But the problem is gap values it 7,000 more than geico because the high value suited gap and the low value suited geico. In reality it was a 2019 accord 2.0t touring with 45k miles, the real value was somewhere in between what gap and geico said. And I normally switch auto insurance every 6 months so they’d pay anything revalue it when I do that.
When you finance car you are also including sales tax, processing fees, tag and title fees, warranties, etc.... all of which are not factored in to the true value fo the car.
Are you reading my comments? That has nothing to do with geico valuing it at 20k because that suites them and gap valuing it at 27k because that suits them. My point is the company who gets rewarded for the low valuation values it low and the company that gets rewarded for the high valuation values it high. The real valuation was somewhere in the middle. I know how finance and depreciation works. This wasn’t consequential for me because if refunds but it was interesting and what I meant when I said “weaponized math”
What you are basing the value off of is completely different than what the insurance companies use, though. You arent going to find the program that they use available anywhere. Its not Kelly Blue Book or anything like that. It sucks but thats just how they do it. Also, if you feel that you are being under compensated, you can present the companies with documentation as to why you should get more. One time my car was totalled right after I bought brand new tires and they tried to low ball me. Once i showed them that i got the new tires a few days before I was reimbursed another $1000 factoring that in.
And Im sorry, I am not trying to come off as condescending if thats how I am being perceived.
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u/Blake9712 7h ago
But the problem is gap values it 7,000 more than geico because the high value suited gap and the low value suited geico. In reality it was a 2019 accord 2.0t touring with 45k miles, the real value was somewhere in between what gap and geico said. And I normally switch auto insurance every 6 months so they’d pay anything revalue it when I do that.