cOoTeR Posted July 6, 2011 Report Share Posted July 6, 2011 Does anybody know how GAP coverage works? I haven't made the first payment on my motorcycle and its been wrecked. The shops estimate to repair it is really close to the nada value so I think it will be totalled. Gap still applies even though I haven't made a payment yet, right? What expenses other than the deductible am I looking at? Quote Link to comment Share on other sites More sharing options...
Carwhore Posted July 6, 2011 Report Share Posted July 6, 2011 gap goes into effect at time of purchase. So you should be good. Yes you'll pay your deductable, insurance will pay their amount, whatever isnt covered gap will cover. Quote Link to comment Share on other sites More sharing options...
C-bus Posted July 6, 2011 Report Share Posted July 6, 2011 gap goes into effect at time of purchase. So you should be good. Yes you'll pay your deductable, insurance will pay their amount, whatever isnt covered gap will cover.I believe this to be true. Know that GAP insurance is required when you are paying more than it's worth. Quote Link to comment Share on other sites More sharing options...
Helmutt Posted July 6, 2011 Report Share Posted July 6, 2011 Always a good idea to have gap coverage the first few years you're paying on a new vehicle (or whenever the loan vs. vehicle values are right side up) -- and I usually throw on an additional $2k worth of coverage for "custom accessories" to ensure payback in a totalled scenario for any goodies I've bolted on. Other than your deductable, there shouldn't be any additional for you to pay. Quote Link to comment Share on other sites More sharing options...
35RFTW Posted July 6, 2011 Report Share Posted July 6, 2011 gap goes into effect at time of purchase. So you should be good. Yes you'll pay your deductable, insurance will pay their amount, whatever isnt covered gap will cover.Different GAP programs opperate differently. On the GAP we sell, your deducatable has no bearing on what is covered. Our plan also covers up to 150% of NADA. Some are only 125%. As long as what is owed on your bike is less than 150% of NADA you will be covered regardless of what insurance gives you. Quote Link to comment Share on other sites More sharing options...
Helmutt Posted July 6, 2011 Report Share Posted July 6, 2011 ^^^Awesome!! Almost makes all that interest worth it, huh?!?! Quote Link to comment Share on other sites More sharing options...
cOoTeR Posted July 7, 2011 Author Report Share Posted July 7, 2011 How long does it normally take the insurance to make a decision after the shop gives them an estimate? Quote Link to comment Share on other sites More sharing options...
idodishez Posted July 7, 2011 Report Share Posted July 7, 2011 Thought this was a post about going off a cliff in TN:) Quote Link to comment Share on other sites More sharing options...
Steve Butters Posted July 7, 2011 Report Share Posted July 7, 2011 How long does it normally take the insurance to make a decision after the shop gives them an estimate?not sure....when i was with my last company, they sent you to their adjuster and he looked it over and made the estimate himself, then they ask what shop you want it worked on at and they cut a check for that shop right there on the spot....if the shop ends up wanting more to do the work than insurance though, they will send the shop additional funds...they even covered the tow truck if you had to have your vehicle towed to their adjusterhavent filed a claim with progressive yet so idk how they do it Quote Link to comment Share on other sites More sharing options...
Likwid Posted July 8, 2011 Report Share Posted July 8, 2011 There's a difference between GAP coverage and Loan/Lease Payoff offered through your insurance... just checking which one you have.One's a ripoff and one's a scam. Quote Link to comment Share on other sites More sharing options...
jporter12 Posted July 8, 2011 Report Share Posted July 8, 2011 not sure....when i was with my last company, they sent you to their adjuster and he looked it over and made the estimate himself, then they ask what shop you want it worked on at and they cut a check for that shop right there on the spot....if the shop ends up wanting more to do the work than insurance though, they will send the shop additional funds...they even covered the tow truck if you had to have your vehicle towed to their adjusterhavent filed a claim with progressive yet so idk how they do itFrom what I've seen, Progressive is pretty much the same.There's a difference between GAP coverage and Loan/Lease Payoff offered through your insurance... just checking which one you have.One's a ripoff and one's a scam.This guy should know.So, you're saying both suck? Quote Link to comment Share on other sites More sharing options...
Likwid Posted July 8, 2011 Report Share Posted July 8, 2011 This guy should know.So, you're saying both suck?It's all based on circumstance, there are VERY few times you need GAP coverage from your dealership/bank. Since they are already underwriting your insurance (instead of the bike) it's typically the right thing to just get coverage through your insurer.But honestly,you should always put a down payment that clears you of NADA value Quote Link to comment Share on other sites More sharing options...
cOoTeR Posted July 13, 2011 Author Report Share Posted July 13, 2011 Called the claims department today about the bike the lady said it looked like its going to be totalled so they had to send someone out to do an evaluation report. The report just came in and "its going to be close". Now someone in another department has to review the entire claim and decide. So basically I'm still waiting to find out Wtf is going on. This sucks donkey ballz! Quote Link to comment Share on other sites More sharing options...
cmh_sprint Posted July 13, 2011 Report Share Posted July 13, 2011 That sucks. Nothing like knowing the decision between repairing it or a new bike depends on what kind of day a person is having. Quote Link to comment Share on other sites More sharing options...
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