A total loss question.
 

My 2004 X5 is totaled and the insurance (GEICO) wants to give me $28,500 for it. The car was in excellent condition although my love for had input some 63,000 miles in its odometer. I checked online for its value: kbb.com appraise it as $29,175 and nada.com has it for $30,700. I don't know which database insurance company uses to get their info. Does anybody has an idea of how to should proceed?

Black book on that car is between 27,000-28,000. There actually going a little over black book (wholesale value) for the car. KBB is not the value they go by. Take the check.

I just traded my 2004 X5 with 55,000 miles in a few weeks back, wholesalers were even low balling black book offering 25K for the car, finally found one to give me 27k.

what happened? details

Take the money and run

Is this a 3.0 or a 4.4 ?, It sounds like a 3.0 because I would think the a 04 4.4l is worth a little bit more.

Wrong, I had a 4.4. The SUV market as a whole has taken a black book hit and luxury SUVs are worse then the rest. $28K from Geico is a steal and it should be taken without a second thought.

Shouldn't the Insurance company pay the "replacement value" as opposed to the "wholesale value"? In my view, that would be NADA "retail" on the vehicle...

-- Kelly

WOW, so if my 02 4.4l 62k miles is totaled today, what should I expect to get from my insurance company ??, I also have Geico :confused: :confused:

Not generally from my experiences. That is why Alstate insurance advertises how they replace the car for nearly the sale value (ie: kbb) as opposed to black book value.

I think the wholesaler told me a pre 04 was something like 20-23k.

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

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.

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.

:iagree:

:iagree:

Don't accept first lowball offer.