving you anything above that.

 

[ploni]

If I were in your position, I would hawk the inventory twitter or discord to grab a demo and get your replacement in 2 weeks.

Been on that for a while. Hoping the end of quarter push helps me out!

 

[ploni]

Is this thread a trick question??

Nope. Especially with the $3k that prices have gone up this week alone, $70k doesnt sound so obscene anymore. Though i’m still very thankful it wasnt a drawn out process with fighting and negotiations etc

 

[ploni]

Changing insurance isn't going to erase your claim either. Insurance Companies share the same claims data, so it will follow you.

Figured as much, just thought I’d see if I have wrong information. Thankfully havent gone through this before.

 

[ploni]

70k - you might be just able to get a replacement of MYLR with no upgrade at today price (march 16) 65k + tax + destination charge. It looks like the 70k is a replacement value and they does not seem giving you anything above that.

Well it was really $75k but $5k of that was for taxes so I just wrote $70k. So would still come out ahead today. Just sucks to wait 10 months. Reservation got pushed back to Sep-Oct.