GAP AUTO INSURANCE

[Arlo Kalon 2.0]

Two weeks ago my wife and I left on a trip from Texas to Michigan to attend an uncle's memorial. It was our first road trip in our new to us 2014 Ford Explorer. It was a very nice car, past tense intended. We had it two weeks. We were stopped in construction traffic on 55N in Illinois when a big Silverado pickup rear ended us. There was already another accident about 100 yards behind us so a state trooper was at our car in less than two minutes. He said the driver who hit us was obviously rubbernecking the other accident since he never hit his brakes before impacting us at 55mph according to the trooper. All in all 3 vehicles were totaled. We went by ambulance to the ER and were later released after determining our injuries weren't serious enough to require a stay. The pickup driver was cited for being at fault.

Fortunately, we purchased gap insurance with our car. If we hadn't, we would have owed about $5,000 after the at fault driver's insurance paid it off. If you buy a newer vehicle, please don't pass on gap coverage. It would be very defeating to be paying for a car we no longer owned!

 

[ProColorGraphics]

Check with your insurance agent though!! It's usually WAY cheaper getting it from them versus the dealer!!

 

[equippaint]

Gap insurance is a ripoff, mostly everyone knows this. How could you buy a used car and be so quickly upside in it for 5k? Used cars are still used when you buy them so the value doesnt depreciate. Its the new cars that take a hit because they aren't new anymore but even 5k straight off the lot in a new car would mean you did poorly negotiating your purchase.

 

[Texas_Signmaker]

Gap insurance is a ripoff, mostly everyone knows this. How could you buy a used car and be so quickly upside in it for 5k? Used cars are still used when you buy them so the value doesnt depreciate. Its the new cars that take a hit because they aren't new anymore but even 5k straight off the lot in a new car would mean you did poorly negotiating your purchase.

Yea I agree with this. I could see gap insurance on a brand new car where you didn't put much of any $$ down AND took a long loan. If your 5k down on a used car something is wrong. Either you put no money down and paid 5k more then you should, or you DID put $$ down and paid WAAAYY more then you should.

 

[ddarlak]

i would have cellino and barnes him for the 5k time 1000....

 

[Arlo Kalon 2.0]

Mostly incorrect assumptions. It was an Explorer XLT with 28k miles, one owner. Dealership where I bought it was a long time customer of my sign biz. 8 total cars bought from them in my family, 4 of them new. I deal with the Ford dealerships owner. It was State Farm insurance who lowballed the payoff. Hey, I’m only out 1 installment on the coverage.

 

[Texas_Signmaker]

Hey, I’m only out 1 installment on the coverage.

What does that mean?

Gap insurance pays you if you upside-down in your car loan... so you owed 5k more then the value of your car. When I shop for used cars I always look up the book value to see if what the dealer is selling jives with the value online. I don't know if I'm missing something but you really shouldn't be needing Gap on a used vehicle...

As for state farm, you don't have to accept their offer. You have the right to an independent appraisal. You may want to shop around when you purchase your next vehicle instead of staying with the same dealer over and over again... or start charging more for their signs!

 

[equippaint]

Mostly incorrect assumptions. It was an Explorer XLT with 28k miles, one owner. Dealership where I bought it was a long time customer of my sign biz. 8 total cars bought from them in my family, 4 of them new. I deal with the Ford dealerships owner. It was State Farm insurance who lowballed the payoff. Hey, I’m only out 1 installment on the coverage.

I don't doubt that they are but you just bought yourself a bunch of your own signs when you signed the paperwork. Insurance uses local comps, they will give you these comps when you dispute their payoff. Just like appraising a house. You got insurance covering a bad deal and nothing more.

 

[Arlo Kalon 2.0]

What does that mean?

Gap insurance pays you if you upside-down in your car loan... so you owed 5k more then the value of your car. When I shop for used cars I always look up the book value to see if what the dealer is selling jives with the value online. I don't know if I'm missing something but you really shouldn't be needing Gap on a used vehicle...

