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What are my options for total car? Geico. LAWYERS WELCOMED.?

I recently financed a car and was in an accident. I slid on black ice and ran into fire hydrant. At first it was going to be fixed but due to a supplementary inspection it was declared a total loss. I live in NYS. I only had the vehicle for less than a month. (HUGE BUMMER) it was a 2018 BMW 3 series x drive. I’m not sure what my options are. I was advice to not take the first offer from the adjuster. I’m insured through Geico. I want to get myself into another car because it’s my only way I can get to work (40 mins away) I only have my rental that’s provided by Geico for less than a week. Could I get some of it fixed (the necessary) and fix the rest on my own? I wasn’t giving the ACV yet but they’re asking for the paperwork from the dealership. I’m really down in the dumps and have never been through any of this any neither have any relatives since they always buy used off the street. This was my first vehicle from a dealership. Any advice is welcomed. Positive advice please. I have researched my KBB value as well as autotrader. I’m in a sensitive time frame. 

12 Answers

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  • Anonymous
    1 month ago

    What is left of the car was sold to a contract junker, the insurance company sends a check to the lien holder named on the title, the lien holder sends you a letter telling you how much you still owe and you get nothing.  End of story.  There are no "options".

  • Anonymous
    1 month ago

    Rent/lease a car until you can learn what your other options might be.

  • Anonymous
    2 months ago

    I am NOT certain how that goes.  In my case it was my dad's vehicle and I was hit by a drunk driver, totaling the VW van that was not even 2 years old but fully paid off.

    My dad got a new vehicle through insurance, and then "he had" the "FIRST OPTION" to buy (or take) the van back...before it went to auction.  [As auto salvage yards buy wrecks. So it is a closed auction only open to salvage yards and body shops to bid on vehicles.]

    . My dad was thinking maybe get it back and it would give me something to do while I was healing at home(convalescing) >as I had various repair skills and probably could figure out how to do the bodywork.<  The entire cab was smashed in.

    I can't ask him now as he passed away.  The vehicle was let go, because it was not certain I would LIVE.

    {70MPH head on collision on the highway}

    It would not go to bidding if my dad decided he wanted to keep it.  So at most  TOWING CHARGES?

    ASK ASK ASK your insurer and do it quickly.  Because it is "gone to auction very quickly when you decide you don't want it"

    I am not certain how it works when the bank owns the vehicle.

    ASK  ASK  ASK

    There is no major rush to fix it. You could buy a beater car for a few hundred to get you through the winter and this is your hobby project.

    If you have a friend who knows a friend in autobody trade have them assess the damage. Is it just sheet metal(which is just LOOKS) or is it more serious and bent the frame?   The body LOOKS is an easy repair. The bent frame is TOAST.  Not road legal.  But you may know of someone who has a rusted up or dented up BMW so you change out body parts and you got the car again.  It may take time but it is done all the time.  A 2018 is a collection of parts bolted together.  You get wrenches and screwdriver and you swap good parts for bad parts.    Or you may tire of the whole thing and part out the whole car through the newspaper classifieds.

    ASK ask ASK.

    Fire hydrants are meant to snap off when hit by a car.

    Wooden Utility poles not so much.  My brother hit one with his FORD F150 with inline 6 on the passenger side and he made a U up to the dashboard.  That was flucked

    I am guessing on your car , the tin and the radiator are shot and maybe bent some steering arms and damaged the hood. and grill.  It looks worse than it actually is as these cars are meant to crumple.

  • 2 months ago

    Your answers so far are pretty much correct.  If the cost of repairs is greater than 80% of the value of the vehicle, it is considered a constructive total loss.  You did the right thing...doing your own research to determine the value of the vehicle.  If the adjuster says total loss, you can buy back the salvage, apply for a salvage certificate, have repairs done, have the vehicle inspected, apply for a reconstructed vehicle title.  Then your vehicle would be worth substantially less.  Not worth the trouble.  I recommend you settle up.  Use the money to buy something else.  (retired claims adjuster)

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  • May
    Lv 6
    2 months ago

    When the insurance company totals it, they will send the check to your lender.  after/if the loan is then totally paid off you may be offered the option to buy it back.  If you do that you can then do anything you like to the car.   If it were me, I would just let it go.

  • 2 months ago

    The bank need to be aware of what is going on since it is their collateral for the loan. Because of that just fixing part of it will not make it valuable enough to remain as sufficient collateral.

  • 2 months ago

    The insurance company cannot pay for any repairs.  They might be able to give you the difference between their offer and the "salvage value" and let you try on your own to get repairs made.  But it might be better to take their offer, let them have this car, and get yourself another one.

  • 2 months ago

    You purchased a used car one month ago.  The offer from the insurance company is likely going to be pretty close that, at this point.  The fair market value was determined one month ago when you purchased the car.  There isn't any negotiation to what the car was worth then. 

    The offer will be one month of depreciation plus any excessive driving (or other damage) you did.  Excessive driving would be over 1,000 miles.

    You can expect them to low ball you a bit, but again, you have no wiggle room because the fair market value was determined a month ago when you purchased the car.  So the first offer is likely the final offer and you are going to accept it and end up selling yourself a couple hundred short.

    You will get about $750 less than you purchased the car for.

    you will owe 1 month of interest payment.

    you will end up with your downpayment minus the $750 minus the interest.  If you had over a $1000 downpayment, you will get cash in your hand.

  • Anonymous
    2 months ago

    Unless you had GAP you may have a problem in that they are only going to pay a portion and you will owe the rest. And that loan could keep you from getting another loan.

  • ?
    Lv 7
    2 months ago

    KBB and Autotrader aren't going to help you, and neither are the people who 'advice' you to reject the first offer from Geico.  

    If your vehicle is a total loss, you really don't have any options.  Geico has to offer you the Actual Cash Value (depreciated retail) of your vehicle, and they have to provide proof that they researched the vehicle's value.  With a 2018 BMW, that means they sent out a professional appraiser to evaluate the vehicle.  Insurance companies don't use KBB.com to evaluate vehicles, because that won't stand up in court.

    If you want to dispute the value of your vehicle, you will need to hire an independent appraiser on your own.

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