Truck Stolen, Cash Out Question, GEICO

[HondoFlatty]

Newbie here, first post. Ok, here's the quick version.. Truck stolen on Saturday, March 29, 2014. Reported to GEICO on 3/30/2014. Was told I'd have to wait 2 weeks to start the valuation. We waited. That date was 4/13/2014. I called them on 4/15/2014 for an update. Said they hadn't started it yet.. WTF?!? She started it that day, the 15th. Truck was found by PD on 4/18/2014.

My feeling is I have waited the amount time required. They already had a settlement number ready, waiting for approval. She said the approval process would be stopped and we would go to another adjuster for repair.

My question: After waiting the two weeks and the truck being found close to 3 weeks.. isn't it the same as if the truck at 3 years? Shouldn't the check be cut??

Thanks!!

 

[jsbarber12]

They found the truck , so why would you get paid for that?? You should get paid for the damage and that's it.

 

[Norwayguy]

Next time tell the thief to hide it better. Yes there is a difference here between your truck being found at 3 weeks vs 3 years the carrier has not cut the check yet and the truck has been found they no longer have to replace the truck just any damage and maybe your loss of use.

 

[djs]

The reason they waited 2 weeks is most cars are found in that time. Many of them undamaged, just out of gas.

They have a responsibility to get you back to reasonably the same as before the theft, after that, you can sell the truck if you don't want it anymore. If the vehicle was damaged significantly, it may be totaled still, but it doesn't sound like this is the case (based on you not mentioning it).



Dan

 

[F150]

they want the truck back and a paid off check

 

[HondoFlatty]

Oh no.. it's in pretty bad shape. I honestly don't know which way it is going to go. However, I was looking for an actual concrete answer not judgment. Something actually related to insurance policies. I didn't detail the question because the details don't matter. Oh, and it's not that I don't want the truck back, I'm would buy something about as exactly the same as possible.