I had gap coverage on my vehicle. The car was stolen and it did still did not cover the Gap? Am I being scammed?
Total Comments: 13
Posted: Thu Dec 04, 2008 08:53 pm Post Subject:
Well it depends. My Gap protection was provided by the company that financed my car, not my insurance company, or an outside source. If you had auto insurance and they didn't pay it all off, then Gap is supposed to finish it off for you. That's it's only purpose. To fill in the gap...completely.
But then again...I've seen it where some people didn't get to use their Gap at all because their notes weren't up to date. Think about it, if the finance company was the one handling your Gap insurance and you weren't UTD, why would they pay for the Gap???
Just a thought...
Posted: Fri Dec 05, 2008 01:36 am Post Subject:
Eric
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Posted: 04 Dec 2008 22:00 Post subject:
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It really depends on your gap coverage. Some companies only cover a percentage of the total ammount. I know our Comapny, American Family Insurance, Gap coverage would covere the whole car if something like that were to happen.
(moved this from another identical thread this thread was posted three times)
Posted: Fri Dec 05, 2008 01:43 am Post Subject:
To fill in the gap...completely.
Not completely Rae, in most cases, you will still owe your deductible, and it also will depend on (in some gap contracts) if there was a prior damage deduction from the value, if there was another loan rolled in or piggy backed onto this one...there are many exclusions that apply.
I had gap coverage on my vehicle. The car was stolen and it did still did not cover the Gap? Am I being scammed?
Well I doubt you were scammed, what did the letter of denial say the reason for the denial was? Had to give you a reason...did your car carrier pay their part?
Posted: Fri Dec 05, 2008 05:12 am Post Subject: insurance
Ok......alittle 'under-educated' with this 'gap' thing. What is Gap Coverage? Hey, LORI.......can ya tell me something ( I'm just assunming YOU would know this answer..). Why has my name been on the Leader Board several times? Am I 'special'?! :shock:
Posted: Fri Dec 05, 2008 09:59 am Post Subject:
Yes, SD you are very special, but in addition to that you apparently have had the top three number of posts since the month has began..
GAP ins is a policy you can buy (or may be required to buy) that pays the 'gap' between the vehicles value and what you owe your leinholder..in the event of a total loss
Posted: Fri Dec 05, 2008 11:35 am Post Subject:
Hey OP, how much do you still owe to the financier? What's the reason for the gap insurance provider not to cover the difference between the insurance settlement and the loan?
Lori, we yet don't know whether the OP was in a single car accident or in a multi-car accident where the other driver is responsible for causing the damages to him. If it's a third party claim I guess he isn't required to pay the deductibles. Please, correct me if I've got anything wrong.
However, the other reasons mentioned by Lori may still hold good for the gap insurance falling short of the outstanding loan amount.
Posted: Fri Dec 05, 2008 12:21 pm Post Subject:
Lori, we yet don't know whether the OP was in a single car accident or in a multi-car accident where the other driver is responsible for causing the damages to him. If it's a third party claim I guess he isn't required to pay the deductibles. Please, correct me if I've got anything wrong.
yeah, jeorge, ya' kinda have it all wrong here, the OP said his car was stolen
The car was stolen
so had to be a comp claim and his company that paid the claim...some gap policys cover the deductible, most don't..
Posted: Fri Dec 05, 2008 12:21 pm Post Subject: insurance
OIC!! Gee.......I feel special, LORI..thanks. :D You mean the 'gap' is the difference between the two ( value and what you owe the leinholder)?
Posted: Fri Dec 05, 2008 01:31 pm Post Subject:
yep
Posted: Fri Dec 05, 2008 05:29 pm Post Subject:
Don't find out about GAP insurance the hard way. My friend never inquired about it when she purchased a enw vehicle. She didn't have the vehicle for too long of a period before sliding on bad roads and totally her SUV. She had ot suffer a loss on that one.
