URGENT! GEICO: Car is Being Totalled what Can I Expect?

Fast GTO

New Member
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I have a 2006 GTO with only 18,000 miles that I took to car shows etc...

Don't even want to talk about how much money I have into it.

My question is how the value will be determined.

I've heard of numerous ways value is determined. Some say NADA/KBB and others say they average about 3 vehicles in your area being sold of similar condition.

My issue is that the numbers are all over the place.

NADA for my vehicle is $21,375 clean retail
KBB is far off and crazy at $16,000ish
Local sales on AutoTrader are between $22,000 and $24,900 (all local sales of cars with less than 20K miles like mine)

I'm going to ask for $23,000 because my car, as I stated is a show car and has a lot more invested than that, which I know I won't get back.

Is that reasonable to expect since NADA values it at $21,375 and there are some for sale in that ball park?

Need some responses ASAP.

I did have a new exhaust listed on my insurance so that should bump it up a bit.
 
The adjuster will look at the factors of the car from factory condition unless you have all modifications above a given threshold listed on your policy for improvements. You mentioned the exhaust, I don't know if there are any others you didn't mention.

Ask your adjuster how they value it?

I know State Farm total'ed my car out from a NAFA using the NADA value. However, Allstate total'ed my fiance's car using NADA as well. One of my carriers uses a database and provides the amount based on the general average of cars in the area.

It could even be regional. NO ONE is going to give you a better answer than the adjuster.

Who caused the accident?
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By the way, if you are doing a show car ONLY then it might not be bad to try and insure a car elsewhere like Haggerty if they allow it. While they are usually insuring antique cars they do allow newer cars according to what my rep told me. It would be AGREED value as well so you won't have this issue.

This is why you need a local agent bro, call-center reps are trained on THEIR product and not even very well most of the time. They get their information from here-say, they almost NEVER look at the policy jackets for real information.
 
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Not even worth mentioning the other modifications.

I would be happy with NADA value. I also averaged the three local cars with similar miles and it came out to $23,000 so really close to NADA. I used autotrader and a few other sites, they all pulled up the same cars.

I know they will low ball me but my understanding is that there is no agreed 'fair market value' calculator so it will be up to me to argue with the adjuster.

I think using NADA and local cars for sale is pretty reasonable.

The car was totaled by the guy who was replacing my motor. So I am liable. The guy who totaled it is going to cover my aftermarket parts....so I'm not too concerned about that.
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Maryland Claims Settlement law says the following is considered an unfair claims process:

(8) attempt to settle a claim for less than the amount to which a reasonable person would expect to be entitled after studying written or printed advertising material accompanying, or made part of, an application;

I take that to agree with my method of looking at local market value for 'like' vehicles.
 
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Have they already told you it's a total loss? They can probably spend around $15k for repairs. That's a LOT of repairs if this thing didn't roll over or burn.
 
This is a low production vehicle not made anymore. It will be totaled.

Maryland law says it has to be a 'substantially similar vehicle' off which they make a settlement offer.

A. In General. After receipt of a settlement offer, a claimant may:
(1) Accept the offer; or
(2) In writing, reject the offer and make a counteroffer based on:
(a) Dealer quotations for a substantially similar motor vehicle;
(b) Advertisements for a substantially similar motor vehicle; or
(c) Any other source of valuation for a substantially similar motor vehicle.
 
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The adjuster will look at the factors of the car from factory condition unless you have all modifications above a given threshold listed on your policy for improvements. You mentioned the exhaust, I don't know if there are any others you didn't mention.

Ask your adjuster how they value it?

I know State Farm total'ed my car out from a NAFA using the NADA value. However, Allstate total'ed my fiance's car using NADA as well. One of my carriers uses a database and provides the amount based on the general average of cars in the area.

It could even be regional. NO ONE is going to give you a better answer than the adjuster.

Who caused the accident?
- - - - - - - - - - - - - - - - - -
By the way, if you are doing a show car ONLY then it might not be bad to try and insure a car elsewhere like Haggerty if they allow it. While they are usually insuring antique cars they do allow newer cars according to what my rep told me. It would be AGREED value as well so you won't have this issue.

This is why you need a local agent bro, call-center reps are trained on THEIR product and not even very well most of the time. They get their information from here-say, they almost NEVER look at the policy jackets for real information.

I have a buddy who restored a 1995 Chevy K-3500 dually 4x4 diesel. Other than the interior which is original it looks like it was driven off the show roof floor. Has new engine, new wheels, new tires, bed liner, completely new paint job, chrome bed rails, toneaux, new mirrors, etc., etc. Farm Bureau in Kentucky has insured it for a stated value of $30,000. Cash money he only has about $15,000 in it.
 
I have a buddy who restored a 1995 Chevy K-3500 dually 4x4 diesel. Other than the interior which is original it looks like it was driven off the show roof floor. Has new engine, new wheels, new tires, bed liner, completely new paint job, chrome bed rails, toneaux, new mirrors, etc., etc. Farm Bureau in Kentucky has insured it for a stated value of $30,000. Cash money he only has about $15,000 in it.

Some companies will do stated value- Safeco is one of them. Kemper will not, nor does Progressive I believe.

However, a lot of the places have big issues on how it is driven, number of miles/year, having other vehicles for primary use, unable to use the car more than just for show and to-from conventions (not even to get food), etc. The companies not built to handle show cars and classic cars are very strict on those types of things. You don't want to have to worry about your coverage actually working, do you?

I'd prefer a company that specializes in specialty cars rather than one that does it as a side job like Farm Bureau. Some of the specialty ones like Haggerty also provide coverage while being modified, coverage for break downs, tools to repair and modify the car, etc. so there are additional benefits to it. That and they aren't afraid of the risk. Yeah, Allstate could write a 1M RC home probably, but Chubb is going to be a lot more comfortable with that risk and the way it handles the claims.
 
This seems to suggest I am right in getting average prices from autotrader and NADA. The problem is when they cherry pick the lowest valueation site (i.e. KBB).

.04 Cash Settlement.

If an insurer elects to make a cash settlement for the total loss of a motor vehicle pursuant to Regulation .03 of this chapter, the insurer's minimum offer, subject to applicable deductions, shall be:
A. The total of:
(1) The retail value for a substantially similar motor vehicle from a nationally recognized valuation manual or from a computerized data base that produces statistically valid fair market values for a substantially similar vehicle as defined in Regulation .02B(7) of this regulation; and
(2) Regardless of whether the claimant retains salvage rights, the applicable taxes and transfer fees pursuant to COMAR 11.11.05; or
B. The total of:
(1) A quotation for a substantially similar motor vehicle obtained by or on behalf of the insurer from a qualified dealer at a location reasonably convenient to the claimant; and
(2) Regardless of whether the claimant retains salvage rights, the applicable taxes and transfer fees pursuant to COMAR 11.11.05.
 
Seriously, go ask your adjuster. And what happened to the car? Were you at fault or was the other person?
 
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