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Discussion Starter #1
I am wondering if I should push for a higher settlement while I have the time. When you include subtracting the deductable they have it at about 36.5k on an 06 with 16k miles. I do have GAP insurance which will cover the rest and I think it would also cover my deductable (anyone know about this, the rep on the phone for my CU just said "yes" to every question I asked and I dont think she was really paying attention lol). Anyway, I know Geico compares to other vehicles prices in the area. Within 100 miles there are only 2 06's for sale and they just happen to be low priced ones(35 - 37k). Is this even worth pursuing?
 

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Depending on the options you had with the car, $36.5k seems like a fair offer. I just bought my 06 Elise a month ago with 7,800 miles for less.

The car was equiped with:
- Ardent Red (base) paint
- Touring Pack
- Hardtop
- Starshield
- Traction Control

It needed rear tires and the 7,500 mile service.
 

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Depends how much work you want to put into it....

They can deny you all they want and play hardball. In which case, then you'd have to hire an attorney (unless you feel up to civil court) and deal with it there. Costs and time would probably offset any added benefit.
 

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Can you say to them, "here is my $$, now put the car in my driveway"? You should have to pay the deductible, but the Gap pays everything else (i.e. tax, license, delivery). If you get into the comps, then do the buying yourself, you might make a few dinero but spend your time. You do want another Lotus don't you?
 

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Depends how much work you want to put into it....

They can deny you all they want and play hardball. In which case, then you'd have to hire an attorney (unless you feel up to civil court) and deal with it there. Costs and time would probably offset any added benefit.
thats not my exeriance in VA - if the two parties can not come to terms. Both parties have to agree on a 3rd party abritrator and agree to their # as being final.

that happened to me with one of my alfa's - it added about 25% into my settlement. but the Elsie is not classic - its a comodity - so... not as much going on there
 

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Sounds fair to me. Hell, when I went to trade in an 05 with 18K miles, I was offered $25K by the Lotus dealer and had to beat up the BMW dealer to get $27400.
 

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those usually go for around 34-35k max final price
 

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Considering that my local dealer has an 06 with less than 7K on the clock for $35900, I'd say they're being quite fair.
 

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Discussion Starter #10
This will be interesting. My CU is telling me that I will not have to come out of pocket for anything. They said their GAP just completely pays the difference between what GEICO pays and what is owed. And since GEICO is subtracting the deductable automatically from what they pay, then GAP takes the rest and I do not pay anything.
 

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This will be interesting. My CU is telling me that I will not have to come out of pocket for anything. They said their GAP just completely pays the difference between what GEICO pays and what is owed. And since GEICO is subtracting the deductable automatically from what they pay, then GAP takes the rest and I do not pay anything.
That is true, but be advised that the difference between what you owe and what insurance pays (or, put another way, the amount the GAP insurance pays) is considered income by the IRS and will likely be reported to the IRS, so you will have to pay taxes on it. Just FYI. Good luck with everything.
 

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those usually go for around 34-35k max final price
How in the hell are you guys getting them so cheap?

Depending on the options you had with the car, $36.5k seems like a fair offer. I just bought my 06 Elise a month ago with 7,800 miles for less.

The car was equiped with:
- Ardent Red (base) paint
- Touring Pack
- Hardtop
- Starshield
- Traction Control

It needed rear tires and the 7,500 mile service.
Damn, again! Cheap prices. We just must be high up North...
 

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Discussion Starter #13
That is true, but be advised that the difference between what you owe and what insurance pays (or, put another way, the amount the GAP insurance pays) is considered income by the IRS and will likely be reported to the IRS, so you will have to pay taxes on it. Just FYI. Good luck with everything.
Thanks for the heads up. I was surprised when the bank reported that 75 they gave me for opening an account.
 

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up north? Canada? Good condition 05's are low 30's and 06's are mid 30's all day long private party. Add 3 to 4 k for dealer sales.
 

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My 05 Elise w/ 23,000~ miles was just totaled out by Progressive, they told me $31,125 (roughly) at first based on "the market" but once I sent them the NADA value for my car (Average was/is $39,125) they quickly agreed to it. With the 6% sales tax refund added in it came out to $41,000~.

NADA doesn't list 2006 for the Elise but you can show them the 2005 value and I bet they will be a little easier to work with.

2005 Lotus Elise NADA value
 
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