Comments on: Geico trying to screw me with a payoff on my stolen car? http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car Just another WordPress weblog Mon, 23 Jan 2012 00:37:56 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Jean Luc Picard http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car/comment-page-1#comment-2597 Jean Luc Picard Thu, 11 Feb 2010 19:10:42 +0000 http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car#comment-2597 thats what GAP insurance is for thats what GAP insurance is for

]]> By: jlf http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car/comment-page-1#comment-2598 jlf Thu, 11 Feb 2010 19:10:42 +0000 http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car#comment-2598 What you OWE on it is irrelevant. No insurer will pay more than "actual cash value" less your deductible. If you dispute their version of "actual cash value" you'll need to submit documentation to support that. What you OWE on it is irrelevant. No insurer will pay more than "actual cash value" less your deductible. If you dispute their version of "actual cash value" you’ll need to submit documentation to support that.

]]> By: car253 http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car/comment-page-1#comment-2599 car253 Thu, 11 Feb 2010 19:10:42 +0000 http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car#comment-2599 The agent is suppose to submit your claim on the first day you report it to them!! You should not be talking to the agent, you should be talking to your claim rep. It does take time to settle a claim, but the claims department should reimburse you for the delay. Put in a complaint with the Department of Insurance in your state. A link is below. Just click on your state. The agent is suppose to submit your claim on the first day you report it to them!!

You should not be talking to the agent, you should be talking to your claim rep. It does take time to settle a claim, but the claims department should reimburse you for the delay.

Put in a complaint with the Department of Insurance in your state. A link is below. Just click on your state.

]]> By: mbrcatz http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car/comment-page-1#comment-2596 mbrcatz Thu, 11 Feb 2010 19:10:42 +0000 http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car#comment-2596 1. The stuff in your car, isn't covered on your car insurance. 2. They only owe you the KBB PRIVATE party sale value, roughly, not the retail value. DEFINATELY not the payoff value, unless you bought GAP coverage through them. In my zip code, KBB says it's $11,745. 3. Of COURSE you pay your deductible. You ALWAYS pay your deductible. 4. You have an agent with Geico? That surprises me. But their offer is FAIR. 5. So. you went upside down, borrowing more to buy a car than it was worth, after it depreciated 20% the second you drove it off the lot, you didn't buy GAP coverage, and now you're about to do the whole same deal a SECOND TIME?? um . .. 1. The stuff in your car, isn’t covered on your car insurance.
2. They only owe you the KBB PRIVATE party sale value, roughly, not the retail value. DEFINATELY not the payoff value, unless you bought GAP coverage through them. In my zip code, KBB says it’s $11,745.
3. Of COURSE you pay your deductible. You ALWAYS pay your deductible.
4. You have an agent with Geico? That surprises me. But their offer is FAIR.
5. So. you went upside down, borrowing more to buy a car than it was worth, after it depreciated 20% the second you drove it off the lot, you didn’t buy GAP coverage, and now you’re about to do the whole same deal a SECOND TIME?? um . ..

]]> By: Baby Boy due 12-9-09 http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car/comment-page-1#comment-2601 Baby Boy due 12-9-09 Thu, 11 Feb 2010 19:10:42 +0000 http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car#comment-2601 GEICO is not supposed to pay off your loan, only the actual cash value of the car minus your deductible. And they don't only go by KBB. They look at the mileage, the tread on the tires, condition of your seats, and what cars like that are selling for in your area. Like the other person said, you need to submit documentation supporting your car is worth more that what they are saying. GEICO is not supposed to pay off your loan, only the actual cash value of the car minus your deductible. And they don’t only go by KBB. They look at the mileage, the tread on the tires, condition of your seats, and what cars like that are selling for in your area. Like the other person said, you need to submit documentation supporting your car is worth more that what they are saying.

]]> By: Alex http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car/comment-page-1#comment-2602 Alex Thu, 11 Feb 2010 19:10:42 +0000 http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car#comment-2602 pretty much i agree with everyone else except i wanted to add that i don't believe any insurance companies use KBB as a way to value a vehicle. some use NADA but others use different companies as well. the only thing it sounds like they may have done wrong is delay offering you the amount they want to pay. however think of it this way. you were gonna have to pay payments on a new car anyways. lets say the amount they valued happened to be the amount of your loan, you would have had your loan paid off. you then would still have to get a new car and have car payments. so your only out your deductible and the $20 because your car isn't worth as much as your loan. you can't avoid your deductible, it always applies, like a health insurance deductible. if you dispute your car is worth another $20 then you have to prove it. they have paper work showing how they came up with their value. you contact dealers in the area and see if you can get more than one to give you what your looking for. pretty much i agree with everyone else except i wanted to add that i don’t believe any insurance companies use KBB as a way to value a vehicle. some use NADA but others use different companies as well. the only thing it sounds like they may have done wrong is delay offering you the amount they want to pay.

however think of it this way. you were gonna have to pay payments on a new car anyways. lets say the amount they valued happened to be the amount of your loan, you would have had your loan paid off. you then would still have to get a new car and have car payments. so your only out your deductible and the $20 because your car isn’t worth as much as your loan. you can’t avoid your deductible, it always applies, like a health insurance deductible. if you dispute your car is worth another $20 then you have to prove it. they have paper work showing how they came up with their value. you contact dealers in the area and see if you can get more than one to give you what your looking for.

]]> By: sbinlb http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car/comment-page-1#comment-2600 sbinlb Thu, 11 Feb 2010 19:10:42 +0000 http://www.wetokolehawaii.com/geico-trying-to-screw-me-with-a-payoff-on-my-stolen-car#comment-2600 When you drive the car off the lot, the car is IMMEDIATELY worth less than you owe on it. As the other guy stated, there is something called GAP insurance which covers the GAP between what the car is worth and what you owe on it. If you don't have this GAP insurance, you are going to get what the current value is for the car. It looks like you need to review how you handle insurance in the future - another example is making sure the insurance policy covers car rental, if that's something that you need, as well as making sure that things in the car are covered under replacement value not current value. I realize that it's a pain in the neck lesson to learn right now, but we all have instances like this. If your car is a special release and the VIN is titled that way you will get compensated for the correct amount. For the belongings in the car, you can probably hire an attorney and get more money. Remember that the attorney will take 30%-50%, so it's doubtful that you would actually end up with more money in your pocket. When you drive the car off the lot, the car is IMMEDIATELY worth less than you owe on it. As the other guy stated, there is something called GAP insurance which covers the GAP between what the car is worth and what you owe on it. If you don’t have this GAP insurance, you are going to get what the current value is for the car.

It looks like you need to review how you handle insurance in the future – another example is making sure the insurance policy covers car rental, if that’s something that you need, as well as making sure that things in the car are covered under replacement value not current value. I realize that it’s a pain in the neck lesson to learn right now, but we all have instances like this.

If your car is a special release and the VIN is titled that way you will get compensated for the correct amount. For the belongings in the car, you can probably hire an attorney and get more money. Remember that the attorney will take 30%-50%, so it’s doubtful that you would actually end up with more money in your pocket.

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