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Gap Coverage (Auto Warranty) Question
Posted on 4/22/25 at 1:01 pm
Posted on 4/22/25 at 1:01 pm
So my truck is being totaled as a result of a hit and run. Have yet to get the final assessment of value that will take into consideration any after market stuff but I’m expecting it to be pretty close to my owed amount. Insurance company that provided the gap coverage said once they get the assessment it will take 4-6 weeks to provide the difference. Friend of mine said I can just take the letter from the insurance company (once I receive it) to any dealership that I want to purchase a vehicle from and they will deal with the gap coverage. Accurate?
13
Posted on 4/22/25 at 1:02 pm to TigerMak
Sounds right but not positive. You'll assign your gap proceeds to dealership and they'll receive the $, presumably.
Posted on 4/22/25 at 1:03 pm to TigerMak
Ask your friend who said you can do it??????
Posted on 4/22/25 at 1:04 pm to TigerMak
Why does a dealership care about your gap insurance?
Posted on 4/22/25 at 1:06 pm to chryso
quote:Because without it, he's upside down in the totaled vehicle. They can use the incoming gap funds as part of the new deal instead of him being on the hook for it.
Why does a dealership care about your gap insurance?
Posted on 4/22/25 at 1:11 pm to TigerMak
quote:
Have yet to get the final assessment of value that will take into consideration any after market stuff
Unless you declared them, good luck with that.
Posted on 4/22/25 at 1:13 pm to TigerMak
How upside down are you?
Posted on 4/22/25 at 1:14 pm to The Mick
quote:
Because without it, he's upside down in the totaled vehicle. They can use the incoming gap funds as part of the new deal instead of him being on the hook for it.
But he's not trading the totaled vehicle in, so the new dealership won't have anything to do with paying off teh existing loan on teh totaled vehicle. Those funds will be going to the whatever company OP financed the totaled vehicle through and will have zero to do with his next purchase.
Posted on 4/22/25 at 1:50 pm to TigerMak
When our vehicle was totaled about a year ago, insurance and Gap insurer directly paid our finance company. The new dealership had nothing to do with it.
Posted on 4/22/25 at 2:00 pm to TigerMak
quote:Even if a dealership WOULD deal with this scenario, you don't want to try
Friend of mine said I can just take the letter from the insurance company (once I receive it) to any dealership that I want to purchase a vehicle from and they will deal with the gap coverage. Accurate?
to negotiate from such a crappy position.
Wait until the dust settles and they insurance company pays out on the gap coverage.
Let them know that you'll be in a rental on their dime until then.
Posted on 4/22/25 at 2:02 pm to soccerfüt
quote:
Let them know that you'll be in a rental on their dime until then.
You are assuming he has rental coverage.
Posted on 4/22/25 at 2:04 pm to TigerMak
GAP stands for Guaranteed Asset Protection. It covers your "totalled" vehicle(depends on coverage 100%, 110%, 120%,130% of value). So, if your vehicle is totalled, and you would still have a balance owed after the insurance settles your claim, GAP would cover to policy limits. I'm not sure what you have been told about the new vehicle that you want to purchase...
Posted on 4/22/25 at 2:11 pm to TigerMak
quote:
assessment of value that will take into consideration any after market
Unless you bought additional coverage for custom after-market equipment, then you're probably going to be shite out of luck getting paid for anything that wasn't factory installed.
But the good news is that if you're upside down on the vehicle anyway, not getting paid for the after market items just means that there's a bigger difference that'll be covered by GAP.
Posted on 4/22/25 at 2:12 pm to LNCHBOX
quote:
Unless you declared them, good luck with that.
They were on it when I purchased it from the dealership. Rims, running boards, bed liner, bed cover, tint. Insurance company used NADA to estimate current value but didn’t include any of the add ons.
Posted on 4/22/25 at 2:13 pm to notiger1997
quote:True, and one who needs gap coverage might not have been wise enough to get it.
You are assuming he has rental coverage.
Posted on 4/22/25 at 2:14 pm to momentoftruth87
quote:
How upside down are you?
Nothing major. A couple thousand.
Posted on 4/22/25 at 2:15 pm to notiger1997
quote:
You are assuming he has rental coverage.
I have 30 days of rental coverage
Posted on 4/22/25 at 2:16 pm to TigerMak
quote:
They were on it when I purchased it from the dealership. Rims, running boards, bed liner, bed cover, tint. Insurance company used NADA to estimate current value but didn’t include any of the add ons.
Again, unless you declared all the aftermarket stuff, you are SOL unless your coverage included some base amount of aftermarket parts like some policies do. I'm not sure what documentation you'd need to claim against that, but you're gonna have an uphill battle there too since you didn't do any of the work and have no receipts.
Posted on 4/22/25 at 2:17 pm to soccerfüt
quote:
and one who needs gap coverage might not have been wise enough to get it.
Yeah, I’ve never needed that coverage for any vehicle we’ve purchased. Always had enough trade in and down payment to make it easy to decline.
Posted on 4/22/25 at 2:20 pm to soccerfüt
quote:
True, and one who needs gap coverage might not have been wise enough to get it.
I always get rental coverage on my auto insurance and I always get Gap coverage unless paying cash. It’s pretty cheap in the grand scheme; only $616 in this case. I’ve just never had to use it.
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