What agency in NY regulates the Insurance companies if you have a dispute?

Question

I am not acepting the amount from a total loss for my vehicle and have been told by Geico that they are regulated by the state. so what agency is that and how do I contct them. Geico has been very uncooperative and down right unfair. The adjuster gives us one number and then the senior adjustor gives us another and when they are told about it they play dumb. and do not know why the other has done that.
Our vehicle has a resale value of 5500.00 and Geico is saying they will only give us 1800.00

Answer 1

the Mafia

Answer 2

Insurance companies are regulated by the Insurance Department for your state.

If Geico is your insurance company- there is a good chance your policy has an arbitration clause in it. The way this usually works: 1. you hire an arbitor, 2. Geico hires an arbitor. 3. the 2 arbitors pick an umpire. A decision of any 2 of the 3 is binding. You pay for your arbitor and 1/2 the unpire and Geico pays for their arbitor and 1/2 the umpire.

It is also entirely possible that one adjuster does not know what the other told you. If the first adjuster you spoke to did not put very good notes in the file specifically detailing the conversation and the offer then the 2nd adjuster you spoke to does not know what was said in the conversation. We don't "play dumb". Get real. Adjusters are way too busy to engage in that kind of foolishness.

Here's an interesting question you should ask the adjuster that is handling your file: " How did you determine the value of my vehicle and the amount you are offering?". Then get your fanny off your shoulders and actually listen to what they tell you - you may not like the answer but the adjuster should explain it.

You also don't say how you got a "resale value of 5500". There is a chance you have an unrealistic expectation of what your vehicle could actually sell for. (and no - Kelly Blue Book is not accurate - so disregard any values you got from it).

When an insurance company values a vehicle - they consider the age, condition, mileage, and options on the vehicle. Was money deducted from the value of the vehicle because the tires needed to be replaced? Very Very few vehicles are with full retail value. Take a realistic look at your vehicle.

Answer 3

MSAD is right on the money;

when an insurance company offers you a value for your totaled car they have to document how they got those figures; they should provide you with a written breakdown on how they come up with that number;

they are regulated by the state; so if you feel not correct contact the insurance department in your state; they will give you a form to complete stating your complaint and geico will have to answer it;

if you are taking resale value of what you see your auto advertised, that is not realistic; that is something they want but most will negotiate for less;

go to redmunds.com or nada.com; you can put in the make, model, options and your mileage to get a "realistic price" on what your car is really worth; i bet if you do that you will find that the value of your car is really worth around the 1800 they offered you;

also; if geico is your insurance company that number would most likely include your deductible; for as an example if your deductible is 500, the real value is 2300; (2300 minus 500 = 1800)

if you have high mileage, this could be the main reason for the big difference in value of your car; the avg in the industry is around 10 to 12k per year; most of us drive 15k or more a year to get to our jobs or just driving around; i had a car years ago that when i calculated the mileage made the value of my car drop by 2k;;;;;;;;

all adjusters are suppose to document their files; if one tells you one thing and the other says something else, ask they why you are getting 2 differenct answers;

good luck

Answer 4

Is GEICO YOUR company? If they are you should go to the NY Dept of Insurance & file a complaint, they have a duty to you to settle your claim timely & fairly. But, you need to have done your homework. Did you go to several places in your area, find vehicles of the same year, make, model, condition & mileage & see what they are selling for & also, most dealers negotiate the price so you probably won't get the full advertised price, but it should be within 15 %. You also have the right to hire your own appraiser at your expense to determine the value, your company will hire one too & there will be a 3rd that you split the cost of & they will determine the value of your car.
This is one of the drawbacks of not having an agent to fight for you in a situation like this.
If it is the other company, you can show the proof of value by showing the other cars in the area. You can complain but they don't have the same duty to a 3rd party that they do to their own insured.
If it is the other company & you have collision coverage, use your collision coverage, pay your deductible & have your company subrogate against them.

Answer 5

Who Oversees Insurance Companies

Answer 6

Funny, I was wondering the same thing myself