Se2002

It's good to know that you are okay.

Moe.JKU

Its the law that everyone must have insurance on their vehicle where i live. The way it should be i think, for this exact reason.

Glad to hear everyone is ok, looks like a bad one. Hopefully you get a nice new replacement.

JKid

...wow. Makes me sick to see such a NEW Jeep, or any jeep for that matter get destroyed by careless acts... And then no insurance!

Scuba Steve621

Glad your alright man! I hope everything turns out ok for your situation!

xYike

What part of the story explains what the idiot ran a red light ?? sheesh. Glad you were able to walk away.

Sapper12b

Glad to hear you made it out of the collision alive. Its good to know that the Jeep can handle a collision of this caliber, keep us updated and go see a Chiropractor.

Bjbspong

GAP insurance is a good product if you go into a deal "upside-down," which a lot of people do because of trade-ins and financing terms, little downpayment etc. However, this product doesnt have to meet any suitablity, meaning they can sale it (sometimes without buyer knowing it) to anyone altho there isnt any true GAP (the amount owed on vehicle less fair value of loss paid by auto insurance etc.) But heres the biggie: your auto insurer prob offers this coverage much cheaper than dealer. Also, very few people who purchase insurance thru dealers ask for a copy of the master policy and without that how do you even know what youve bought? Most dealers sale insurance products that give them highest commission not what provides you best protection. If you need GAP protection contact your auto carrier - better coverage at cheaper price than offered by dealer. Also, thru auto ins co, GAP premiums can decrease with time as the actual GAP decreases, but those sold by dealers the premium usually remains constant. As a general rule, the dealer receives up to 75% of the premiums they collect, and thats before any bonuses - believe it or not, a lot of the insurance companies they sale these products for are actually owned by the dealers themselves (look at the owners of the ins companies preferred stock; thats how they legally conceal it). To each his own, but I go to a dealer to get the car at the price Im willing to pay and I deal directly with my insurance companies. Dont misunderstand me, im not telling anyone they have a bad product, just that insurance outside of dealers usually provides better coverage at less cost. And its not complicated: you simply tell your agent this is how much i owe on this car, are there any GAPs? How much to cover GAP on yearly basis (the gap will shorten with time). And if by chance you have a GAP policy from dealer that cost less than what ur auto carrier charges, i no this person actually read the master policy and found coverage to be outstanding.. Finally, these products are cancellable and can be issued at any time. So if your concerned, call your agent with details of how much you owe on a car youve owned forever how long, and if you find you can get better coverage, cancel the dealer policy and purchase new one thru ur auto carrier - some carriers may not issue gap but they may have other options - worth looking into - if u dont have to buy coverage thru dealer, dont!

finnd1

i'll admit it, I LOL'd

scooby snacks

I read your post. My understanding is GAP will pay the difference in what the vehicle is valued at and what you owe. So if the insurance company values the vehicle at $30K and I owe $35K then the GAP would pay the $5K to pay the loan off. I don't believe it will pay me the $38K it would take me to buy another one. Since I only owe $14K which is far less then what the insurance should value the vehicle at I don't see how it would benefit me...

Can you tell me if what I wrote is correct or explain to me how exactly it works in my scenario above?

Thanks.

Bjbspong

You are financially smart when it comes to owning a vehicle and so GAP insurance does not apply to you based on the info you provided. My comments were geared to those it does apply to; sorry if i caused any confusion, and i dont mean any disrepect to anyone who does owe more than value; to each his own. My whole point was that insurance is usually not a wise purchase thru dealers as these products can be bought elsewhere at better prices and terms.