My IS is totaled Part 2...the Junkyard
08-07-07, 06:28 AM
#46
Lexus Test Driver
08-07-07, 06:40 AM
#47
Tech Info Resource
iTrader: (2)
In general, insurance pays for the fair marker value as of the date of loss. N.A.D.A. is used to determine fair market value. GAP insurance will cover the difference between the fair market value and the book value (what the car cost). Car insurance covers a car "as is"; that is it does not cover modifications unless such were specifically added to the policy.
If the car was financed, insurance pays the lienholder first.
If the car was financed, insurance pays the lienholder first.
GAP insurance is nothing like what you described. GAP is for the difference between ACV and current pay off value if there is a difference. In this case, if jonjon83 bought the car with no down and financed the entire purchase price, tax, title, and license, after only 5 months he would be very upsidedown on the loan (ACV is much less than current loan value), and GAP would cover this difference.
If jonjon83 put down 25% or more and financed the balance for a short term (24-36 months), then he would likely NOT be upsidedown and GAP would pay nothing.
GAP is for people who finance the bulk of (or entire) the purchase price and expect to be upsidedown for a few years on their purchase. Anyone else would be stupid to buy GAP insurance.
08-07-07, 09:05 AM
#49
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Join Date: Jan 2007
Location: CA
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That SUCKS! I am glad to see your OK. Don't ever want fellow CL members hurt. I was amazed at how well the cabin survived the roll. You are one lucky SOB. I would buy a lottery ticket if I were you LOL.
Hey more seriously. I assume you financed the vehicle or leased it? If so, did you get the GAP coverage? If so you will get at least 100% of what you owe.
Good Luck man.
Hey more seriously. I assume you financed the vehicle or leased it? If so, did you get the GAP coverage? If so you will get at least 100% of what you owe.
Good Luck man.
08-07-07, 09:41 AM
#54
08-07-07, 10:16 AM
#57
Lead Lap
Join Date: Mar 2007
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it's great that the driver's airbag didn't deploy and i'm sure that it wasn't a coeincedence(wrong spelling?) cuz it will be painful and hard to getout of the car if it did deploy, our car is so smart
and you can clearly see how strong the windsheild is.
and you can clearly see how strong the windsheild is.
