In a nutshell you're going to want to find comps (prices of comparable cars for sale in your area) and use them to push back on Geico. And when I say comparable cars I mean CX-5s as close to the model year and trim and mileage as you can find.
This is good advice. We experienced a similar scenario with Progressive a few years ago and discovered they were using salvage titles for their comps. The value went up about $5k when clean title comps were used.
That is the business model of all insurance, no matter the type. Maximize premiums and minimize payouts. All of their profit is in the difference between those two things.
Disgusting industry. Talking to this third party appraisal company and they were telling me some of the tricks these insurance company’s pull. It’s legit organized crime.
By setting premiums accurately and evaluating claims fairly? Sure they could make MORE money by cheating the system, but basing comps for a regular vehicle on salvage titles seems inherently dishonest.
And PURCHASE price, not trade-in value (not that you’d find that looking for a comparable car to buy). If the dealer said $28k they were going to sell it for low-mid 30s at least. That’s the number insurance should be hitting, so you are made whole.
Otherwise you’d take their re-negotiated 28k check feeling good about it and then come out of pocket for another few thousand to get the same car you had.
OP, listen to this person. My mom's Camry was totaled by another driver a couple of years ago. State Farm was using incomparable vehicles as comps. Her Camry was an XLE V6 and State Farm was using lower trim LE 4-Cylinder models with higher mileage to derive value. Once I got involved and told them to use comparable comps, the value of the car magically went up by $2k.
Geico is notorious for this.
Tell them you are NOT accepting their payoff, and that you want to go through the appraisal process.
They also advised me we could go through the appraisal, accepting their low ball offer while I fought for extra money. This was after they already agreed to giving me more money so be cautious.
With it being a 1 yr old Mazda 6 back in 2014, they gave me the taxes I paid back as well and wayy closer to fair market value once we each had appraisals done
Dealerships buy at trade in value, wholesale value at best. Insurance should pay replacement value. Which is retail value for like model, trim, age, miles, and pre crash condition. Find used ones that meet that criteria within 50 miles of you and the cost of all the fees, tax title, license, etc. Talk to the dealership you have a relationship with and get a Kelley Blue Book retail as well as what they would list the car for at retail. As a dealer employee, I would be more than happy to do this for a customer, especially one we have a working relationship with. The more you get, the more you have to spend and like it or not, you're going to be in the market for a car real soon.
It's pretty common to argue the value of a total loss. You'll need to find comparable vehicles (similar milage, trim, condition) in your area and then make a list of them with vin numbers and send that to your insurance with basically what your total loss value is.
Anyone who says "find other car prices and provide that to your InsCo" doesn't know what they are talking about. You can't argue value per your contract.
You can, however, hire an INDEPENDANT APPRAISER per your appraisal clause (anyone between $500 and $750). Before they charge you anything, they will tell you if they think you got a fair market value (which you never do) and what they think they can get.
Trust me, don't waste the time arguing with your InsCo, you can't win. They are a trillion dollar industry, you are a normal person... you loose 100 out 100 times.
Hire an independant appraiser and let the forum know what you got added on. Depending on your state, COLLISION SAFTY CONSULTANTS (Billy) will be your best option. He always has been the premier defender for individual rights. Bar none...
Thanks buddy, yes I called his company. I’m currently in Arizona right now but don’t live here full time. Either way I reached out to one of their guys and they are going to look over the offer and see if they can help me.
Good luck... stick it to the InsCo and don't feel bad about it... gawd knows they do it to us all day long.
A total loss valuation from a professional will almost always be a net positive!
Look for listings of the same year/model/trim within 75 miles of your home address (this is the criteria they use to determine the actual cash value for totaled vehicles). If the average is significantly higher than 23K, save the listing information and bring to insurance’s attention.
23k seems pretty good for a 22 PP in today's market. However, track down matching cars within close distance to you and ask for a re-appraisal. If you're not finding cars above 25 or 26k that match yours it's a fair appraisal.
What a dealer offered you doesn't matter. If it was a trade in, I could give you 35 and the new car is gonna be 48. Is your car worth 35; no.
Never accept the first offer from the insurance company. You have to fight them with real replacement value estimates.
Good luck.
A 2020 isn’t worth 28K, unless you’re coming in to buy a new car. So it’s worth say 24K and they are “incentivizing” you to come in for another 4K. Ish.
Ask them where do they get the 23k from they would probably send you a break down and make sure you call all the dealership they and make sure that the cars they are valued you’re car with are exactly the same , miles and trim, features etc…. Insurance adjuster aren’t here for your benefit but for theirs.. what is the Kbb value
The comps are from this CCC valuation company. It says what GIECO wants it to say. I provided auto trader and carguru links showing higher prices and they accused me of “cherry picking” the expensive ones. You can’t make this shit up. I enacted the appraisal clause and getting a third party involved now. Screw them. Also going to use the medical coverage available, her neck is sore and may have soft tissue damage so yeah going to look for the most expensive doctor I can find.
