Question:
My Gap insurance claim kicked-in today after 3 weeks of waiting regarding my stolen vehicle.
No tax from a well know car supermarket?
The small print on the contract reveals that they will only cover 120% of the vehicle's MSRP. It does NOT cover any "upside down" carried over from a PREVIOUS vehicle. This was the reason I bought it to begin with!
Will they ever be a super light super cheap and therefore super fast car?
End Result: Out of the $8800.00 I was upside down, they only covered $5000. and the rest comes out of my pocket.
I have a drivers license question for NYS (new york state)?
Am I the only idiot in America that didn't read the fine-print?
Auto State Farm insurance almost up?
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Answers:
My license is suspended but my car was hit by another person. Does their insurance still pay?
Sorry that you appear to having a reading comprehension problem and didn't understand the difference between "gap" and "rollover".What are my options if a company refuses to repossess my car eventhough I haven't paid in 4 months?
I reviewed the link you posted ( http://www.gap-insurance.com/gapfaq.htm... ). Nowhere is "rollover" mentioned. The website is very clear and states the following:
"What is Gap Insurance?
Gap Insurance protects your vehicle's loan. It covers the difference between what you owe, compared to what the vehicle is worth in case it is totaled for ANY reason, and it also pays your regular insurance deductible.
If you were given a vehicle as a gift. How can you get a new title with out auto insurance?
Is there a limit to how much gap Drivers Select Automotive Loss Protection covers?
Drivers Select Automotive Loss Protection pays up to $50,000 of gap - more than you'll ever need."
The website is clear. It is you who did not understand the terminology.
Where is etowah located at? which state? and give proof?
Gap is the difference of the amount of the loan carried on the current vehicle versus the actual cash value of the current vehicle. It does not include any "rollover/upside down" balance that you carried over from a previous vehicle.
i have, in other situations been an idiot that didnt read the fine print. if it helps, you probably will never get burned for not reading it again. i know i ask tons of questions now and read everything before i sign.
I am from india ,how can i know the identity of a vehicle owner if i know its vehicle number?
Not for me to say if you're an idiot or not, but what I will ask is this: what made you think GAP insurance would cover "rollover" balances?Settlement for my daughter after car accident?
That's why I never buy any "extras".How much is fair for an auto accident settlement (Ohio)?
Gap Insurance protects your vehicle's loan. It covers the difference between what you owe, compared to what the vehicle is worth in case it is totaled for ANY reason, and it also pays your regular insurance deductible. If you financed more than the car was worth, because you traded in a vehicle with an outstanding lien greater than the trade-in, that wouldn't, and shouldn't be covered by gap insurance. The loan company many have been willing to carry financing on a car you no longer have, but why should the insurance company pay a loss on that part of the loan that covered that other vehicle? Let that be a lesson to everybody. Do not sign up for financing for anything for a greater amount than that object can possibly be worth. The percentage over MSRP they are willing to pay is really meant to help replace the vehicle at the higher price a new vehicle may be, and if you are using it to shield your prior debt, well, you end up with the shortfall, as we have seen.More Questions & Answers ...
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