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Gap Insurance

440 messages,  Last post on Sep 24, 2009 at 1:20 PM

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What is this discussion about? Car Leasing, Buying Insurance

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#360 of 440 Re: Is GEICO really as good as the other guys? [tedebear] by s60leaser Mar 03, 2008 (6:53 pm)
Replying to: tedebear (Mar 03, 2008 3:24 pm) Which KBB value? GEI|CO wont be specific
#361 of 440 Totaled Leased Vehicle Rebuilt (Gap Insurance Coverage?) by smartin5 Apr 08, 2008 (10:58 am)
Hoping somebody can help me on this.   I have a leased vehicle (Lexus). A few years ago my wife got into a bad accident. The vehicle was taken in to be fixed and it took quite some time. The fixing of the vehicle was done in stages. At the last stage of fixing the vehicle it was determined that the vehicle was totaled but completely rebuilt and given back to us. Allstate made this determination/decision at the beginning. I have 12 months remaining on the lease. The car has a lot of problems with little things (windows not working, CD not playing). I know that this vehicle is a SALVAGE TITLE and I have to turn it back in. At the beginning, I negotiated a good lease and the residual value would have been very good. My question is will GAP Insurance protect me when I go to turn this vehicle in or am I'm screwed. I want to turn this vehicle in and walk away. I reside in California. Any input, I would be grateful! Thanks in advance. Replies to this message: volvomax (Apr 08, 2008 1:22 pm)
#362 of 440 Re: Totaled Leased Vehicle Rebuilt (Gap Insurance Coverage?) [smartin5] by volvomax Apr 08, 2008 (1:22 pm)
Replying to: smartin5 (Apr 08, 2008 10:58 am) GAP pays the bank off when the car is totaled. Since you still have your car, GAP doesn't come into play.   A Salvage title is only issued whent he car is totaled AND the bank is payed off. Since you are still in your lease, a salvage title cannot be issued. Sounds to me like the damage was enough to total the car, but for whatever reason, your ins co decided to repair it anyway. Sometimes, other damage is discovered during the repair process that increases the total repair cost. Even if Allstate wanted to total it, the would still have had to pay off the car( GAP amount not withstanding) AND pay the bodyshop for whatever work they performed. They probably decided it was cheaper just to fix the car.
#363 of 440 I have never run into this by marsha7 Apr 08, 2008 (7:20 pm)
so these thoughts are purely speculative...   Normally the main penalty on a lease is the odometer, where you drive more miles than the lease allowed...you also have to turn in the car in good condition, or they can penalize you for dents, paint scratches, chipped glass, etc.   You are turning in a car that has supposedly had its problems fixed...maybe not the way you and I would think of it, but fixed nonetheless...after all, if you turned the car in with visible damage, THEY would have charged you for the repairs, but, instead, the "repairs" were paid by Allstate...   There may be a slim possibility that you may not be penalized at all, since the car has been restored pursuant to another "authority" in the name of Allstate...I wish you luck with this...   Also, read your lease agreement, as it may have a specific paragraph that discusses this very issue and how they handle it...while I have not had any experience with this, I am quite sure that the leasing company has...   Let us know your outcome...I would be happy to learn from your experience... Replies to this message: volvomax (Apr 09, 2008 7:38 am)
#364 of 440 just in case... by kirstie_h HOST Apr 09, 2008 (5:22 am)
A reporter from a large finance magazine hopes to speak with consumers who have had a bad experience purchasing auto insurance online. If you’ve had a bad experience, please respond to ctalatiedmunds.com with your daytime contact information no later than Tuesday, April 15, 2008. Replies to this message: jagar100 (Apr 09, 2008 10:04 am)
#365 of 440 Re: I have never run into this [marsha7] by volvomax Apr 09, 2008 (7:38 am)
Replying to: marsha7 (Apr 08, 2008 7:20 pm) As long as the car has been physically returned to factory spec AND there are no warning/check engine/idiot lights on when the car is returned the lease co can't do anything. They can't penalize you if you just have a glitchy car. As long as you have made an effort to keep it up.
#366 of 440 Re: just in case... [kirstie_h] by jagar100 Apr 09, 2008 (10:04 am)
Replying to: kirstie_h (Apr 09, 2008 5:22 am) I would also LOVE to read people's response on their experience with buying car insurance online. I work for an insurance agency and would love to advise people on reasons NOT to buy their coverage on the internet.
#367 of 440 Any GAP insurance providers? by passat_mx Apr 24, 2008 (8:54 pm)
Hi, I might need to get gap insurance since my current insurer doesn't offer it. I don't want to change my insurance company, just want to buy a third-party GAP insurance. Which one would you guys recommend besides the ubiquitous $399 online gap insurance ads? (those seem a little overpriced, and have no idea of their reputation) Thanks.
#368 of 440 Question about used Gap Insurance by saints75 Sep 15, 2008 (6:47 pm)
I sold my truck and I had Gap Insurance on it. The dealer told me to go back to the dealership where I bought the truck and get my money back because I only pay for what I use. I want to make sure this is true before I head to the dealership. Thanks Replies to this message: praz (Sep 19, 2008 11:41 am) jforjames (Sep 19, 2008 4:12 pm) jagar100 (Oct 02, 2008 5:58 am) fandiguy (Oct 02, 2008 6:57 am) and 16 more...

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