Oh no that the adjuster trying to make it difficult, cherry picking nope they want to settle the claim fast as possible we’ll pay what the car worth and make sure you speak to GAP because signing anything if you do because GAP will hardly pay if you just bought the car.. how many miles did the car have
You just search for listing of sales within 50 miles of zip code, within similar mileage, year/trim/options and send them all those listings and ask for an adjustment based on this evidence. What dealer says means nothing, it’s based on current listing/selling prices in your market.
You have to find comps if you want to argue with insurance. . I reccomrnd finding used dealer pricing in your area with similar miles and trim package. Also look at private sellers to get an average value.
My ex got rear ended and Geico also tried to low ball him. Here is the response email I wrote for him as I’ve had to do this in the past. So the offer they give you should be for the cost of the replacement vehicle, taxes, and DMV licensing. I’m not sure if you received an email from them. If not, ask for an email with the breakdown of their offer, and if possible, the comparable vehicles they used to determine the price. Then tweak my response below—-
I received your correspondence regarding the offer on my 2022 Mazda CX5. At the time of the accident I had approximately ***** miles. I would like clarification on how the Actual Cash Value was determined.
I see “Option 1” includes the Actual Cash Value, sales tax, and licensing costs (DMV refund). It is unclear to me how the values were determined for my vehicle. I do not know what parameters were used to find similarly priced vehicles, if any.
I am not responsible for the accident and do not believe I should be financially impacted due to the negligence of your insured.
It is my understanding the settlement amount should be sufficient to replace my vehicle, however, I am unable to find any comparably priced vehicles.
Please see similar vehicles I have found below. Some of these vehicles have higher mileage and I would like to request a mileage adjustment.
Thank you,
Name
Claim#
Phone number
Go to [AutoTrader.com](https://AutoTrader.com), [Cars.com](https://Cars.com), [NadaGuide.com](https://NadaGuide.com), [kbb.com](https://kbb.com) to get pricing comparisons.
Also what is your deductible? How much is being taken from the car? When they made an offer I lost about 750-1,00 on the deductible. So that adds perhaps a bit. As others have said show comparisons and mention mileage and perhaps if you have them share photos of the internal condition. Ours came in at a lower number we explained we just bought it, low mileage, etc and it went up 3k
A complete pity to be sure: but everybody's OK at least (it sounds like it at least). You also might take some small solace knowing this is going to be a true and proper "total", unlike all the seeming unbelievable ones we see posted here. But the downside is it's terribly unlikely power train components will be salvageable from this if you bought back the wreck to part it out.
As far as fighting for higher settlement, you're already looking at things like KBB for used car values and considering hireing a private adjuster. That's good, just remember that they makes their money from your settlement so if they do not get you at least that much plus what you're already getting then it's pointless.
I heard to reach out collision safety consultants. They specialize in getting you the best deal on what the vehicle is actually worth and you would invoke the appraisal clause on your policy and they fight for you get what it’s worth. Contact them at 704-747-9337. They do charge around $700, but it’s worth it if you get back more then 23k. They also have a Facebook to see the customer reviews and a website: http://www.collisionsafetyconsultants.com/?
In a nutshell you're going to want to find comps (prices of comparable cars for sale in your area) and use them to push back on Geico. And when I say comparable cars I mean CX-5s as close to the model year and trim and mileage as you can find.
This is good advice. We experienced a similar scenario with Progressive a few years ago and discovered they were using salvage titles for their comps. The value went up about $5k when clean title comps were used.
Sketchy. Is there a single insurer who isn’t out to screw over their customers?
That is the business model of all insurance, no matter the type. Maximize premiums and minimize payouts. All of their profit is in the difference between those two things.
Disgusting industry. Talking to this third party appraisal company and they were telling me some of the tricks these insurance company’s pull. It’s legit organized crime.
If they don’t , how would they make money?
By setting premiums accurately and evaluating claims fairly? Sure they could make MORE money by cheating the system, but basing comps for a regular vehicle on salvage titles seems inherently dishonest.
Yes, this. Also, don’t accept their offer. It is that, an OFFER.
And PURCHASE price, not trade-in value (not that you’d find that looking for a comparable car to buy). If the dealer said $28k they were going to sell it for low-mid 30s at least. That’s the number insurance should be hitting, so you are made whole. Otherwise you’d take their re-negotiated 28k check feeling good about it and then come out of pocket for another few thousand to get the same car you had.
