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WTF!? insurance???
Posted: Mon May 15, 2006 7:26 am
by VermilionX
so i called in to report that i won the car accident case. in the process, she asked which claim since i have 2 claims.
after i asked about what to do regarding the court case i won, i inquired about the bike theft claim if my car accident adjuster had info on it.
she did have something on the computer system.
it said they sent a check to the lienholder for the remaining money i owe, about $8000.
BUT it also says there that there's only $2000 something left that will go to me.
WTF!? only $2000? i made $5000 down payment plus i paid 4 monthly payments of $150.
bike was sold to me for $10,600... but taxes, registration, warranties it went up to $13,000.
i still haven't gotten hold of my bike theft adjuster but this looks messed up. i thought i was all set and ready to get a new bike since im fully covered and even had GAP insurance.
but from what it looks right now, i'll lose almost $4000 on this claim. that sounds F'ed up.
if this doesn't change, i'll never be able to replace the bike.
i really hope things turn out different once i get to talk to my adjuster.
Posted: Mon May 15, 2006 7:29 am
by Sev
*edit I got my numbers mixed up, they have been fixed.
What was your deductable, what did you still owe on the bike, remember you financed it, so you're going to be paying more then the 10.6k you were quoted. And I thought you had GAP insurance or whatever that is.
Basically your insurance company is going to pay off what you still owe on the bike before they give you the money. So you had a 5k deposit, they ruled the bike was worth 10k or so, and paid the 8k to the bike store, you get the rest.
You owed an extra 6k because you chose to finance it plus tax etc.
Posted: Mon May 15, 2006 7:36 am
by VermilionX
Sevulturus wrote:What was your deductable, what did you still owe on the bike, remember you financed it, so you're going to be paying more then the 10.6k you were quoted. And I thought you had GAP insurance or whatever that is.
Basically your insurance company is going to pay off what you still owe on the bike before they give you the money. So you had a 5k deposit, they ruled the bike was worth 8k or so, and paid the 6k to the bike store, you get the rest.
yeah i had GAP.
and i have a $500 deductible. and like i mentioned, i still owe 8000, but that included the taxes, registration and warranties. shouldn't i get money back from those too?
i thought i was only gonnna lose the deductible money and maybe just a little more since the bike is only 4 months old.
this really sounds messed up.
Posted: Mon May 15, 2006 7:37 am
by Meanie
Sevulturus wrote:What was your deductable, what did you still owe on the bike, remember you financed it, so you're going to be paying more then the 10.6k you were quoted. And I thought you had GAP insurance or whatever that is.
Basically your insurance company is going to pay off what you still owe on the bike before they give you the money. So you had a 5k deposit, they ruled the bike was worth 8k or so, and paid the 6k to the bike store, you get the rest.
Yep and it also depends what your interest rate was as well as how much you put down and the length of the financing.
Posted: Mon May 15, 2006 7:37 am
by Sev
They give you 10k, but you owe 8k on the bike. So 8k goes to the people you owe money to, and you get whatever is left.
Did you think that you don't have to finish paying off your bike because it was stolen?
Posted: Mon May 15, 2006 7:40 am
by VermilionX
Sevulturus wrote:They give you 10k, but you owe 8k on the bike. So 8k goes to the people you owe money to, and you get whatever is left.
Did you think that you don't have to finish paying off your bike because it was stolen?
but the 8K i owe includes taxes, registration, warranties. shoudln't i get money back from those too? those alone is worth around $2000.
anybody know how GAP will work on this?
Posted: Mon May 15, 2006 7:44 am
by Sev
Yeah, but you still owe the money to the dealership. You might be able to cancel your warranty because you don't have the bike anymore, but you still owe the tax and all the other stuff (registration, tax etc) you paid for.
What exactly is Gap insurance again?
Posted: Mon May 15, 2006 7:47 am
by Sev
http://www.gap-insurance.com/
Gap isn't going to help, Gap is the reason you got as much as you did.
What is Gap Insurance? What does it do?
Gap Insurance protects your vehicle's loan. It covers the difference between what you owe, compared to what the vehicle is worth in case it is totaled for ANY reason, and it also pays your regular insurance deductible.
If your vehicle is totaled for any reason - theft, fire, accident, flood, tornado, vandalism, or hurricane - the value that your insurance company places on it may be a whole lot less that its actual retail value - and it is often considerably less than the actual amount you still owe on your loan. Between the amount of your insurance deductible and the loss from this financial shortfall or “gap,” you can be left owing literally thousands upon thousands of dollars. Drivers Select Automotive Loss Protection eliminates the financial gap between what your primary insurance company's settlement is and the actual loan payoff to your bank, credit union, or finance company up to $50,000 per incident!! Plus, in the process, Drivers Select Automotive Loss Protection even covers your deductible. For example, here's how a typical settlement goes:
Gap Example:
Your Loan Payoff is: $20000
Your Vehicles Actual Value: $17000
Your insurance deductible: $500
Your Insurance Settlement: $16500
The GAP we pay: $3500
Posted: Mon May 15, 2006 7:49 am
by Sev
Sorry dude, that really sucks, sorry to hear this happened.
Posted: Mon May 15, 2006 7:55 am
by VermilionX
it seems i won't be able to buy a replacement bike.
this is so sad, i thought i was all set.