• Report: #258078

Complaint Review: GIECO INSURANCE

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  • Submitted: Sun, July 01, 2007
  • Updated: Sun, July 01, 2007

  • Reported By:CHICAGO Illinois
gieco.com Nationwide U.S.A.

GIECO INSURANCE Gieco had me paying a monthly premium for full coverage and now does not want to pay for my vehicles total loss Macon Georgia

*Consumer Comment: Go to your local public library and ask for the "NADA Orange Book"....

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Gieco Insurance, whom I have full coverage with all of my vehicles refruses to give me Full Resale value for my car which had been stolen and vandilized. I has been considered a total loss. I had a Mercedes C230 Kompressor (2000) with no damages or cosmetic issues, it was in perfect in condition. This car is currently selling at Mercedes and in the U.S. for $12,000 to $15,000 through out the U.S. and Gieco wants to pay me $6,400.00; stating that they don't follow blue book values and they want to pay me the amount that my car would sell for in the area in which I live.

I have visited Mercedes dealership who had my exact same model and similar milage and they were selling that car for almost $15,000 dollars, and among the other quotes we have gotten and forwarded to Gieco and not they don't answer the phone or return calls. In the mean time I am paying $505.00 a month for a car I don't have and truly can not afford to continue to pay for since I had to replace the car with another vehicle.

I have never missed a payment on my insurance nor have I had an accident. speaking of accidents, the babysitter took my car without my permission while I was out of town and scratched someones car. The babysitter did a depostion stating that they took the car without permission and stated that they have never driven my car before (also offered to pay for the accident)and Gieco put it on my driving record and clue report as an accident that I personally was at fault at.

CHICAGO, Illinois

This report was posted on Ripoff Report on 07/01/2007 01:38 PM and is a permanent record located here: http://www.ripoffreport.com/r/GIECO-INSURANCE/nationwide/GIECO-INSURANCE-Gieco-had-me-paying-a-monthly-premium-for-full-coverage-and-now-does-not-w-258078. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Go to your local public library and ask for the "NADA Orange Book"....

AUTHOR: Thomas - (U.S.A.)

then look up your car, but READ CAREFULLY. There are (high and low) mileage adjustments based on class (Mercedes is class 5- the most expensive) as well as equipment adjustments where you must check what equipment is included in the standard valuations. This will be the USUAL equipment found on used cars, not the standard equipment. Any missing equipment is a deduction if so listed and additional equipment is an addition if so listed.

Note that in some states an insurance company must only pay you the 'trade-in' or 'loan value' for a total-loss vehicle, while in other states you are entitled to receive the 'retail price'. Contact your MVD.

Also note that your friendly Mercedes dealer may, if they wish, ask for many thousands ABOVE the NADA Retail Price. And usually they WILL wish to ask for many thousands ABOVE the NADA Retail Price. This gives the dealer room to negoiate with a buyer and maybe that buyer will 'steal' that used car- by paying full NADA Retail! Also the buyer can get killed on his trade-in allowance if he does not realize the used car asking price is padded w/r/t NADA.

You are (now) discussing an (almost) 8 year-old car which likely is worth less than 20% of the value of a new Mercedes C230 ($30,000 list?).
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