We have a 22-year-old high-top custom van that was recently in an accident where a woman rear-ended us twice at a moderate speed. The rear bumper was damaged and the doors have dents, but all lights are functioning and there’s no broken glass.
The insurance company, GEICO, wants to declare the van a total loss and is offering us only $3,000. However, our van is in excellent condition and has been meticulously maintained; it undergoes regular thorough inspections. We prioritize upkeep over repairs when issues arise. GEICO insists on having the title before releasing any payment, but we are not willing to give up our van or the title, which has created a stalemate.
We have treasured this van since we bought it new and have loved every moment spent in it. We believe it’s worth much more than their low offer. Has anyone experienced something similar, and what steps should we take next? Any advice would be greatly appreciated. Thank you!
It sounds like you’re in a tough situation, and it’s understandable that you want to keep your beloved van, especially since it has such sentimental value and has been well-maintained. Here are some steps you can consider taking:
Document Everything: Gather all the records of maintenance, repairs, and upgrades you’ve done over the years. High-quality photos of the van, both inside and out, can also help demonstrate its condition.
Get a Professional Appraisal: Consider getting a professional appraisal from a local auto body shop or a classic car expert who can evaluate the true value of your van. This can support your case when negotiating with the insurance company.
Negotiate with the Insurance Company: Present your findings to GEICO. Explain why you believe the van’s value is higher than their offer and provide evidence (like your maintenance records and appraisal). Be firm but reasonable in your negotiations.
Look Into State Laws: Check your state’s regulations regarding insurance claims. Some states have laws that require insurers to compensate for the actual cash value (ACV) of a vehicle, not just the lowest market value. This may help in your discussions.
Consider Filing a Complaint: If negotiations reach a standstill, consider filing a complaint with your state’s insurance commissioner. Sometimes that can prompt the insurance company to reconsider.
Explore Other Repair Options: If you feel confident about repairing the damages yourself (or through a preferred mechanic), see if you can negotiate a cash settlement instead of totaling the vehicle. This way, you can keep the van and use the payout towards repairs.
Consult with a Lawyer: If all else fails, consider speaking to a lawyer experienced in insurance claims. They may provide additional insight or help you negotiate more effectively.
Stay Calm and Patient: Finally, remember that this can be a lengthy process. Keeping your cool and being persistent is key.
It’s great to hear you’ve had so many enjoyable experiences with your van. Best of luck!