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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: 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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Replying to: joel0622 (Sep 28, 2007 10:21 am) |
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be related to the basic insurance or the lender, or totally independent as just a free standing insurance... I agree with the others, as I would send all necessary docs via Fedex to a street address, and the name of the one who signs will be on Fedex's website to verify delivery... Just thinking out loud on this, you might send a copy of everything that you send to Gap also to your Lender, along with a copy of your Gap policy, so they know you are doing your due diligence...after all, it is your Lender who is awaiting payment from Gap to close out the loan on your car... You might also contact the agent who sold you the Gap ins (car dealer, maybe?) and consider reporting them to the State Consumer Agency and/or the Attorney General for investigation, maybe also the Insurance Commissioner... What should be a simple "pay the claim" procedure gets drawn out due to ins companies that do not uphold their agreements...while certain claims are up for discussion, Gap, to me, seems pretty cut and dried...they pay whatever your main insurance does not pay to pay off your loan... Maybe a couple of million dollar fines from the Insurance Commisisoner would snap them in line... |
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If a car is totalled and value of the car is more than money owned to the finance at that time, will GAP cover for the deductible of $500? Thanks.
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