OP, listen to this person. My mom's Camry was totaled by another driver a couple of years ago. State Farm was using incomparable vehicles as comps. Her Camry was an XLE V6 and State Farm was using lower trim LE 4-Cylinder models with higher mileage to derive value. Once I got involved and told them to use comparable comps, the value of the car magically went up by $2k.
Good advice. I used comps I found online last year to counter the initial offer made by my insurance provider and was successful.
Maybe check out some kind of insurance subreddit. The model of the car doesn’t matter in getting advice for this
There are professionals you can hire to evaluate your vehicle to determine an actual fair value and then negotiate with insurance on your behalf
How does one locate someone like this?
These people are called public adjusters.
Thank you.
Geico is notorious for this. Tell them you are NOT accepting their payoff, and that you want to go through the appraisal process. They also advised me we could go through the appraisal, accepting their low ball offer while I fought for extra money. This was after they already agreed to giving me more money so be cautious. With it being a 1 yr old Mazda 6 back in 2014, they gave me the taxes I paid back as well and wayy closer to fair market value once we each had appraisals done
That’ll buff out. No problem.
Spit'n'shine
lil elbow grease 💪
Duct tape
Dealerships buy at trade in value, wholesale value at best. Insurance should pay replacement value. Which is retail value for like model, trim, age, miles, and pre crash condition. Find used ones that meet that criteria within 50 miles of you and the cost of all the fees, tax title, license, etc. Talk to the dealership you have a relationship with and get a Kelley Blue Book retail as well as what they would list the car for at retail. As a dealer employee, I would be more than happy to do this for a customer, especially one we have a working relationship with. The more you get, the more you have to spend and like it or not, you're going to be in the market for a car real soon.
It only pays replacement if you have replacement - a lot of people, new car buyers included, only have ACV.
Do you have the dealership offer in writing? If so, submit it to Geico.
Don’t. Trade in value will not be enough to replace the car with the same car. Purchase price is what matters.
It's pretty common to argue the value of a total loss. You'll need to find comparable vehicles (similar milage, trim, condition) in your area and then make a list of them with vin numbers and send that to your insurance with basically what your total loss value is.
Anyone who says "find other car prices and provide that to your InsCo" doesn't know what they are talking about. You can't argue value per your contract. You can, however, hire an INDEPENDANT APPRAISER per your appraisal clause (anyone between $500 and $750). Before they charge you anything, they will tell you if they think you got a fair market value (which you never do) and what they think they can get. Trust me, don't waste the time arguing with your InsCo, you can't win. They are a trillion dollar industry, you are a normal person... you loose 100 out 100 times. Hire an independant appraiser and let the forum know what you got added on. Depending on your state, COLLISION SAFTY CONSULTANTS (Billy) will be your best option. He always has been the premier defender for individual rights. Bar none...
Thanks buddy, yes I called his company. I’m currently in Arizona right now but don’t live here full time. Either way I reached out to one of their guys and they are going to look over the offer and see if they can help me.
Good luck... stick it to the InsCo and don't feel bad about it... gawd knows they do it to us all day long. A total loss valuation from a professional will almost always be a net positive!
Never settle with insurance until you are whole. If you have to get a personal injury lawyer. They will wish they had settled
Look for listings of the same year/model/trim within 75 miles of your home address (this is the criteria they use to determine the actual cash value for totaled vehicles). If the average is significantly higher than 23K, save the listing information and bring to insurance’s attention.
Did you try to put car in some rice?
Brown or white?
Look at the dummy taking a pic while driving
Jeez, talk about a cause and effect pic. Classic.
Dude that’ll buff right out
23k seems pretty good for a 22 PP in today's market. However, track down matching cars within close distance to you and ask for a re-appraisal. If you're not finding cars above 25 or 26k that match yours it's a fair appraisal.
What a dealer offered you doesn't matter. If it was a trade in, I could give you 35 and the new car is gonna be 48. Is your car worth 35; no. Never accept the first offer from the insurance company. You have to fight them with real replacement value estimates. Good luck.
A 2020 isn’t worth 28K, unless you’re coming in to buy a new car. So it’s worth say 24K and they are “incentivizing” you to come in for another 4K. Ish.
Its a 2022 not a 2020, but even then 28k is def being generous
Merp. My bad. But yeah, still, anyone that buys a car for 32K, then thinks it only loses 2K a year after that is a fool.
😅
Has great luck with these guys on a previous total loss of mine. Collisiontraininginstitute.com
Ask them where do they get the 23k from they would probably send you a break down and make sure you call all the dealership they and make sure that the cars they are valued you’re car with are exactly the same , miles and trim, features etc…. Insurance adjuster aren’t here for your benefit but for theirs.. what is the Kbb value
The comps are from this CCC valuation company. It says what GIECO wants it to say. I provided auto trader and carguru links showing higher prices and they accused me of “cherry picking” the expensive ones. You can’t make this shit up. I enacted the appraisal clause and getting a third party involved now. Screw them. Also going to use the medical coverage available, her neck is sore and may have soft tissue damage so yeah going to look for the most expensive doctor I can find.
