you might be shit outta luck because of gap insurance.

 

tblue32
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No Way!
That's crazy, cause I was at the Dealership last week on Friday the 4th picking up some transmission fluid and I saw a car exactly like yours with the red coloring on the grill! and some stickers on the side skirts. It was parked by the service managers windows. WOW that is crazy i could swear this was your car? In any event I'm sorry to hear that. I'll keep in eye out in this area. Believe me if I see it i'll let you know ASAP. (and my girlfriend thinks i'm paranoid cause i'll always checking my car out the window, i'm gonna show her this post in the mor'nin)
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This seems like a good place (that dealership) if it's in your area that you should at the very least inquire/go to and see if you can get some positive leads on your ride....By chance one of the worker's/service manager's may recall if that car was there, why, or who claimed they owned it....
We all feel yur pain tho....
Pardon me, but never mind my message if you've done this already!

 

Uh, Vinny... you really need to learn to read more than just the first few posts.

The car has been found... trashed via a rollover. Looks like they tried to make a really hard&fast right, but couldn't got the front left on a curb and flipped the car.

Now the issue is... this was still on a loan and no GAP.

 

Thanx goobers, I do need to read more before I post!

 

So gap covers the difference between how much it is worth now(with out being crashed) and how much I owe on the car still right? So what value do I go off of? Cause I looked at suggested retail value of my cary year with the miles it has and it says $13,300. And I owe 14000 on it. So with that, there's not much that I need to come up with to cover the gap. What sux is that my insurance co pay is $500.... So I gotta come up with 1200 on top of losing out on 2500 that I put down(from my trade in) :'(

 

GAP covers the difference between what your insurance pays and what you owe on the loan, minus your deductible.

So you owe $14,000 and lets just say your insurance pays $12,500, the gap coverage would pay you an extra $1000 (14000-12500-500 deductible)

You insurance will pay you what that actual cash value of the car is. It is really hard to know what the actual cash value of your car, but a rough way to estimate is to find out what similar condition Fits with similar mileage cost in your area.

Has you insurance company even opened a claim for you yet? I would call your adjuster and just ask them. At this point they don't have to tell you, but most will tell you so you can start planning for paying off your car and start looking for a new car.

 

Insurance will go off middle blue book value. Gap insurance will cover up to $700. You will pay difference plus down payment on another car. You will also pay your copay. Good news when and if you catch them a judgement will be given in your favor for them to pay you back, however that will be after they get out if jail, and will be $25+ monthly. So basically your screwed, and now broke. America is great isn't it?

 

I work in insurance, so I have some insight that may help with your questions.

You can get a car, but because your policy, while a full coverage one, does not include rental car reimbursement (which is sometimes labeled as "loss of use" coverage), you will have to foot the bill for a rental car... most likely. There's nothing to stop you from getting one, though don't expect your insurance company to pick up the tab if you didn't purchase that coverage.

I work in insurance, so I have some insight that may help with your questions.

You COULD, but you'd have to pay for the car FOR NOW since your current insurance company has not yet paid out for your comprehensive claim. Your insurance company will have nothing to do with your new car purchase... no matter what you do, they will just cut you a check for the ACV (actual cash value, which someone else mentioned before) of your vehicle, less your deductible.

It isn't always a rip-off. It'll generally be more expensive than if you were to get it through your insurance company, though not all insurance companies offer that coverage, so you'd have to get it through the dealership.

Gap coverage goes WELL beyond $700... not sure where you got that number from, especially when gap coverage from the dealership costs a few hundred dollars anyway, so if it were limtied to that amount, then it would be a waste of money... basically a sucker's deal.

The beauty of gap coverage is the fact that it covers the difference between the payout of your insurance company versus what you owe ON YOUR LOAN. The reason why I specified that is because if you had traded in a car that is upside-down (meaning that the amount the dealership was giving you for your car is less than what you owe on it), that balance is transferred to your auto loan, making it greater than if you had been financing ONLY the car. In the event of a total loss, that entire balance is also taken care of.

For example, an associate of mine who made poor decisions when he was younger (early 20s) had purchased a 350Z that he realized wasn't the best idea for him... he owed $25,000 by the time he traded it in but it was only worth around $20,000, so the $5,000 was also included on top of the sale price of his vehicle, which he ended up crashing within several months. But due to the gap coverage, it took care of both the entire loan. So while the gap coverage may only have covered a difference of a few thousand dollars if he didn't owe money on his previous car, the same coverage now paid out that plus $5,000, more or less.

