I'm really sorry to hear about your situation. i bought gap insurance just for this reason. i live in the middle of DC and until NPR comes to pick up our old car (which is dead) i had to park on the street... I'll be happy when I don't have to. the snow piles here make people more careless than usual.

I'm glad you're not hurt and I hope you're back in a Fit in no time!

 

Yes, I never handled a case with a lawyer that wasn't a contingency case. In a simple case, if you factor in the general damages with the special damages, I can't imagine there not being enough to pay the lawyer.

If you're agreement with the attorney is for his fee to be 1/3 of the total settlement it would be a pretty good incentive for him to work for you as hard as he could in-as-much as he would realize 1/3 of his efforts!

 

Did your agent ever actually offer you lease/loan gap insurance or new car replacement if your company offers it. You might be able to get the agent on an Errors and Omissions claim. It would make you evil though, but since Geico is my employer's competitor I would not cry about it personally

 

I don't understand gap insurance. It sounds to me like it pays off your loan. My issue is that I was offered less than the car is worth (writing a note today).

e.g.:
Paid 17,800
Financed 12,800, 5,000 down
Offered 16,500 by insurance

16,500 covers the Financed portion, but I will be out 1,300 from my down payment... Is this something gap insurance covers?

 

Getting frustrated with Geico.

Per Geico, valuation determined by the following:
First, we compare sale prices of similar vehicles in your local area, using our trusty electronic database. Then, we take into account the pre-accident condition of your car, including" (options, mileage, damage).

So. What is my issue? The ACV they generated for me used two automatics.

Looking at the used car market, an automatic cannot be used to realistically portray the cost of a manual 2009 or 2010 Fit Sport. I expanded my search on one database, and calculated an average cost of $16,600 for only 23 Manual Fits available, regardless of distance from me... with an average of 11k miles, so my car is actually in better condition... In fact, only a one out of these 23 cars was offered at less than the ACV I was quoted (15300). Yet they used two automatics to valuate my car. Not only did they start with these Automatics, which do not reflect the value of a Manual, they actually adjusted the value down because my car is a manual, which, on paper, is less expensive.

Very frustrating.

 

Sorry for your frustrations, I'm sure it can't be fun.

Insurance companies are just like any other company in that they work for their bottom line. You've done your research, and to me it sounds like you have a convincing case to have the value of your car raised. If Geico doesn't want to budge, I'd consult a legal expert like someone else in this thread mentioned.

 

Ah, my mistake. I assumed you owed more than the car is worth. Unfortunately Insurance is only made to indemnify you or return you to the pre accident condition. The problem you are having is not really with the insurance company but with the entire workings of the used car market. The car did in fact lose at least $1000 in value the moment you drove it off the lot and that money is gone for good. The 17800 you paid also includes things that are not a part of the car's value such as taxes (which you mentioned), destination charge, and dealer fees. Once you pay that money too you are also out of it for good. It's really just a terrible situation to be in. I do hope you can get a bit more out of them though.

If insurance companies return people to a BETTER state than before their losses, then you are actually 'gambling' not 'pooling the risk' but this is a bit more out there.

 

You don't have to accept that. Negotiate a better offer. If you can't, don't threaten lawsuit; talk to a lawyer.

 

Or, since GEICO is your insurance company, contact your states Insurance Commissioners office. It might have a different name in your state but you will find it, or something very similar, in your telephone book under state governments.

p.s. In all fairness, as you're shopping cars similar to yours keep in mind that the price you find is not necessarily the selling price but rather the asking price. If your insurance company is being fair they would try as close as they could to establish selling price and not necessarily asking price.

 

I didn't read through the whole thread but I am very sorry to hear about your situation. It sucks especially after being excited about your new car just to have it smashed. Now you can feal even more at ease since you were involved in a crash test and came out fine!

Maybe when you file taxes you can get money back from both purchases!

 

2010 Honda Fit Sport Manual yayyy! Regardless of what happens with the insurance, I have my replacement

 

Great! What color?

 

Isn't the insurance company responsible for the taxes if you buy a new vehicle within 30 days of settling on the totaled car? That is the case here in IL as our 2 year old element was just totaled and one of the brochures sent to us said just that. AllState will cover the tax, title fees, document fees up to the amount that our old car incurred. I know this is a little late but maybe it can help you.

 

This one will vary depending on your adjuster. Some will, some won't. OrangeRev did you get the new car expanded protection with YCA on your fit?

 

Why would it depend on the adjuster?
No, I did not. Not sure what that is.

 

*Nevermind, looks like you were right. Shows what I know! - post deleted for misinformation.

 

It is a law, actually. I looked it up for Illinois and New York, where the OP is from and both states are down as having that as a LAW. As for the new car replacement, from what I was told and read, your car will only be replaced if it is totaled within the first year of ownership. That would've helped the OP, not us. That might have changed but that's what I remember seeing in the brochures AllState sent us.

http://www.insurance.illinois.gov/Au..._loss_auto.asp
I hope I'm not misunderstanding something but:

Payment of Sales Tax
If within 30 days of a cash settlement, you can prove that you have purchased another vehicle, the company must pay the applicable sales tax, transfer and title fees in an amount equivalent to the value of the total loss vehicle. If you purchase a vehicle with a market value less than the amount previously settled upon, the company must pay you only the amount of sales tax that you actually incurred and include transfer and title fees. Your insurance company must give you written notice of this procedure.

 

Yes, they cover tax. The issue here would be tax on full retail vs. reimbursement for tax on the actual cash value.

Fortunately, I have brought their offer very close to the price of a new car, so this differential is getting smaller.

Thanks for all the help everyone Pretty much done with this, still going to hold out a little more in hopes of an offer that reflects the market value of very-low-mile fit sport M/T...

 

I spoke too soon without checking for sure. It's good for Insurance customers that some state's have that as a law.