HELP ! GAP Insurance Question

[THATJEFFGUY]

So does anyone have the scoop on how GAP insurance "really" works? I purchased a used '04 Suburban last year and then it was stolen in March '05. I found out that I signed for the GAP insurance when I bought it from the dealer. So I filed a claim with my primary primary insurance company (AAA) who paid the lender blue book value, and now the balance ($12K) is in the hands of the GAP insurance carrier (OwnerGuard). They are just dragging their feet and giving me and the lender a bunch of BS saying my primary insurance carrier should have paid more. So now they say there is a difference of approx $9K that I'm responsible for. WTF ?? Isn't that what GAP insurance is for..to pay the difference between the value of the truck, and the balance owed ??? So now the lender is bugging me to make payments until the GAP insurance settles this...which I told them hell no ! It's been almost 4 months and they haven't done anything ! Now I'm really pissed and bascially told the lender AND the GAP insurance people to F off ! Is there any way to settle this..or make the insurance company step up and pay..or do I need to contact an attorney to put a fire under their ass ?? Why am I responsible for anything if I had the GAP insurance? Has anyone dealt with this BS before ?? Damn I HATE insurance companies !

[riverracerx]

My GAP insurance is through my credit union who I have my loan through. They pick up the extra coverage that does not get paid by the insurance company. This is what their website says:
You could lose more than you might expect if your new or used vehicle is totaled or stolen (and not recovered). Since most insurance policies only cover the value of your vehicle minus any deductibles, your loan balance might be higher than your insurance payout. Now you can protect yourself with Guaranteed Asset Protection (GAP), which pays the difference between the value of your vehicle and the amount you still owe. Plus it covers up to $1000 of your insurance deductible.
Sounds like whomever you have GAP though doesn't want to pay up?

[termiteguy]

i would call a lawyer 1st. 2nd i would find out if they are puting dings on your credit every month for being late that will hurt more than the money if you
have to pay

[All IN]

Go to the dealership that sold you the car, I personally do alot of bussiness with Ownerguard and they always pay there claims in a timely matter. If your Insurance is not giving fair market value of your vehicle ask for a manager.

[Wonderboy]

I just bought GAP insurance on my new Dmax. Hope I don't get screwed if anything were to happen to the truck.

[Rock-A-Bye-Baby]

maybe Photoglou would be a good source to go thru....

[topless]

I have gap insurance also. I hope nothing happens to my car but if it does, hopefully it will be worth it. I'm going to go see who mine is through tonight.

[Dawn Patrol]

How much is GAP insurance? Who else offers it?

[voodoomedman]

I get GAP through my insurance company. Seems a little iffy going third party.

[topless]

Go to the dealership that sold you the car, I personally do alot of bussiness with Ownerguard and they always pay there claims in a timely matter. If your Insurance is not giving fair market value of your vehicle ask for a manager.
Thats the same company that he said is dragging their feet. :(

[ChumpChange]

Thats the same company that he said is dragging their feet.
Somebody get this girl a sticker!

[JackieV]

I use to sell GAP Ins., I am going to forward your post to my girlfriend that still works at my old job and see what she can do!
Sometimes, you gotta light the fire under somebodys asS to get things moving.
Sorry that you are having to deal with this.

[INSman]

The dealer that sold you the policy has the volume and the leverage with the company offering the coverage.. I would be going to them and be asking for the GM of the dealership to immediately help you to get this issue resolved, as that is what his Finance guy sold you to begin with and was your understanding of the coverage.

[THATJEFFGUY]

I use to sell GAP Ins., I am going to forward your post to my girlfriend that still works at my old job and see what she can do!
Sometimes, you gotta light the fire under somebodys asS to get things moving.
Sorry that you are having to deal with this.
Hey Jackie..did you ever get any info from your girlfriend ?? I PM'd you but they probably still aren't working.

[ELIMINAT THIS]

Try http://www.insurance.ca.gov/docs/

[JackieV]

I know that our GAP insurance carrier covers a maximum of 125% over the blue book value. I had a situation where a member purchased GAP and thought that it would take care of the entire difference that the insurance company did not. It turned out that he financed more than the GAP would cover and was stuck with a $2,000 balance. What was the value that AAA insurance declared the vehicle to be? The loan contract or any documentation about GAP coverage given to this person should indicate if they have a maximum coverage amount.
I would let him know that defaulting on the loan will only mess with his credit. He should report this GAP insurance company to the Department of Insurance. I think too he should contact the place he purchased the GAP through. Let me know if this helps any.

[Eliminator 4 Life]

Hi jackie how are you hows the new JOB going :)

[JackieV]

Hi jackie how are you hows the new JOB going :)
It's going pretty good! Except for the weirdo's that install! LOL

[Eliminator 4 Life]

It's going pretty good! Except for the weirdo's that install! LOL
Well kick there azz ha ha show them the fiesty side :)

[JackieV]

Hey would you mind if Foxy came out with me this weekend?

[Eliminator 4 Life]

Hey would you mind if Foxy came out with me this weekend?
naw not at all you guys have a great weekend and be safe :) :wink:

[Waldo]

maybe Photoglou would be a good source to go thru....
Nice rhyme!