Quote:
Originally Posted by daveagogo1
Correct but, my deductible is only $250. So, GAP would do me no good as i can't get GAP any cheaper than that. The value of my vehicle exceeds my note payoff by quite a bit. If it's totalled i will get what my insurance company values it at -$250. That would pay off my note and i'd get the rest. Will i take a loss from the original purchase price? Sure, you would even if you had GAP and it would be the same loss.
I don't know if it differs from state to state but in Fla. It only covers the gap between what your insurance will pay and the note you have. So If i were to buy the car yesterday for 35k put down 5k owe 30k and insurance were to value the car at $29,750k Gap picks up $500 inc ded and that's it. Nothing more. But, i lose 5k in a matter of 1 day. Want to be fully covered for this. Then buy new car replacement insurance as that sure isn't what GAP is intended for. It's only to keep you from making payments on a car you no longer own.
I know this as i have been through it about 8yrs ago on a brand new car that got totaled after 1 week.
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Spot on Dave and I too have a low deductible for the same reason ( $50 ). I've been informed that a average milage totaled 2ssrs Gen5 has a salvage value currently of approx 24k in our area here.