GAP insurance...it is necessary for the first few years of a new car or how exactly does this work?
Posted: Thu Dec 04, 2008 08:53 pm Post Subject:
Well it depends. My Gap protection was provided by the company that financed my car, not my insurance company, or an outside source. If you had auto insurance and they didn't pay it all off, then Gap is supposed to finish it off for you. That's it's only purpose. To fill in the gap...completely.
But then again...I've seen it where some people didn't get to use their Gap at all because their notes weren't up to date. Think about it, if the finance company was the one handling your Gap insurance and you weren't UTD, why would they pay for the Gap???
Just a thought...
Posted: Fri Dec 05, 2008 01:36 am Post Subject:
Eric
Guest
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Posted: 04 Dec 2008 22:00 Post subject:
--------------------------------------------------------------------------------
It really depends on your gap coverage. Some companies only cover a percentage of the total ammount. I know our Comapny, American Family Insurance, Gap coverage would covere the whole car if something like that were to happen.
(moved this from another identical thread this thread was posted three times)
Posted: Fri Dec 05, 2008 01:43 am Post Subject:
To fill in the gap...completely.
Not completely Rae, in most cases, you will still owe your deductible, and it also will depend on (in some gap contracts) if there was a prior damage deduction from the value, if there was another loan rolled in or piggy backed onto this one...there are many exclusions that apply.I had gap coverage on my vehicle. The car was stolen and it did still did not cover the Gap? Am I being scammed?
Well I doubt you were scammed, what did the letter of denial say the reason for the denial was? Had to give you a reason...did your car carrier pay their part?Posted: Fri Dec 05, 2008 05:12 am Post Subject: insurance
Ok......alittle 'under-educated' with this 'gap' thing. What is Gap Coverage? Hey, LORI.......can ya tell me something ( I'm just assunming YOU would know this answer..). Why has my name been on the Leader Board several times? Am I 'special'?! :shock:
Posted: Fri Dec 05, 2008 09:59 am Post Subject:
Yes, SD you are very special, but in addition to that you apparently have had the top three number of posts since the month has began..
GAP ins is a policy you can buy (or may be required to buy) that pays the 'gap' between the vehicles value and what you owe your leinholder..in the event of a total loss
Posted: Fri Dec 05, 2008 11:35 am Post Subject:
Hey OP, how much do you still owe to the financier? What's the reason for the gap insurance provider not to cover the difference between the insurance settlement and the loan?
Lori, we yet don't know whether the OP was in a single car accident or in a multi-car accident where the other driver is responsible for causing the damages to him. If it's a third party claim I guess he isn't required to pay the deductibles. Please, correct me if I've got anything wrong.
However, the other reasons mentioned by Lori may still hold good for the gap insurance falling short of the outstanding loan amount.
Posted: Fri Dec 05, 2008 12:21 pm Post Subject:
Lori, we yet don't know whether the OP was in a single car accident or in a multi-car accident where the other driver is responsible for causing the damages to him. If it's a third party claim I guess he isn't required to pay the deductibles. Please, correct me if I've got anything wrong.
yeah, jeorge, ya' kinda have it all wrong here, the OP said his car was stolen
The car was stolen
so had to be a comp claim and his company that paid the claim...some gap policys cover the deductible, most don't..Posted: Fri Dec 05, 2008 12:21 pm Post Subject: insurance
OIC!! Gee.......I feel special, LORI..thanks. :D You mean the 'gap' is the difference between the two ( value and what you owe the leinholder)?
Posted: Fri Dec 05, 2008 01:31 pm Post Subject:
yep
Posted: Fri Dec 05, 2008 05:29 pm Post Subject:
Don't find out about GAP insurance the hard way. My friend never inquired about it when she purchased a enw vehicle. She didn't have the vehicle for too long of a period before sliding on bad roads and totally her SUV. She had ot suffer a loss on that one.
GAP insurance...it is necessary for the first few years of a new car or how exactly does this work?
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