Let me know if you have any questions about insurance. By the way, which company are you with?

 

Call me a sucker then. My gap on a chevy only payed $700. Leaving me with $1800. That was in may 2010. Bought car in 2005. I was hit by a drunk. Insurance paid $5500, gap paid $700,i payed $1800 + $1000 down on new this fit. Hope your deal works better than mine did. My judgement on guy is out but you know how that goes. He just got found guilty in january, so I had to pay back in june, but I got my fit now so all is better.

 

Really? That's so unusual... it's designed to cover the entire difference. You shouldn't have had to pay for it, unless you got some weird gap coverage that I've never heard of that is limited to a maximum of $700... and while I currently work in insurance, I did a short stint in car sales in 2006/2007, so I'm pretty familiar with a lot of the stuff that goes on.

OP -- if funds permit, would you just get a newer 2nd gen Fit? Or are you considering trying something completely different?

 

yeah, some one came out and took a look at the car today and they are gonna total it. so now i have to wait for the police report to be sent to them which it sounds like it takes a while...

i need a new car. it looks like it gonna be an 08 fit sport black stick. the dealer is willing to finance even though my credit shows that i had just opened a car loan. all they want is roof that the car is crashed and the insurance is taking care of everything... i guess its risky but they believe everything im saying... they just need proof...

 

what a great country we live in!

 

im really looking to get a GD.... im not a fan of the 2nd gens. i like the way they look and all but i just love the GDs

 

im insured through alliance united. they are from ventura. after all this is sed and done, im switching to AAA or progressive... maybe statefarm.

right now im just waiting for the police report to be sent back to the insurance company. i guess that takes a good amount of time cause LAPD lags. then, i have to wait to get an affidavit to fill out about the theft. then i gotta go get a print out of my cell phone statement which shows my calls the day that the crime happened and a print out of my bacnk statement that shows that i did go to where i sed i went.

does that all sound ok with what u know? cause ive never gone through any of this... im trying to get everything as fast as i can so that i can just move one from this... i just wnna be done with it. just let me get a new fit already and lemme make the payments and be f'd up already...

 

So sorry to hear about your car and the outcome. You had a beautiful Fit but I am happy to hear that you are going with another one! Hope you can work it out and it won't be too much of an ordeal. My friends car a GTI VW completed moded out and slammed was stolen and they took it out in the woods to set it on fire.

 

When reading this post I was in awe of the beautiful car in the first few pictures, then my heart broke when you posted pics of the car after it was found. I am so sorry for your loss. Insurance is ALWAYS a PAIN in the butt period.

What I have learned in the past is ALWAYS buy gap insurance the $500 you spend at the dealership always pays off either in peace of mind or in $$$ when your car either gets stolen, or wrecked.

I am going out to my second car and removeing the Fit key from our second car, so this does not happen to us.

I really hope that everything works out for you in the end, after the insurance settles.

Both me and my wife are fans of the 1st gen Fit as well, and we sympathize with you. I hope you are able to find a car that is as good if not better then your lost Fit.

 

Not to say anything bad about your company, but it sounds like they are making you jump through a lot of hoops to get this taken care of. Even before I worked in insurance, my brother's 2000 Civic got stolen in December 2001. The process to get the insurance company to pay out was fairly painless, and everything was taken care of rather quickly. I suppose that at the end of the day, the main thing is that they pay out, but you're having to do much more legwork than I have heard of people having to do. Granted they will always want a copy of the police report, but generally speaking, companies will move more swiftly than that, especially in your situation where you have no rental car reimbursement/loss of use coverage.

Anyway, if you end up wanting to get quotes elsewhere, you can PM me about it since I am a directly appointed agent of 20+ companies here in California (i.e. Progressive, Safeco, etc.). And if it helps, I'm Filipino too (assuming that you are based on your signature, haha).

 

Haha yeah, I'm definitely gonna be leaving these ass holes.... They are just very.... Inconciderate... No sympathy to my situation an does not offer and temporary help... I wanna go with AAA or progressive. I'll hit u up when I need a quote. Thanks man I appreciate it. Where is ur office at? I an go there if I'd like so that u can get my business.

 

Sorry to hear about your Fit. That's the worst.

For your next car, I'd recommend a Clifford alarm that has Blackjax. It's an anti-carjacking feature, but it would have probably saved your car. A thief can't go very far even if they have your keys.

 

what does it do? is it like lo jack? or a kill switch?