Low-Ball EstimateMar 20 2012
My vehicle was involved in a collision and was declared a total loss. GEICO uses a company named CCC Information Services to appraise vehicles for insurance purposes. The report that CCC ran on my vehicle to determine its current market value was fraudulent. The vehicles used in the CCC Valuescope report were not comparable to my totaled vehicle. GEICO under-valued my claim by over $3,000. Even though I had $900 of rental car coverage, GEICO took away my rental car as soon as they made their settlement offer to me (which was within three days after the accident.) GEICO knows that most of their insured are forced to accept their settlement offer because they need that settlement check to go out and buy another car. To contest their settlement offer costs money one would have to hire an attorney to defend you if you decide to take GEICO to court. Trying to negotiate with them did not work for me. I sent them vehicles of the same year, make, and model from dealerships located where my car was garaged to prove the value of my car and all GEICO did was come back with a counter offer of an additional $224. If you decide to contest the settlement offer and take them to court, you cannot cash the settlement check. If you file a lawsuit against GEICO, their lawyers will drown you in legal paperwork and the case could be in court for 4 months.