GEICO wants to total my car for a $25k repair bill on a $75k Tesla with a temp license

Hi everyone,

I recently bought a 2022 Tesla Model X with six seats, white interior, white exterior, and full self-driving. Unfortunately, a trailer hit it, and I still had the temp license on it.

I got a call from a GEICO adjuster, and they want to total the car, offering me $59k. I think this is crazy because I can’t find a similar 2022 Model X for $59k. I’ve done my research, and most are selling for $75k to $80k before tax. I turned down the offer because I need at least $78k to match my car’s features.

Plus, the body shop says the car can be fully repaired.

Has anyone had a similar experience or any advice to share?

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You lose a significant amount of value when driving a new car off the lot, especially with Teslas these days. That seems totally understandable to me. I’m sorry for your loss, but I advise against buying Teslas.

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A comparable used 2022 Tesla Model X typically sells for $75k-$80k before taxes. I can’t accept $59k. Additionally, the body shop has confirmed that the car is 100% repairable.

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Is that the dealer’s resale price? That’s not how pricing and value align. You should have purchased GAP or loan/lease payoff insurance, especially with a Tesla.

What you paid and the current market value are two separate things.

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I’m discussing what the current value is, and it’s not necessarily $59,000.

Refuse the offer and have it fixed.

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I genuinely prefer to do this instead.

We experienced the same situation. Ask the Tesla dealership for an estimate on the value of the same make and model. Present that estimate to GEICO; our insurance matched it. Good luck.

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That’s fantastic. Thank you. May I inquire which insurance company it was?

We’re not discussing a Ford, Chevy, or even a Toyota here; this is a Tesla. I can guarantee that the adjuster likely doesn’t fully grasp the car’s value.

Have you reached out to Tesla about the repairs? I recommend contacting them about your situation. After that, consider getting a lawyer because your insurer seems to be taking advantage of you. The semi driver should be responsible for the repairs, not your insurance company.

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I spoke with the Tesla body shop, and they confirmed that the car is definitely repairable. If GEICO decides to declare it a total loss instead of covering the repairs, I believe they shouldn’t offer a low settlement.

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What is the cost of repairs? Most cars are repairable, but generally, if the repair costs reach 70% of the vehicle’s value; like $59,000, for instance; it is considered a total loss.

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I believe they intend to take the car and sell it with a salvage title.

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Is it possible to purchase it from the insurance company and then fix it?

How does a sideswipe result in a $25,000 repair bill? Do you need to replace the doors?

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Replacement needed for the side pillar, door, and hood.

Your insurance includes the appraisal clause. However, the resolution process can take weeks or even months, and there’s no way to predict the timeline. During this time, you’ll continue making car payments while waiting for a decision. It’s important to note that neither GEICO nor the body shop will make the final decision; independent appraisers will determine that. Their conclusion could result in the car being valued at less, more, or the same. You’ll incur hundreds of dollars in costs for this process and face a lengthy wait, possibly ending up in the same situation you started with.

Insurance companies frequently provide an initial settlement with higher payouts as a cost-saving strategy. If you believe the offer is insufficient, you can reject it, hire a public adjuster, or seek advice from an attorney.

Engage an independent appraisal service.