Who here has ever had their vehicle declared totalled by their insurance

[Atsym Sknyfs]

So GEICO calls me today and tells me my car is totalled... The repairs are 14k and the car value is 17K. They do not pay out if the damages are 75% or more than the value ..

My question to y'all ... WTF am i supposed to do. After GEICO gives the check to the finance company aint no damn change.... Now i'm supposed to go buy another car... GTFOH !!!!

 

[Swiggy]

All apart of the hustle.

 

[Primetime21]

This happened to me a couple years ago. My insurance company had the policy that if the repairs were worth more than the value of the car they write you a check for the cash value of the car and you do with that what you please: cover some of the repairs, put it towards a new car, etc.

@ your repair costs

 

[Atsym Sknyfs]

This happened to me a couple years ago. My insurance company had the policy that if the repairs were worth more than the value of the car they write you a check for the cash value of the car and you do with that what you please: cover some of the repairs, put it towards a new car, etc.

@ your repair costs

Thats the thing ... they would cut me a check but they gotta pay the finace company first.... so there aint no $$ left over for me to play with... I owe NMAC 17k I think.. I need to go through the statements when I get home.

 

[Primetime21]

Thats the thing ... they would cut me a check but they gotta pay the finace company first.... so there aint no $$ left over for me to play with... I owe NMAC 17k I think.. I need to go through the statements when I get home.

This don't make sense on the finance company's part. So you're still making payments on a car with 17k value, which was totaled, so now the check that geico is writing is going to the finance company that you owe 17k? The finance company isn't giving you the option to find another car with equal or less value?

 

[Rawtid]

How much do you owe on the car? Do you have gap insurance?

 

[Boogie]

Tf you do where you need 14K repairs?

 

[Rawtid]

Thats the thing ... they would cut me a check but they gotta pay the finace company first.... so there aint no $$ left over for me to play with... I owe NMAC 17k I think.. I need to go through the statements when I get home.

Well you owe your finance company $3k. And you still have to come up with the bread to get another car.

 

[DemureNatural]

How much do you owe on the car? Do you have gap insurance?

That's what I was going to ask. Everyone needs a GAP insurance policy! If you refinance with another company who offers GAP for less, cancel the other policy and you'll get a refund for whatever is left. I got my GAP policy in 2010 and recently refi'd through my credit union and got a $150 refund check!

Sounds to me like Geico is paying off your car...My recommendation is to get another one...

 

[Bender Rodriguez]

This happened to me years ago, where the damage was worth more than what I owed on the car, they wouldn't cover it all. Good thing I got that gap coverage if not I would of been fukked.

End result i had to go get a new car and start all over

:fpbert:

 

[Colilluminati]

It's called gap insurance. So either your lying or someone fukked you when you brought it.

 

[DemureNatural]

Well you owe your finance company $3k. And you still have to come up with the bread to get another car.

See, that's what I was thinking initially, but then I read "the car is valued at 17K" to mean that the bluebook value was 17K...

OP can we get some clarity?

 

[Rawtid]

That's what I was going to ask. Everyone needs a GAP insurance policy! If you refinance with another company who offers GAP for less, cancel the other policy and you'll get a refund for whatever is left. I got my GAP policy in 2010 and recently refi'd through my credit union and got a $150 refund check!

Sounds to me like Geico is paying off your car...My recommendation is to get another one...

GAP insurance is only beneficial if you finance a car and I don't recommend anyone to do that. Buy a beater in cash and save the hassle. If dudes car was paid for he'd be sitting on $14k for himself.

 

[DemureNatural]

It's called gap insurance. So either your lying or someone fukked you when you brought it.

Or he just denied the GAP insurance offered to him when he bought the car. It behooves anyone selling a car to try to get the buyer to purchase GAP, I'm sure they make a profit from it.

 

[DemureNatural]

GAP insurance is only beneficial if you finance a car and I don't recommend anyone to do that. Buy a beater in cash and save the hassle. If dudes car was paid for he'd be sitting on $14k for himself.

Those who can do!
It's well known that when you finance anything, there's a cost associated with it. For all people who finance, GAP is beneficial.