I own 2 vehicles that were in accidents within the last 18 months. One a 2009 Corvette Z06 and 2011Jetta TDI.
First the Z06, I was side swiped and the other driver admitted fault. State farm offered 750.00 to fix about 2500.00 in damage. I went to my Insurance Co. Geico to handle the claim.
I got the car fixed, got my deductible reimbursed, and thought all was good. That is until I found out about DIMINSHED VALUE COVERAGE. This coverage is mandatory in the state of GA. The insurance company GEICO, in this case has their adjusters make a passing reference to diminished value when processing a claim.
The problem is NO money is added to the claim amount to compensate for this. My Corvette went down in value about 5000.00 as a result of the accident. I cant recover this loss and at the same time be honest with a potential buyer if I decide to sell the car. Well that is what DIMINISHED VALUE COVERAGE is for.
I contacted GEICO about this and was offered 500.00. I explained my position on the value of the car and they came back with 1500.00. I again complained about the amount offered and had to pay an appraiser to appraise my car and then negotiate on my behalf to get a fair settlement. This took 5 times to complete with GEICO before they agreed to 2500.00.
I feel that this fairly compensates me for the loss incurred since they paid the repair bill of about 2500.00. My issue is not with the final amount but in the way it was handled by Geico. I am pursuing a formal complaint with the insurance commissioners office concerning this. The same thing happened with our Jetta.
The initial offer was zero, the first query got about 700.00, the next query got about 1050.00, final and accepted query I was offered 1500.00. This is just wrong. If I had been offered a fair settlement at the time of appraisal I would have been happy to accept it, but NO, I had to jump through some hoops, but it worked, I am now 4000.00 to the good.
So the bottom line is Geico SUCKS OUT LOUD. Be careful and follow up as I did and you can get something out of it.
Product or Service Mentioned: Geico Claim.
Monetary Loss: $7000.