Complaint Review: GEICO - Washington DC
GEICO I have been handling insurance claims since 1974. I had an accident with a GEICO insured and GEICO accepted liability. GEICO dispatched a very unknowable damage estimator to inspect the damages to make 2018 vehicle (vehicle was in excellent condition). Washington DC
*Consumer Comment: Indemnify
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GEICO failed to indemnify me after they accepted the liability for accident. The failure to indemnify occurred with they wrote to use aftermarket parts on my 2018 vehicle which did not have aftermarket part prior to the accident. When I reviewed the estimate and discovered in their estimate the use of aftermarket parts.
I give them the opportunity use the OEM parts but the damage estimator stated that her manager would not allow the use of OEM parts. If they choose to use this type of repair on my vehicle I can only image how many other claims they have utilized this poor claims handling. I will have to deal with additional aspect of the claim "diminished Value".
I no reason to expect any different from GEICO that they will attempt to use a formula known as "17c". This formula has been adopted by many insurance companies. This term comes from a suit filed in the state of Georgia "Mabry vs State Farm" and is name after paragraph 17, section C where the formula described.
This formula is 100% in favor of the insurance company and in no way does address the real diminished value of the vehicle (you would be will advised to research diminished value prior settling a diminished value claim. I would recommend seeking advise from competent legal counsel). This formula does not take into consideration the value after the vehicle is involved in an accident.
When attempting to trade or sale your vehicle, once a dealer or an informed individual knows the vehicle has been involved in an accident. The dollar amount offered you for trade will be dramatically reduced more than the few dollars I expect to be offered by GEICO. The bottom-line is GEICO is currently guilty of "unfair Claim Practices".
I now expect them to expand these actions into this portion of the claim. My advise is be aware of any insurance company that resorts to this type of claim practice weather you are the insured or the claimant.
The damage appraiser missed over 50% of the damages that was apparent without a teardown of the vehicle and refused to use OEM parts on my vehicle. The vehicle did not have aftermarket parts be for the accident and they owe me to put the vehicle back in pre-accident condition (indemnify). I had 2 choices
(1.) was to pay the difference between the aftermarket parts and file suite against the GEICO insured and GEICO defend them in court
(2.) File a claim with my carrier and let my carrier subrogate against GEICO (I will be out of pocket my deductible until my carrier covers from GEICO). Both of the choices have downsides. It is my opinion that GEICO is playing the odds in the long run the people that do not know or do not want the hassle to challenging them they will reap large financial gains in the end.
This company or any other company that subscribes to this type claims handling practices needs to be stopped have to pay large punitive damages and/or having their authority revoked. This type of claims handle has a possibility of causing irreparable harm to both the insured and claimants. I most cases the state's Department of Insurance will do little if any anything to help protect the consumer.
If anyone is interested in joining me in investigating the possibility of filing action against GEICO. Their are several issues that I see may be wrong doing by GEICO unfair claims practices, if the damage estimator is licensed she knew of should have known what indemnification means, etc. Failed to indeminify claimant after accepting liability
This report was posted on Ripoff Report on 02/10/2019 07:51 AM and is a permanent record located here: https://www.ripoffreport.com/reports/geico/washington-dc-20076/geico-i-have-been-handling-insurance-claims-since-1974-i-had-an-accident-with-a-geico-ins-1473205. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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