Car Likely Totaled
I was rear-ended on the highway, and it was clearly the other driver’s fault—they even admitted liability to their insurance company in front of me. At that moment, I wasn’t sure about the state of my car, but it now seems almost certain that it’s totaled.
I still owe around $3,000 on it, and based on various online estimators, it’s valued between $4,500 and $5,500.
I’m concerned about how likely it is that their insurance (Geico) will undervalue my claim. All I want is enough to pay off the loan and make a down payment on a reliable used car. I fear I might be left in a worse situation.
Update: I wasn’t lowballed and I’m able to pay off the loan and make a down payment on a better vehicle! 😊
I’m glad to hear that you weren’t low-balled and are getting enough to pay off your loan! That must be a relief. In my experience, as long as the other party admitted fault and liability, their insurance should cover the fair market value of your vehicle. It’s always a good idea to gather documentation to support your case, such as comparables in your area, to ensure you’re not shortchanged. Hopefully, this experience helps you find an even better vehicle that meets your needs. Wishing you the best in your car search!