Your dad is forgetting that an auto policy is an Actual Cash Value policy.... not a replacement cost policy (like his Homeowner's policy - probably). If your car is a total loss due to a covered loss, and you have comprehensive and/or collision (which ever applies) the insurance will replace/pay for your loss. So you totaled a 2008 CR-V, that had 7200 miles on it at the time of the loss. So, it was a USED vehicle. the adjuster will probably go to Kelly Blue Book and get a value on your car. subtract the deductible and pay you accordingly. You could have probably have gotten the GAP coverage through your insurance company for less money than the dealership, but, that boat has sailed... lol So wait until it's up for renewal, and then talk to your insurance agent. In the future.. remember, car salespeople are for selling cars, insurance salespeople do an excellent job of selling insurance, but they usually stink at selling cars. LOL GAP coverage usually protects your down-payment.
by larsgirl - a day ago
For free insurance quotes
by ? - a day ago
I recommend you this site to get quotes - INSURANCEGRADES.INFO- RE Full coverage w/ state farm and gap insurance? I just bought a CR-V. I have full coverage w/ State Farm. I bought Gap insurance for 287 at the dealership. I thought this was a good buy. My dad says that since I have full coverage if I have a total loss we're covered by State Farm for the full amt. I've had friends that have wrecked their cars and only got 3k back. Should I keep or cancel my gap?
by Romain - a day ago
There is a gap of what the vehicle is worth because of the loss you have from just driving off the lot. If you sleep better knowing if anything happens to you new car, then it's worth the peace of mind to keep it. State Farm could only give you the current value of the car if there was an accident and you would come up short. That;s what you need to decide on how important the money you'd have to pay off is to your budget.
by debijs - a day ago
State Farm, and any other insurance company, will only cover the value of the vehicle. As soon as you drove it off the lot it lost value so if wrecked you would not get what you owe. Almost all auto insurance companies also offer gap insurance for much less than through the dealership. However, it's probably too late to change and you should keep your current plan.
by Zarnev - a day ago
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