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Smart Shopper Gap Insurance
440 messages, Last post on Sep 24, 2009 at 1:20 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: dsoret (Sep 05, 2007 2:01 pm) I later spoke to the management of the dealer and they tried to be helpful. They remembered my father-in-law and made inquiries about how much it would cost them to purchase the car from GMAC. They found out it would not be financially beneficial for them to purchase the vehicle but they went out of their way to help wherever they could. They even sent someone to pick up the car since my mother-in law does not drive and I am not in Florida. We returned the car to the dealer in May of 2006 and in July, received a bill from GMAC for the difference of what we owed and what they got at auction ($7800). On the advice of the attorney, we ignored the bill. It is now 14 months later and we never heard from GMAC again. I don't know if they just wrote it off or what, but there has been no contact. I don't know if this is any help, but this was our experience. Phil |
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I have a question about gap that I can't find an answer to. My fiancee has gap insurance on his car, and he got into an accident last week, the damage will be more than the car is worth. The only problem is i just bought a new car and we were having a problem setting up our new insurance for both cars, so the car coverage hit 20 minutes after the accident. So we got denied. Is it required to have car insurance for your gap insurance to be valid??
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Replying to: mistrisevl (Sep 06, 2007 2:47 pm) I believe so. Your contract should spell out the terms - more or less clearly. Anyone here know for sure? tidester, host SUVs and Smart Shopper |
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Replying to: mistrisevl (Sep 06, 2007 2:47 pm) |
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Replying to: mistrisevl (Sep 06, 2007 2:47 pm) I cannot speak for all policies written, but the one we sell states. "If no primary insurance is in effect on the date of loss then the actual cash value will be equal to the book value of the covered collateral, including all documented options, accessories, and mileage as of the date of loss. What that means is that if for instance the car has a book value of $12K and you owe $15K it will still pay the $3K gap of what the insurance company would have given you if you had insurance and what the balance owed is. They will only pay it though after you have payed the first $12K. Its better then nothing. Waiver addendum's usually have an insurance clause in them. BTW why in the world did your Fiancé cancel his original policy prior to having the new policy set up? The way I read your post is he had insurance and then you wanted to start a new policy with both of you? If he canceled his the day you started the new one it should have ran till midnight of the day you canceled and your new policy would have started at 12:01 AM. So that is only a 1 minute time frame you would not have been covered.
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truth is stranger than fiction...I could not make this situation up, but real life does throw us curveballs; I would guess that the main policy MUST be in force for Gap to do its job, i.e. pay the GAP between what your policy pays and the amount you owe...so, I would assume that if the main policy was NOT in effect, the GAP would be the total amount that you owe on the car, and I would not expect that Gap policy would pay the full amount... In other words, one could not allow their insurance to lapse (accidentally or intentionally or unknowingly) and expect Gap ins to pick up the whole boat... I would expect a clause in their contract stating that, and, even if it doesn't, I would be surprised to find a Gap policy that would act as your entire collision policy and payoff your entire loan from the first dollar... |
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My daughter recently had an accident whereby her vehicle was totaled by the insurance company. She was upside-down with the finacing and luckily she had GAP. The problem we are having is getting them to pay. Her policy is underwritten with Classic GAP insurance out of Florida. We live in Georgia which should not matter as to the expediency of them paying. They are making her jump through hoops just to delay paying such as saying things like, "We haven't got that document fax yet" or "We can't read the document you faxed" Has anyone dealed with this company before? Can someone offer advise as to what to do. The company she had the finace with is telling her she has to make the payment as usual until GAP pays. She cannot afford to make two car payments.
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Replying to: ritaw (Sep 28, 2007 10:10 am) tidester, host SUVs and Smart Shopper |
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Replying to: ritaw (Sep 28, 2007 10:10 am)
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I cant understand why the company is doing that to you. I think that you should get the address send it return reciept requested and then once you get the card back call them and see what they say. If they say they didnt get it tell them you got the card back saying they did and whoever signed for its name. If they give you anymore trouble I would call your lawyer to get this taken care of. I am so sorry that you are going through this junk. I am glad that your daughter is ok. That is the most important thing you know. I am still trying to get gap insurance for my vehicle and I cant find a company at all. Good luck with this mess. Regards Nan |
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