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Geico Car Accident Settlement: What You Need to Know

Being involved in a car accident is already a scary and stressful situation. But it can easily become your worst nightmare, especially if you find yourself dealing with a mega auto insurer called GEICO. 

GEICO has become the second-largest insurance company with over 17 million (and counting) auto policyholders nationwide. You are probably already familiar with the company and the animated little gecko featured in their ads. 

With their low rates and availability, it’s no wonder many car owners line up to get an auto insurance policy, maybe even you.

But behind the lighthearted commercial lies a reputation of giving unfair compensation for car accident settlements and injury claims. So, if you got into a car accident with a Geico customer or currently have a claim against the company, then we’ve got you covered! 

Our head lawyer, Atty Rafael Gonzalez, will discuss everything there is to know about Geico lawsuit settlements. Our legal team can help protect and fight for your rights on a no-win, no-fee basis. Plus, we’ll also help you understand the company’s complex policies, processes, and tactics so you know what to expect when faced with them.

Here are the answers to some of the questions in your mind regarding Geico lawsuit settlements in Florida. 

What is GEICO?

GEICO, or Government Employees Insurance Company, was founded in 1936 during the Great Depression. Back then, it only provided insurance policies to military and federal employees until 1976. 

Now, the insurance company owned by the corporate conglomerate Berkshire Hathaway expanded its market to both the private and public sectors. Thus, becoming the second-largest insurance company in the USA. 

Geico also offers property insurance, but mostly focuses on private passenger auto insurances. However, one drawback is that they have very limited in-person offices because they write most of their policies directly to consumers. 

What to Expect With Geico’s First Settlement Offer?

Another consequence you will probably face when dealing with this insurance company is that Geico RARELY gives a fair first settlement offer. But, granted, no insurance company will go out of their way to pay a fair value for a claim. In fact, many of them will try to pay you as little as possible or even dismiss your claim altogether.

So, expect a significantly low settlement offer on your car accident claim with Geico. As seen in most cases of reported bad faith dealings, they will offer no more than 20% (sometimes, even less) of the total amount of your medical bills.

Additionally, Geico adjusters were trained to aggressively fight to resolve and settle claims for far less than they’re really worth. Still, it’s hard to pinpoint the exact value they will put on your claim since there are a lot of factors the company can consider. 

How Long Does It Take for Geico to Negotiate and Settle a Claim?

The length of time it takes for Geico to give a settlement offer depends on several factors. This includes:

  1. Bodily injury liability (BIL) and property damage liability insurance
  • Geico will check first if you have these two important insurance policies. They will only consider your claim for pain and suffering if you have BIL coverage. The same goes for property damage insurance or uninsured motorist (UM) insurance coverage.
  1. Amount or extent of damage to the insured vehicle
  • In most cases, Geico provides fast settlements to policyholders whose sole concern is property damage. For example, a driver who’s not at fault and suffered no bodily injury in a minor fender bender can expect a fast settlement for their case. Geico has no reason to enter a dispute since most vehicle damages can easily be evaluated by a mechanic or through videos and photos.
  • However, this does not mean that you’ll get fair compensation from the company.
  1. The severity of the bodily injury
  • Geico car accident settlement with sustained injuries may take an awful lot of time for several reasons. First, you can only issue a demand for compensation once you’ve collected your medical bills and reached maximum medical improvement. Then, if you need further medical procedures in the future, your lawyer can get a doctor to estimate the costs.
  • Once all medical records and expenses are obtained, an adjuster will review your case, which may take weeks or months since they’ll probably want to downplay your injuries.
  • But in states with strong third-party bad faith laws, like Florida, insurance companies may swiftly settle a bodily injury liability claim. 

Still, Geico tends to drag their feet when it comes to settling a claim to get you to accept their initial low offer. If you want a fair value for your case, then you’ll probably be negotiating for a long time. 

But you have the power to get a fair settlement promptly by hiring an attorney to defend your cause. 

