What are my options for total car? Geico. LAWYERS WELCOMED.?

I recently financed a car and was in an accident. I slid on black ice and ran into fire hydrant. At first it was going to be fixed but due to a supplementary inspection it was declared a total loss. I live in NYS. I only had the vehicle for less than a month. (HUGE BUMMER) it was a 2018 BMW 3 series x drive. I’m not sure what my options are. I was advice to not take the first offer from the adjuster. I’m insured through Geico. I want to get myself into another car because it’s my only way I can get to work (40 mins away) I only have my rental that’s provided by Geico for less than a week. Could I get some of it fixed (the necessary) and fix the rest on my own? I wasn’t giving the ACV yet but they’re asking for the paperwork from the dealership. I’m really down in the dumps and have never been through any of this any neither have any relatives since they always buy used off the street. This was my first vehicle from a dealership. Any advice is welcomed. Positive advice please. I have researched my KBB value as well as autotrader. I’m in a sensitive time frame.

regerugged2021-02-24T14:30:05Z

Your answers so far are pretty much correct. If the cost of repairs is greater than 80% of the value of the vehicle, it is considered a constructive total loss. You did the right thing...doing your own research to determine the value of the vehicle. If the adjuster says total loss, you can buy back the salvage, apply for a salvage certificate, have repairs done, have the vehicle inspected, apply for a reconstructed vehicle title. Then your vehicle would be worth substantially less. Not worth the trouble. I recommend you settle up. Use the money to buy something else. (retired claims adjuster)

?2021-02-24T14:23:52Z

When the insurance company totals it, they will send the check to your lender. after/if the loan is then totally paid off you may be offered the option to buy it back. If you do that you can then do anything you like to the car. If it were me, I would just let it go.

John Alden2021-02-24T13:22:15Z

The bank need to be aware of what is going on since it is their collateral for the loan. Because of that just fixing part of it will not make it valuable enough to remain as sufficient collateral.

StephenWeinstein2021-02-24T06:33:29Z

The insurance company cannot pay for any repairs. They might be able to give you the difference between their offer and the "salvage value" and let you try on your own to get repairs made. But it might be better to take their offer, let them have this car, and get yourself another one.

Obi Wan Knievel2021-02-24T02:19:09Z

KBB and Autotrader aren't going to help you, and neither are the people who 'advice' you to reject the first offer from Geico.

If your vehicle is a total loss, you really don't have any options. Geico has to offer you the Actual Cash Value (depreciated retail) of your vehicle, and they have to provide proof that they researched the vehicle's value. With a 2018 BMW, that means they sent out a professional appraiser to evaluate the vehicle. Insurance companies don't use KBB.com to evaluate vehicles, because that won't stand up in court.

If you want to dispute the value of your vehicle, you will need to hire an independent appraiser on your own.

Show more answers (7)