Geico has declared my car a total loss – what should I do?
Hello everyone, I was in an accident 10 days ago involving a driver insured by Geico, and they accepted liability since the other driver was at fault. Today, I picked up a rental car while I wait for my 2017 Nissan Rogue to be repaired. However, I just received a call from a total loss adjuster at Geico who informed me that the collision center reported that the damage to my vehicle is extensive, and they are considering it a total loss.
I’m unsure of the next steps. Geico has already issued a payment of $2,987.89 for repairs, and now they’re offering me $7,500 for the total loss of my car. I’d like to know if this amount will be reduced based on the previous payment. Given that my Rogue has 269,600 miles on it, I think the $7,500 settlement is reasonable and would allow me to find another car at that price. However, if the total loss offer were closer to $10,000, it would make a significant difference in my ability to purchase a new vehicle. Any advice on what to do next would be appreciated!
I’m sorry to hear about your situation; it can be really tough dealing with a total loss. Since Geico has accepted liability and you’re working with them, it’s important to clarify a few things:
Settlement Calculation: Generally, the settlement for a total loss is determined by the market value of your car before the accident, and any amount they’ve already paid for repairs typically shouldn’t be deducted from this total loss settlement. It’s worth confirming this with the adjuster to avoid any surprises.
Negotiating the Offer: If you believe the market value of your Rogue is closer to $10,000 rather than the $7,500 they’re offering, you can present evidence to support your case. This could include listings for similar vehicles in your area or any recent maintenance records that might add value.
Documentation: Make sure you document everything and keep a record of all communications with Geico. If you have any questions about how they calculated the offer, don’t hesitate to ask them directly.
Replacement Vehicle: Once you get a final settlement, start researching potential replacement vehicles. Since you have a price range in mind, look for options that fit your budget.
Consider Additional Compensation: If your rental car costs exceed the limit set by Geico, you might inquire if they will extend any additional compensation.
Take your time to review their offer, and make sure you feel comfortable before making a decision. Good luck!