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Question about GAP coverage.


cOoTeR

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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?

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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.

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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.

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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.

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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 adjuster

havent filed a claim with progressive yet so idk how they do it

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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 adjuster

havent filed a claim with progressive yet so idk how they do it

From 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?

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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 :D

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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!

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