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Message
re: Gap Coverage (Auto Warranty) Question
Posted on 4/22/25 at 2:22 pm to TigerMak
Posted on 4/22/25 at 2:22 pm to TigerMak
quote:
They were on it when I purchased it from the dealership. Rims, running boards, bed liner, bed cover, tint.
That's not declaring the aftermarket add-ons to the insurance company though.
They can tell what factory installed options the vehicle came with based off the VIN. But the insurance company would have no idea about all those aftermarket items unless you specifically tell them that you have an extra $5-6k in aftermarket accessories installed.
1
Posted on 4/22/25 at 2:37 pm to Tiger Prawn
When I talked to my insurance rep, they said they go by standard NADA value for my vehicle which doesn’t include anything like that. Also said the adjuster would figure that in to the estimate.
Posted on 4/22/25 at 2:40 pm to TigerMak
quote:
So my truck is being totaled as a result of a hit and run.
It totaled your truck but was still able to run away?
Was it an Abrams?
Posted on 4/22/25 at 2:40 pm to TigerMak
quote:
Also said the adjuster would figure that in to the estimate.
Figure what into the equation?
Posted on 4/22/25 at 2:41 pm to The Mick
quote:
They can use the incoming gap funds as part of the new deal instead of him being on the hook for it.
I would have thought that those funds would be used to pay off the old vehicle.
Posted on 4/22/25 at 3:07 pm to CharlesUFarley
Guy was on the shoulder and started to get in the right lane with the flow of traffic where I was so I moved to the left lane. As I got closer, he whipped it left and his bumper skidded along my whole passenger side. He finished his U-turn and hauled arse to get on the expressway (3132). I had to wait for the opposite flow of traffic to even get to a safe spot.
Posted on 4/22/25 at 3:10 pm to TigerMak
quote:
The after market stuff
Why would they do that though?
Posted on 4/22/25 at 3:52 pm to LNCHBOX
Again, new territory for me. I asked my insurance rep and that’s what they told me. Why send an adjuster out if they’re just taking standard book value?
This post was edited on 4/22/25 at 3:55 pm
Posted on 4/22/25 at 6:38 pm to TigerMak
They may provide your proof of coverage to the nest lender when getting the new loan approved, but it is up to you to make sure everything in regards to your totaled truck is handled.
Posted on 4/22/25 at 6:47 pm to TigerMak
quote:
he whipped it left and his bumper skidded along my whole passenger side
That seems minor to result in a truck being totaled.
Posted on 4/22/25 at 6:57 pm to notiger1997
Yeah maybe skidded wasn’t the right description. It wasn’t light impact. The repair estimate was $17k.
Posted on 4/22/25 at 6:59 pm to TigerMak
quote:
I have 30 days of rental coverage
That is also dependent on your insurance carrier.
When I totaled a vehicle 5 years ago, State Farm gave me 7 days after totalling my vehicle of rental coverage. After that I was out of pocket for nearly month since it was during the height of COVID.
Posted on 4/22/25 at 7:31 pm to TigerMak
That GAP money is going to your finance company not you.
The only reason to bring the total loss letter to the dealer is if you are trying to finance through them. It will show them (and their financing) that you aren’t just trying to get another loan for a second vehicle and that the other loan is being paid off.
It’s a crapshoot though, depending on your credit it might not help. The dealers will also know that you are desperate for a vehicle since you don’t have one and you might get screwed.
If you aren’t financing through the dealer then they don’t need to see shite to sell you a car
The only reason to bring the total loss letter to the dealer is if you are trying to finance through them. It will show them (and their financing) that you aren’t just trying to get another loan for a second vehicle and that the other loan is being paid off.
It’s a crapshoot though, depending on your credit it might not help. The dealers will also know that you are desperate for a vehicle since you don’t have one and you might get screwed.
If you aren’t financing through the dealer then they don’t need to see shite to sell you a car
This post was edited on 4/22/25 at 7:35 pm
Posted on 4/22/25 at 8:36 pm to LNCHBOX
Ah yep, you’re right
Posted on 4/22/25 at 8:41 pm to TigerMak
The lender is the one who will want proof of payoff of your previous loan, especially if you have poor or marginal credit or if your debt to income is high. A copy of your gap policy will suffice for most lenders.
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