How do insurances determine totaled car value? Can I "verify" it?

[Skyler13]

Boston, Massachusetts.

Geico has accepted full liability for my damaged car and has already asked to take it away (via voicemail). It is still fully functional, but repairs to the body and a deployed right side airbag ($5-6K estimate) exceed its value (less than $4K).

I do need it in the near couple weeks for some important tasks, including a ~week trip to my spouse in VT (3+hr drive).

How does Geico determine the value of the car ? Probably the same way as other companies. What should I do if they only offer me 2/3 of what it is worth? How can I evaluate myself?
Are there any online tools other than Kelley Blue Book or Edmunds Car Value? Their figures are smaller than what is needed to buy a comparable used car. The used cars I find on various online car sales resources cost more than the KBB and Edmunds' estimates.

I have heard about the rental car that the insurance company may offer for the duration of the repair. Does this apply to a total loss situation? I'd rather drive a safe rental car than my damaged car if possible.

I'll discuss this with the assigned adjuster. If no rental car is offered, and I need to surrender my car asap to avoid financial loss, then I need to find another way to deal with my current tasks.

The main my question is how to verify their "car value" figure.

 

[LdiJ]

Boston, Massachusetts.

Geico has accepted full liability for my damaged car and has already asked to take it away (via voicemail). It is still fully functional, but repairs to the body and a deployed right side airbag ($5-6K estimate) exceed its value (less than $4K).

I do need it in the near couple weeks for some important tasks, including a ~week trip to my spouse in VT (3+hr drive).

How does Geico determine the value of the car ? Probably the same way as other companies. What should I do if they only offer me 2/3 of what it is worth? How can I evaluate myself?
Are there any online tools other than Kelley Blue Book or Edmunds Car Value? Their figures are smaller than what is needed to buy a comparable used car. The used cars I find on various online car sales resources cost more than the KBB and Edmunds' estimates.

I have heard about the rental car that the insurance company may offer for the duration of the repair. Does this apply to a total loss situation? I'd rather drive a safe rental car than my damaged car if possible.

I'll discuss this with the assigned adjuster. If no rental car is offered, and I need to surrender my car asap to avoid financial loss, then I need to find another way to deal with my current tasks.

The main my question is how to verify their "car value" figure.

If you really need to keep the car in the short term you could accept a deduction from the payout for the "salvage value" of the vehicle. Then you could use it in the short term and determine whether or not you want to pay the extra out of pocket to fix it.

You verify their "car value" figure by looking it up. Do a google search for "Kelley Blue Book".

 

[AlmostThere]

Boston, Massachusetts.

I have heard about the rental car that the insurance company may offer for the duration of the repair. Does this apply to a total loss situation? I'd rather drive a safe rental car than my damaged car if possible.

That depends on if your insurance policy includes rentals during the repair. However, since Geico has totaled your car, they would not provide a rental during your repair period, should you choose to buy the salvaged car back from the insurance (totaled value less salvage value).

Perhaps a better route is to try and quickly by another car?

 

[zddoodah]

How does Geico determine the value of the car ? Probably the same way as other companies. What should I do if they only offer me 2/3 of what it is worth? How can I evaluate myself?
Are there any online tools other than Kelley Blue Book or Edmunds Car Value? Their figures are smaller than what is needed to buy a comparable used car. The used cars I find on various online car sales resources cost more than the KBB and Edmunds' estimates.

The two services mentioned should reflect what comparable cars are selling for in your general geographic area. However, if you can find actual listings for comparable cars in your area that are more than what the services show, you can present them to the other driver's insurer and argue for a higher dollar amount. Note my emphasis on "comparable." A higher trim level is not comparable. Significantly lower mileage is not comparable. Etc.

I have heard about the rental car that the insurance company may offer for the duration of the repair. Does this apply to a total loss situation?

Once the insurer for the at-fault driver has determined that your car is totaled and has tendered or offered to pay the car's fair market value, its obligation to cover the cost of a rental car ends. The same is true of your own insurer if you have rental car coverage.

 

[BensonBingham]

When an insurance company determines the value of a totaled car, they typically consider its "fair market value," meaning how much it would sell for in the open market before the accident. This estimate factors in details like the car’s age, mileage, condition, and make/model. Insurers often use databases to calculate this value. If the offer seems low, you can verify it by checking local listings for similar cars in your area. Regarding rentals, once your car is declared a total loss, rental coverage usually ends, but reimbursement might be available depending on your policy.

 

[Anznack]

Insurers calculate a totaled car's value by assessing its market value minus depreciation. You can verify this by asking for their valuation breakdown or getting an independent appraisal.