I only had the car for 12 days brand new. After all the payments are made what happens for me to get a new car? Do I just go and purchase another vehicle or does the insurance company assist me in that?
2007-01-13 18:46:36 · 4 answers · asked by JOST 1 in Cars & Transportation ➔ Insurance & Registration
The insurance company will pay you the book value of the car. If you owe more than that, the GAP feature will pay that difference. This will pay off your loan.
It will be up to you to go buy another vehicle; the insurance company will do nothing there.
2007-01-13 19:07:57 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
You have to purchase the new car. Gap insurance may or may not protect you fully. In your case, hopefully you didn't put a huge down payment, because the insurance company pays out based on a used car, and gap insurance covers a difference between what you owe, and what the pay out would otherwise be.
2007-01-13 18:53:09 · answer #2 · answered by Fred C 7 · 1⤊ 0⤋
Go shopping, but keep in mind you won't have any money. Another thing: better check on that 'extended warranty' -- that has NOTHING to do with the actual loan on the car itself, it's a separate coverage you buy to cover repairs so I would tell them to refund the unused portion to ME. You paid for it, it's owed to you, not the bank.
2016-05-23 23:31:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Check out this article i found http://www.youbigg.com/Car-Insurance.html it has details on different types of plans and information. It always has info on what your asking.
2007-01-15 07:45:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