Quote:
Originally Posted by jill.g@verizon.net
Steve;
You have sure had some bad luck with insurance co's. That is just all-around %$#@ service on all their parts, except Geico, who sound like a cut above all the rest. I have not had gap insurance, but now will talk to my agent about it. Does it make any difference if the car is paid off or not? (Mine is) Hope your experience with State Farm, etc. will encourage others to question their current coverage. Better now then when you need it, right?
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Gap Insurance is for suckers only (er, um I mean people with loans or leases who are "upside down"). The more "financially astute" among us who put a fair amount down and not try to get 100% financing do not such problems.
The ONLY thing GAP insurance does is make up the difference between what the Insurance company is willing to pay and what your existing balance is on the note at the time of the incident. So, no need to waste money on GAP insurance if your car is paid for.
As far as getting the MOST out of a wrecked vehicle... well that is up to you and YOUR OWN insurance company to work out. If the other party is at fault, the other insurance will often pay the least amount possible unless pressed. You would be surprised at the number of people who simply say "OK, that sounds fair" when the insurance company makes their first "offer". Few even bother to pursue "diminished value" for cars that are not completely totaled. Why not?