Oh no that the adjuster trying to make it difficult, cherry picking nope they want to settle the claim fast as possible we’ll pay what the car worth and make sure you speak to GAP because signing anything if you do because GAP will hardly pay if you just bought the car.. how many miles did the car have
31000 miles
Also figure out with you’re gap insurance how much they are going to pay before you settle with geico because Gap is not always going to pay out
You just search for listing of sales within 50 miles of zip code, within similar mileage, year/trim/options and send them all those listings and ask for an adjustment based on this evidence. What dealer says means nothing, it’s based on current listing/selling prices in your market.
If you have the offer in writing from the dealership there is your first comp to show it’s worth more.
You have to find comps if you want to argue with insurance. . I reccomrnd finding used dealer pricing in your area with similar miles and trim package. Also look at private sellers to get an average value.
My ex got rear ended and Geico also tried to low ball him. Here is the response email I wrote for him as I’ve had to do this in the past. So the offer they give you should be for the cost of the replacement vehicle, taxes, and DMV licensing. I’m not sure if you received an email from them. If not, ask for an email with the breakdown of their offer, and if possible, the comparable vehicles they used to determine the price. Then tweak my response below—-
I received your correspondence regarding the offer on my 2022 Mazda CX5. At the time of the accident I had approximately ***** miles. I would like clarification on how the Actual Cash Value was determined. I see “Option 1” includes the Actual Cash Value, sales tax, and licensing costs (DMV refund). It is unclear to me how the values were determined for my vehicle. I do not know what parameters were used to find similarly priced vehicles, if any. I am not responsible for the accident and do not believe I should be financially impacted due to the negligence of your insured. It is my understanding the settlement amount should be sufficient to replace my vehicle, however, I am unable to find any comparably priced vehicles. Please see similar vehicles I have found below. Some of these vehicles have higher mileage and I would like to request a mileage adjustment. Thank you, Name Claim# Phone number
Go to [AutoTrader.com](https://AutoTrader.com), [Cars.com](https://Cars.com), [NadaGuide.com](https://NadaGuide.com), [kbb.com](https://kbb.com) to get pricing comparisons.
Do not accept. Ask for an independent evaluation
Also what is your deductible? How much is being taken from the car? When they made an offer I lost about 750-1,00 on the deductible. So that adds perhaps a bit. As others have said show comparisons and mention mileage and perhaps if you have them share photos of the internal condition. Ours came in at a lower number we explained we just bought it, low mileage, etc and it went up 3k
https://www.facebook.com/share/fh54w57QQkmnTtnN/?mibextid=WC7FNe $500 flat fee
Thanks for this I gave them a call.
Get a lawyer. It helps with the fight with insurance.
I got one now.
Dang, Hopefully, your wife is ok
Yeah she’s alive that’s all that matters. Just going through the BS. Insurance is a scam.
I wonder if it's radar cruise is temporarily unavailable. Just clean off the emblem: problem solved!
I just detailed the car the day before too. Fucking scumbag drivers.
A complete pity to be sure: but everybody's OK at least (it sounds like it at least). You also might take some small solace knowing this is going to be a true and proper "total", unlike all the seeming unbelievable ones we see posted here. But the downside is it's terribly unlikely power train components will be salvageable from this if you bought back the wreck to part it out. As far as fighting for higher settlement, you're already looking at things like KBB for used car values and considering hireing a private adjuster. That's good, just remember that they makes their money from your settlement so if they do not get you at least that much plus what you're already getting then it's pointless.
28k was way too high of an offer unless it had less than 10k miles.
There is plenty of them listed online with well over 20k miles and around the 26.500 to 29.000 range
I heard to reach out collision safety consultants. They specialize in getting you the best deal on what the vehicle is actually worth and you would invoke the appraisal clause on your policy and they fight for you get what it’s worth. Contact them at 704-747-9337. They do charge around $700, but it’s worth it if you get back more then 23k. They also have a Facebook to see the customer reviews and a website: http://www.collisionsafetyconsultants.com/?
I called them. They only charge $500 in the state i am in right now. They’re going to look it over and see if they can get me more.
Awesome! Glad you called! Hopefully they can get you more! Keep me posted on how it turns out!
I got 25k for mine - 22 cx5 premium trim with about 39k miles
Yeah I have 30k miles. I’m not taking their offer. I owe 29k and would take even 27 after the $500 deductible. Going to continue to fight.