Having a legal team as experienced as the lawyers at Ask My Attorneys can enforce Geico to honor their contract with you or their policyholder that caused the accident. Furthermore, we can aggressively negotiate with them to get the compensation you deserve. Get in touch with our personal injury lawyer to have a Free Consultation near you.

If they don’t retract their unfair offer, then our lawyers can also help you file a Geico auto collision lawsuit so you can receive a swift and fair settlement offer.

How Much Does Geico Pay for Pain and Suffering?

Pain and suffering compensation will depend on three things: 

  1. the type of injury you sustained, 
  2. whether or not you’re at fault, and 
  3. if you have the right insurance policy.

Of course, Geico won’t pay you a penny if you don’t have BIL or UM insurance coverage. Additionally, they won’t compensate you for pain and suffering if you are the sole driver at fault.

However, this narrative will change if you suffer bodily injuries from another driver’s carelessness. Still, the settlement value will depend on how you will negotiate with the company.

When Should You File for a Lawsuit?

Your trusted lawyer will advise you to file a lawsuit against Geico if your claim cannot be resolved through negotiations. Other victims might not want to go with the litigation route, but unfortunately, it’s the only way to get a reasonable settlement offer. 

In fact, a suit may even be the only way to handle your accident settlement if the company challenges your claim or refuse to offer proper payment.

But don’t worry, filing a lawsuit doesn’t immediately mean that you’ll go to trial. In most cases, Geico releases a fair settlement offer right before a court date to avoid excessive fees. Either way, you don’t have anything to worry about because our skilled defense team will handle every legal action for you.

What Happens After Filing for a Geico Lawsuit Settlements?

Once a suit has been filed, Geico will know how serious you are in pursuing the compensation you deserve. The first thing they tend to do is change your adjuster and say that the old one undervalued your claim. After that, you’ll see that Geico’s settlement offer will significantly increase. 

Will Geico Settle or Let It Go to Trial?

Geico rarely lets a settlement case go to trial, especially if it’s a dispute over compensation for property damage or personal injury. Instead, they will offer up a fair value that far exceeds their initial one. 

Unfortunately, Geico usually sticks to its narrative in liability disputes and takes the litigation route. But even if you’re 99% at fault, you can still get compensated for the car damages you attained in the collision. This is because Florida follows a pure comparative negligence system that portions out car collision damages based on the percentage of fault of parties involved. You just need a strong car accident lawyer to help you assert these rights in court.

How Do They Pay For Geico Car Accident Settlement Claims?

Once you and Geico agree to a settlement offer, the company will pay you through a paper check two weeks after the ruling or the agreement. They can send it in several ways:

  • If you don’t have a lawyer, Geico will mail the paper check to you directly. You can also request a different method of payment if you wish. 
  • If you hire a lawyer, Geico will send the payment to your attorney. They will then deduct their attorney’s fees then the rest will be used for your medical bills, car damage, and other agreed compensation.
  • For car damages settlement offers, Geico may also send the payment directly to an authorized vehicle repair shop.

Do You Need a Lawyer to Handle Your Geico Auto Collision Lawsuit?

A settlement offer can be an overwhelming thing to go through, especially if you’re not an expert in the legalities involved. But with a trusted and experienced lawyer by your side, you won’t have to settle for a cheap payout. 

Furthermore, having someone who’s really on your side can fast-track your case and get you the compensation fee you deserve. For example, a car accident lawyer knows that besides property and medical compensation, victims also have the right to get compensated for emotional damages and lost wages.

If you want to win your Geico lawsuit settlements in Florida, then you can contact the experts at Ask My Attorneys to get your free legal consultation. Atty Rafael Gonzalez has 20+ years of experience dealing with large insurance company problems, such as a Geico settlement, Progressive Insurance lawsuit, and more!

Geico Car Accident Settlement

Pro Tips to Win Your Geico Car Accident Settlement 

If you’re involved in a car accident, it’s crucial to contact your and the other party’s insurance company as soon as possible. In addition, it’s important to begin the claims process immediately while evidence is still fresh. 