As for state farm, you don't have to accept their offer. You have the right to an independent appraisal. You may want to shop around when you purchase your next vehicle instead of staying with the same dealer over and over again... or start charging more for their signs!

I got the car for $21,500. Look it up on blue book. It was the at fault drivers insurance who paid it off. I hoped that was clear. I had nothing to dispute. They also gave me 3 grand for an old guitar that was given me that got crushed. If you wanna talk comps, the highest price I could find for the guitar was $1,250. I’d say I did okay.

 

[Texas_Signmaker]

Your right Arlo, you made out well on this one! Good job getting the gap insurance and sweet deal on them covering MORE on guitar then what it's worth. This all make sense now!!!!!

Now you have an excuse to see your friend at the dealership again! Woohoo Happy Endings... we all love them around here!

 

[Johnny Best]

So, did you make it to Michigan? How does the neck brace fit and feel.
Cellino & Barnes are lawyers and advertise on TV in western NY.

 

[Kottwitz-Graphics]

Well, you can expect a payoff check from the other insurance company.

I got rear ended once and after taking my young son to the hospital to get checked out, we got a check from the other drivers company for $7500 ($2500 per person) so that we couldn't go back and sue for pain and suffering later on...

 

[rjssigns]

Hope you didn't sign anything. Getting smacked that hard can cause problems later on. I know because it happened to me and the guy was going about 25mph. I felt fine until a couple days later. Must have been the adrenaline. Back and neck problems were the main injuries.

 

[Arlo Kalon 2.0]

Hope you didn't sign anything. Getting smacked that hard can cause problems later on. I know because it happened to me and the guy was going about 25mph. I felt fine until a couple days later. Must have been the adrenaline. Back and neck problems were the main injuries.

I was already in treatment for 3 back fractures and a dislocated disc in my neck. He hit the wrong guy. Powerful attorney with excellent record of settlements from State Farm handling my case.

 

[Arlo Kalon 2.0]

So, did you make it to Michigan? How does the neck brace fit and feel.
Cellino & Barnes are lawyers and advertise on TV in western NY.

We arrived an hour too late for fav uncle’s memorial due to time change. Rental was a Durango. Rode like a buckboard compared to the Explorer. New ride is a top of the line Denali. Gonna be easily affordable after at fault drivers insurance has to pay out. Can’t wait for road trip in two weeks to a mansion on the ocean we rented for a week in Myrtle Beach.

 

[Texas_Signmaker]

Wow, this guy is on a whole other level...

 

[Johnny Best]

Denali, mansion on the beach, payout expectation must be good. How did the wife make out, you did not mention if she was injured.
That Denali will be sweet when you pull your trailer to the craft shows. Like you need to do those anymore.

 

[Texas_Signmaker]

We arrived an hour too late for fav uncle’s memorial due to time change. Rental was a Durango. Rode like a buckboard compared to the Explorer. New ride is a top of the line Denali. Gonna be easily affordable after at fault drivers insurance has to pay out. Can’t wait for road trip in two weeks to a mansion on the ocean we rented for a week in Myrtle Beach.

Denali huh? That's roughing it... Can't go one level higher and spring for the Cadillac? I hear Sewell offer's gap insurance

 

[Arlo Kalon 2.0]

Denali, mansion on the beach, payout expectation must be good. How did the wife make out, you did not mention if she was injured.
That Denali will be sweet when you pull your trailer to the craft shows. Like you need to do those anymore.

Thanks for asking about my wife. She has a very painful cracked tailbone and rib. Gnarly seatbelt bruises as well. She got banged up pretty bad after we were pushed into an oncoming car while I was frantically trying to steer out of the way of a tour bus barreling down on us. Would’ve squared into passenger door and took her out. We were incredibly fortunate. A family of 4 was killed in the same place the day before.

 

[rjssigns]

I was already in treatment for 3 back fractures and a dislocated disc in my neck. He hit the wrong guy. Powerful attorney with excellent record of settlements from State Farm handling my case.

Good for you. Honestly, all people look at is how much money you get. But money doesn't get rid of the injuries that cause lifelong complications. Hard to compensate someone for a lifetime of pain.