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View Full Version : need some help dealing with insurence...

TRD StreetRacing
03-26-2006, 12:36 PM
i thank everyone on the other thread for giving me ur opinions/advise. now this is the aftermath of the accident. gieco came and looked @ my car and estimated it to about 8k (7800 to be exact) BUT they wont total it cuz somehow geico got a book value of $13600 my car :wtf: ....my body shop guy told me that he would try to get it totaled BUT he was unable to cuz geico raised to book value from 10500ish to 13600.

i was informed this on friday. after some research i came to find out that geico got this $$ amount from KBB BUT this figure is the "suggested retail price"...i came to this conclusion cuz kbb has it listed for 13600 as a suggested retail price ....apon reading what that mean, i find out that whats the dealers asking price. i will get no where near that price if i sell it or trade it in. especialy after this accdient. i'm going to fight this cuz i want the car totaled.

the trade in value is $9200 and the private party value is close to 11k. so they have no right to be basing their book value of the dealer price correct?? whats ur opinion??
HiOctane
03-26-2006, 01:06 PM
Wow that is a tough one to answer. I hope it works out in your favor bud.
portopotti
03-26-2006, 03:54 PM
I'm not sure of this, but you were financing the car right? And you still had payments left on it? Maybe they are claiming KBB retail, cause technically it's still owned by Toyota???

Did you call the agent who was dealing with your case to find out exactly why it was that amount?
IllicaCelica
03-26-2006, 10:39 PM
I'm not sure of this, but you were financing the car right? And you still had payments left on it? Maybe they are claiming KBB retail, cause technically it's still owned by Toyota???



Did you call the agent who was dealing with your case to find out exactly why it was that amount?


if its financed...its not in toyotas hands its in the banks hands...
portopotti
03-27-2006, 02:07 PM
if its financed...its not in toyotas hands its in the banks hands...


most of the time otherwise known as "toyota financial".
N
03-27-2006, 02:44 PM
smells like someone is going to get OWN3D in the end. I hope its not u.
evil eye
03-27-2006, 03:26 PM
I have no idea Mike. I hope it works out for you in the end.
MiaCeli02
03-30-2006, 06:45 AM
fix it....sell all your parts..."report it stolen"...collect KBB $13600...pay off balance of loan...use the difference to buy another car.

Need help? :)
emocrab
03-30-2006, 07:01 AM
The insurance company will always base their decision to total a car based on the retail due to the principle of indemnity(sp?) which says that the insurance company will pay out no more and no less than the amount need to get you back where you were before the accident. So when they decide whether or not to total a car they need to look at what will it cost to buy the same car in the same condition to replace the wrecked one.