However, there are some things that you need to watch out for if you ever want to get fair compensation in your car accident settlement case. Here are some great tips and information you need to know when dealing with a Geico car accident claim.

Don’t Give a Recorded Statement

Once you or the other driver involved informed Geico of the accident, the company will immediately contact you. An adjuster will contact you and try to get a recorded statement discreetly. They may even say that recorded statements are customary to swiftly process your claim (it’s not).

But remember this: You have the right to refuse a recorded statement or conversation. What you say can and WILL be used against your claim. They can twist your words or put them out of context to minimize the worth of your case. Another important thing to remember is to NEVER ADMIT FAULT.

When faced with such situations, it’s best to get the help of Atty Rafael Gonzalez so he can guide you through the whole legal process. In addition, he can help you get a better claim and even represent you in a Geico auto collision lawsuit if need be.

Don’t Speak Directly With Adjusters

If you’re insured with Geico or got into a fender bender with a policyholder from the company, an adjuster will probably call you at once after the accident. So again, don’t give them a statement. You can provide your name, date and time of crash, location, but avoid discussing the accident itself.  Some of the specific things or information you should NOT give out include:

  • How the collision happened and the events that occurred leading to the accident.
  • Medical treatment, diagnosis, and medical expenses.
  • Other damages that you or your property sustained.

To be safe, politely decline any attempts of an adjuster to speak with you. Instead, direct all communications to your trusted attorney. 

Don’t Agree to Their Initial Offer

Again, Geico has the reputation of giving initial lowball offers, especially if there’s no legal counsel involved. To get the compensation you deserve, avoid accepting any offer without speaking to your attorney first.

Let Your Legal Team Calculate Your Case’s Worth

Car accidents do more than injure you or damage your property. Many consequences come with it, which you can get compensated for by your or the other party’s insurance company. 

However, many victims don’t know how to calculate these additional losses accurately. As a result, most individuals seek a much lower amount than the actual worth of their case.

Remember: you have the right to seek compensation for other types of damages besides injuries, financial loss, and car damage. This includes:

  • Future medical expenses
  • Emotional distress
  • Lost earnings (e.g., you can’t go to work due to the injuries you sustained)
  • Out of pocket costs

If you’re a car accident victim in need of representation for Geico lawsuit settlements in Florida, then we can help you! First, discuss your accident details with our legal team to determine the actual worth of your claim. Then, we will help you get the compensation you need on a NO-WIN, NO-FEE basis.

Consult With A Lawyer to Win Your Geico Lawsuit Settlements

Are you looking for a personal injury attorney in Broward County? Wherever you are in Florida, we are always available to help!

For more than 20 years, the Ask My Attorneys legal defense team has fought and won many cases for car accident victims and those wrongfully injured. Furthermore, we had protected many clients against the abuse and unfair treatment of mega insurers, such as Geico. So, if you are ever in need of legal saving, then we are more than happy to offer our services. 

Involved in a auto crash? Get in touch with our car accident lawyer in Plantation. We provide 24/7 free legal assistance with no obligation. This means that you can call or ask the attorney anything and anytime without paying a single penny until you get your claim. Contact us now at 954-961-5100 or schedule your Free Case Evaluation, so we can start discussing your Geico car accident settlement case.

rafael gonzales square photo

Meet Atty. Rafael Gonzalez

Attorney Rafael A. Gonzalez received his Juris Doctorate from the University of Miami School of Law. 

While at the University of Miami, Mr. Gonzalez earned a judicial clerk position with the Honorable Judge Shelley Kravitz of the County Court House for Miami Dade County and took part in one of the largest product liability litigation cases in the United States. The case, Engle v Liggett, was against tobacco companies and resulted in a 145 billion dollar award to the plaintiffs. 

Mr. Gonzalez earned his stripes working with firms in Downtown Miami and Hialeah, Florida as a civil attorney. In 2010, Mr. Gonzalez joined forces with other civil litigators as a partner in the law firm of Freeman, Mallard, Sharp and Gonzalez specializing in motor vehicle accidents.

Read more about him here.
January 11, 2022
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