What Happens When Your Car Gets Totaled – GEICO


What happens when your car gets totaled
in an accident? With collision coverage, [metal and glass breaking] GEICO pays the cash value of your car,
less your deductible. It varies by state, but generally that means
your car is so banged up that repairs would either cost 80% or more than its value or can’t be done safely. To do so, GEICO looks at your car’s before
condition and compares it to prices of similar vehicles. They’ll ask you to remove your license plates
and earthly possessions from the car, hand over any keys, and fill out and sign forms. If you owned old Blanch, you do! If you leased or financed something newer,
[steam hissing] the leasing or financing company does
up to the cash value, less the deductible. You’re responsible for any remaining balance
if the settlement isn’t enough. But, if there’s any left over after paying
the leasing or finance company, it’s all yours.

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