2006-06-16 05:48:56 · 8 answers · asked by idealist 1 in Cars & Transportation ➔ Insurance & Registration
No, it won't. Gap insurance only covers the difference between the outstanding loan balance and the book value of the vehicle if it is written off as a total loss either by theft or complete destruction.
You comprehensive insurance will cover the theft of the factory-installed rims, minus your deductible.
If you have after-market rims, you normally need to tell your insurance company if they cost more than the factory rims otherwise they will only pay for the factory rims.
2006-06-16 07:26:53 · answer #1 · answered by Bostonian In MO 7 · 4⤊ 0⤋
Gap insurance is intended to fill in the gap when a new vehicle is purchased and it depreciates in value faster than the loan is paid. Example: you paid $30,000 had the car for a year still owe $25,000, car is totaled, actual cash value is $20,000 so that would be what the company paid if you do not have gap ins. With gap insurance you will get the $25,000 to pay off the loan. Comprehensive coverage is what you need for the rims, also most companies require you to schedule and pay a premium for add on equipment such as rims. If you did not have comprehensive you are out of luck, if you did have comprehensive but did not tell them about the rims, you are most likely still out of luck.
2006-06-19 11:09:07 · answer #2 · answered by jodi M 3 · 0⤊ 0⤋
Having your rims/tires stolen should be covered under your Comprehensive portion of your auto insurance policy.
IF you had fancy wheels you should have bought a special rider for them. However, your insurance company SHOULD pay for the value of a set of Factory Replacement rims and tires minus your Deductible. Good Luck!
2006-06-16 06:03:02 · answer #3 · answered by FreedomLover 5 · 0⤊ 0⤋
probably not.
Gap insurance only covers your deductible. Most insurance companies don't cover custom accessories like rims.
Gap insurance is a rip off imho.
2006-06-16 05:53:53 · answer #4 · answered by Iomegan 4 · 0⤊ 0⤋
NO..THEY ONLY PAY FOR NEGATIVE EQUITY IF YOUR CAR WAS TOTALLED OR STOLEN,YOU'R FULL COVERAGE INSURANCE WILL PAY FOR YOUR RIMS...
2006-06-16 06:01:34 · answer #5 · answered by "G" 1 · 0⤊ 0⤋
Nope. Sorry
2006-06-16 05:51:48 · answer #6 · answered by mthtchr05 5 · 0⤊ 0⤋
no, gap will cover what ur insurance doesn't cover if ur vehicle is totaled.
2006-06-16 05:52:32 · answer #7 · answered by Jen S 5 · 0⤊ 0⤋
NO!
2006-06-19 18:06:29 · answer #8 · answered by h_dub2u 1 · 0⤊ 0⤋