Question:
Monday a.m. I have to take my car so the Geico guy can see how much damage there is to my car. It is a 93' Chev., paid $700.00 for it, there is at least if not more than that in damage. What happens if they "total it", would they, does that mean I have no car?. (it looks bad but drivable,and I have to work)..anyone experience this?..thanks
Answers:
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They will make you an offer and total the car and they will make you an offer and you keep the car. Remember to negotiate for the most money you can get.if it has insurance, then i would imagine they would give you what its worth... but isnt the fee you have to pay like $500?
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If they total it, basically they give you the "blue book" value for the car. They have bought it away from you once they give you the money. It is no longer yours.Yup, been there it sucks. The insurance is going to try to get away with the least amount they can. That is the Kelly Blue Book value of the car before the accident. If the cost of repairs is more then that number they total the thing and give you the aboue mentioned pay out. Your onlyrcourse is to see if you can work out a deal with a body shop or "buy" the car back from the insurance company or just go pay to get it fixed. Insurance companies are right up there with lawyers when it comes to screwing people.
Most states require a vehicle to be 'totaled' if cost to repair exceeds the value or a set percentage of the value. GEICO does not want your car but if you make a claim with them and it is determined to be a total loss they will 'buy' your car for market value and you will have to go car shopping. This is a rotten situation as I'm sure you won't be finding another $700.00 Chevy (or $1500.00 Chevy for that matter) anytime soon but this is the way the insurance company has to do this (state law). The only other option you may have is to withdraw your claim and drive it damaged. You will probably get far more use out of it that way vs GEICO paying you too little to replace it with another. Let them inspect it and listen to their options before you make any decisions. Like I said -- you can always withdraw the claim if this would be more beneficial to you at this time.
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If repairs cost anywhere near what the car is worth then they will probably total it out and pay you the book value of the car. They will usually offer to sell you the wrecked car back for a very little. So it you don't get enough out of it to replace the car and it is still drivable you might consider buying it back to drive until you can afford another one.they will give you fair market value of the vehicle. like you stated thereis probably more damge than it is worth so just hold your pretty little hand out and accept your check then sue the pants off of the other guys insurance for mental distress.
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