what value does Geico go by to determine reimbursement for a total loss?
I Have a 1999 SVT Ford Mustang Cobra with 116,000 miles on it, that was in excellent condition that i have recently totaled and Geico is only offering me 7600 but NADA is 9200 and KBB is 9600. How can i fight this? they say there not going to change it.
Asked By: sam b - 2/16/2011
Best Answer - Chosen by Asker
well that sucks, lets try to change that. I hope you were not injured in the accident, insurance companies are sometimes difficult, always be polite, and do your best to be calm cool and collected. I checked nada guide and found 9,275 for your cobra, 7,600 is barely past clean trade in... More
Answered By: roger - 2/17/2011
Additional Answers (2)
You can look at what similar cars in similar condition are selling for in your area and you can get a "car expert" to give you a written estimate of value. If that evidence is more than they are offering, Show it to the insurance company and they may be swayed.
Answered By: Entidtil - 2/17/2011
As a general rule, when the insurance company totals a car and offers you a settlement, they must show in writing how they came to this evaluation. NO insurance company uses KBB, that is only used for dealers. But NADA is a reasonable website and many companies will use NADA to evaluate... More
Answered By: lucy - 2/17/2011
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