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Smart Shopper Gap Insurance
440 messages, Last post on Sep 24, 2009 at 1:20 PM
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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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Replying to: praz (Oct 17, 2007 2:44 pm) You know that is a good question. I dont think that it would I guess you have to call the GAP company and find out. But I do have a question for you. I am having so much trouble finding the right GAP company. Whats the name of yours and are they any good. I also in trying to get extended warranty coverage and cant find a right company for that. Any suggestions hmmm from anyone. Thanks Nan |
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Replying to: praz (Oct 17, 2007 2:44 pm)
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Replying to: praz (Oct 17, 2007 2:44 pm) That does not mean there is not one out there that does not which I am sure some one will now point out that in 1997 they bought a car with GAP, totaled it and it did not cover the deductible. Google "gap insurance deductible" you will see your answer |
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Replying to: nkmonty1 (Oct 17, 2007 3:13 pm)
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Replying to: nkmonty1 (Oct 17, 2007 3:13 pm) |
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Replying to: nkmonty1 (Oct 17, 2007 3:13 pm) Black Pontiac Cadillac’s GM Outlet (877) 472-9550 Toll Free, (814) 472-9550 Local, (814) 472-4741 Fax |
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Replying to: kyfdx (Oct 17, 2007 3:32 pm) Thanks
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GAP is designed to pay off the difference between what you owe and what the car is worth...if the car is totalled and paid at $8,000, but you owe $11,000, GAP will pay the $3K difference, so you do not make any money on it, but walk away OWING nothing... GAP was originally used for leases, since you owe for the full lease...then it was simply adapted to purchases... Let's face it...GAP exists because cars, esp American cars, depreciate like a rock, as they are overpriced from Day 1 and the depreciation is like reality catching up with the fantasy...further, if this was like 20 years ago, when folks put a down payment of 25%, GAP would not be necessary because the car would depreciate at the same rate as the 3 year loan was being paid down... But nobody puts anything down anymore, nobody gets 3 yaer loans anymore, and many folks roll over negative equity, so the average $25K car probably has a loan on it of $30-35K, much more than the car is worth...GAP will usually cover a reasonable amount of negative equity, and it is simply a risk reducing measure, since most cars that are wrecked are not totalled, and GAP only comes in when a car is totalled...if it is not toalled, then one argues for diminished value, but GAP does not apply... There will be a multiple choice test tomorrow at 10:00...please bring a Number 2 pencil and Photo ID... 50 questions, 60 minutes, no extra credit...no social promotion and no grade curve...  ...
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Replying to: praz (Oct 18, 2007 4:21 am) I know this is an out there question. But by any chance you have United Autos phone number? I would really like to find out if I can just purchase the GAP from them since my auto insurance carrier does not offer it and I really think that is an important thing to have. I would rather be safe then sorry. THanks for the information. I am still trying to get Extended Vehicle Warranty but alot of the companies out there cant be trusted. Any suggestions? I really would appreciate any help I can get. Thanks Nan
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