had a car accident

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Posted: Thu Jun 11, 2009 4:52 pm Post subject: insurance

Yes..LORI,..it's a body shop. great people!! Anyway....My mechanic would charge about the same amount that the adjuster came up with (the amount would 'outweigh' the Blue Book amount of the car). The Blue Book value, of the car, will go toward my loan, that I had on the car. I have some pretty good 'leads' about someone selling a few good, used cars. Thanks for everyone's advice. LORI...I don't know what GAP Insurance means...can you explain?

sdchargersfan

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Joined: 21 Aug 2007
Posts: 2055

4.67 Dollars($)

Posted: Fri Jun 12, 2009 6:31 am Post subject:

Quote:

LORI...I don't know what GAP Insurance means...can you explain?

SD, I am sure that Gap policy has been explained before as well. However, most of the financed cars would require you to maintain gap policy since it would cover the gap between the claim check and the loan amount if the car gets totaled.

You can read more about gap policy in the following thread.

http://www.ampminsure.org/auto/gap.html

~Jeremy

P.S. just remember to ask about gap coverage next time get a car financed. Very Happy

JeremyHolter

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Joined: 06 Jun 2007
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Posted: Fri Jun 12, 2009 9:35 am Post subject:

Good job Jeremy.. Glad to hear it's a body shop, for starters SD If you owe more on your loan than your car is worth (it's ACV) GAP pays that difference, so that you aren't rolling more debt on top of your new car loan, putting you immediately and deeply upset down in the next car you buy. _________________ "Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr.