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Smart Shopper Gap Insurance
440 messages, Last post on Sep 24, 2009 at 1:20 PM
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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.
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Replying to: smartin5 (Apr 08, 2008 10:58 am) 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. |
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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...
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Replying to: marsha7 (Apr 08, 2008 7:20 pm) They can't penalize you if you just have a glitchy car. As long as you have made an effort to keep it up. |
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Replying to: kirstie_h (Apr 09, 2008 5:22 am) |
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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. |
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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
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Replying to: saints75 (Sep 15, 2008 6:47 pm) |
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