My Gap insurance claim kicked-in today after 3 weeks of waiting regarding my stolen vehicle.
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!
End Result: Out of the $8800.00 I was upside down, they only covered $5000. and the rest comes out of my pocket.
Am I the only idiot in America that didn't read the fine-print?
.
2007-02-23 14:52:58 · 6 answers · asked by rob1963man 5 in Cars & Transportation ➔ Insurance & Registration
To "Bundysmom" (answerer below):
THEY make you think they will cover "rollover" charges up to $50,000. This information can be found at http://www.gap-insurance.com.
To me, "rollover" and "upside down" meant the same thing. Hence -- I bought gap insurance.
Yes -- it did help. They saved me $5k indeed and thank you very much... but... I wasn't expecting the remaining 3000 to come out of my pocket which did catch me by surprise.
2007-02-23 15:39:17 · update #1
Sorry that you appear to having a reading comprehension problem and didn't understand the difference between "gap" and "rollover".
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.
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.
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.
2007-02-24 02:17:57 · answer #1 · answered by scaminator63 2 · 0⤊ 0⤋
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.
2007-02-23 15:42:12 · answer #2 · answered by Fred C 7 · 0⤊ 0⤋
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?
2007-02-23 14:59:44 · answer #3 · answered by bundysmom 6 · 1⤊ 0⤋
My aunt and pa are basically approximately 10 years aside. the two say it became into lots like being an basically baby. My sister and that i are 2 a million/2 years aside, which i think of its acceptable (2 a million/2- 3 years). we are close sufficient to have a chum sort dating and share many reports growing to be up, yet a techniques sufficient aside we had our very own pals and what no longer. growing to be up we had an relatively love hate dating. We have been tremendously aggressive, yet we've additionally been one yet another's acceptable buddy....our line in severe college became into "basically i'm able to call my sister b*tch." because of the fact we stood up for the different one among the entire gossip of that age, yet could quicker or later argue ourselves.
2016-10-01 21:39:46 · answer #4 · answered by ? 4 · 0⤊ 0⤋
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.
2007-02-23 14:58:39 · answer #5 · answered by all8upchamp 4 · 0⤊ 0⤋
That's why I never buy any "extras".
2007-02-23 15:01:14 · answer #6 · answered by Anonymous · 0⤊ 0⤋