A total loss question.

[Boston X5 4.4]

Geico supposedly pays "Actual Cash Value" in the event of a total loss - i.e. the fair market value of property; which is essentially replacement cost less depreciation less your deductible.

Don't know what 'database' they use to determine 'actual cash value' for your area but they should be able to back it up. Get some listings for comparable models in your area - the difference betweeen the two should not be huge.

Always argue with the insurer. I've been down this road before and the final offer was very different than the first lowball.

Good luck

[rudejamaican]

I had a nissan maxima that was stolen and geico gave me more than KBB value, but that was 5 years ago. maybe their policy has change. If something happen, I hope they give me enough so that I can afford another 4.4 X.

[vegasX5]

I had a Honda S2000 stolen last year. It was a 2002 with 28k miles and pristine. Blue book was about 22k retail and they offered me 16k initially. I counteroffered showing that cars in my area were selling for ABOVE book value and they are hard to come by. The 2002 year was also more "desirable" than some others. They upped their offer to 16.8k (a joke). Long story short, I ended up getting 23.6k because I was relentless, but keep in mind that process took about 3 months! They will work with you on the value if you make a good case, but it's not easy and takes time. FWIW my company is State Farm.

[Boston X5 4.4]

Originally Posted by vegasX5

Long story short, I ended up getting 23.6k because I was relentless, but keep in mind that process took about 3 months! They will work with you on the value if you make a good case, but it's not easy and takes time.

[Boston X5 4.4]

Originally Posted by vegasX5

Long story short, I ended up getting 23.6k because I was relentless, but keep in mind that process took about 3 months! They will work with you on the value if you make a good case, but it's not easy and takes time.

Don't accept first lowball offer.