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Is Geico a good company to work for?

In need of words of wisdom about finance company after wrecking a vehicle...?

  • I had purchased a 2006 Chrysler 300c about 2 years ago...financed it through GMAC. Well unfortunately the car was severly wrecked Friday night. I am awaiting Geico to look over my vehicle and determine whether its fixable or totalled. First question....should I contact my finance company and let them know the car has been wrecked? If not yet, say they determine my car is a total loss....will insurance contact them and work out the haggling deal for my car? Or will I be the in between woman?? I do have gap insurance with my finance company... In short...I have no one close to me that has ever been through this so ANY words of wisdom from experience would be greatly appreciated. I'd really like to know what to expect. Thanks a million. here's my email if you get lengthy or would prefer to contact me that way; again thanks! [email protected]

  • Answer:

    The insurance company will give you market value for the vehicle. This may or may not be the value of your loan. If it's less, its 100% on you, to pay off the remainder. if it's more, then consider yourself lucky, because that rarely happens. There is no "haggling". If you owe $20,000, and they give you $10,000 for the car.....it's not like you magically don't owe the remaining $10,000. You still have that debt, with or without the car.

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you are in good shape-the finace will be paid direct by the ins co-contact gap ins and main ins they will assign somebody to handle the details-start looking at cars

ken k

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