No, Geico does not offer new car replacement insurance. Most major insurance companies sell optional new car replacement insurance, which will replace a totaled car with a brand-new vehicle of a similar make and model, but Geico does not have this coverage.
More Information About How to Get a Geico Online Quote
If you want to get a Geico auto insurance quote online, look for the car symbol at the top of the page, enter your zip code in the box next to it, and click the button labeled “Start Quote.”
You’ll be asked a series of questions, starting with “How can Geico help you today?” Then, you’ll fill in information about yourself, including your age, education, occupation, and any driving violations or accidents in your recent past. You’ll also answer questions about your car, its usage and mileage, and your current insurance, if any. Finally, you will note any other members of your household that need to be on your policy.
Give Geico your email address and you’ll get a quote back from them in about 15 minutes. They will base the quote on your state’s minimum coverages and the information you provide. You will also have the option of going to a “build your own quote” tab if you want to see how changing coverage and deductibles in this baseline policy would affect your premiums.
If you have problems with Geico’s online quote system, or you’d prefer to speak with a representative, you can also get a quote through a local Geico agent or by calling (800) 207-7847. Plus, Geico auto insurance customers can get personalized quotes for other types of insurance through the Geico app.
An insurance company determines the value of a totaled car by considering factors such as the vehicle’s make and model, year, and mileage. A vehicle is considered totaled when the cost of repairs approaches or exceeds the car’s actual cash value (ACV), which is what the insurer says the car was worth prior to being damaged. If the insurer declares the vehicle a total loss, they will pay out any insurance claims based on the ACV.… read full answer
Factors That Affect a Car’s Actual Cash Value (ACV)
Make and model
Wear and tear
Local demand for similar vehicles
Sale prices of comparable vehicles in the area
It’s important to keep in mind that the ACV is not the same as the cost of purchasing a replacement vehicle of the same year, make and model. Vehicles begin to depreciate quickly after they’re driven off the lot, so even if your car is relatively new, the ACV will probably be significantly lower than what you paid for the vehicle in the first place.
If you think your insurer’s ACV calculation is too low, then you should send a counteroffer that includes your justification for why the car was worth more prior to being totaled. This may include an independent appraisal, receipts for any features you added, and prices of comparable vehicles. There are several resources online that you can use to research your car’s value, including NADA Guides and Kelley Blue Book.
If your car is totaled and you still owe money on the loan, the insurance company will pay your lender for the car’s value, and you will be responsible for any remaining balance if the check is less than the loan amount. If you have gap insurance, it will cover the difference between the car’s value and the loan balance. Otherwise, you will need to continue making payments for as long as it takes to bring your loan balance to zero.… read full answer
If your car is totaled and another driver is at-fault, their liability insurance will pay for the car’s value up to their policy limits. If you were at fault, you can file a collision claim. After you receive a settlement from the insurance company, you can determine if you still have a balance left on your loan.
After your lender has gotten the insurance check, you can file a gap insurance claim immediately, assuming you previously purchased coverage and still owe money to your lender. Be sure to follow any instructions in your policy. For instance, some gap insurance policies instruct you to continue making payments to your lender until the claim can be processed.
Unfortunately, your options are limited if you don’t have gap insurance and your total loss check does not cover your loan balance. You can try to negotiate with the insurance company to have them increase their estimate of your car’s value. However, you will need evidence that your car was worth more than the insurer calculated, and there is no guarantee that you will get more money. Otherwise, you are stuck continuing to make payments, though you could try asking your lender for a payment plan.
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