Car Likely Totaled
I was recently rear-ended on the highway, and it’s clear that the other driver is at fault; they even admitted liability to their insurance company while I was there. Although I wasn’t sure right after the accident, it seems my car is most likely totaled.
I still owe about $3,000 on it, and based on what I’ve seen online, its value is estimated to be around $4,500 to $5,500.
How likely is it that their insurance (Geico) will try to undercut me? I just want enough to cover the loan and put a down payment on a used vehicle. I’m concerned about ending up in a worse situation financially.
Update: I was not low-balled! I will be able to pay off the loan and make a down payment on a better vehicle. 🙂
It sounds like you went through a tough experience, but I’m glad to hear that you didn’t get low-balled and that you’ll be able to pay off your loan! When dealing with insurance companies, it’s definitely wise to keep an eye out for lowball offers, but in your case, it seems like Geico handled it appropriately.
Keep in mind that having documentation, like the accident report and estimates of your car’s value, can strengthen your position when negotiating with insurance companies. If you ever find yourself in a similar situation again, it’s always a good idea to have a clear idea of your car’s worth and be prepared to advocate for yourself. Wishing you the best of luck with your next vehicle!