Recently totaled my vehicle that was around 75,000. My comprehensive insurance denied my claim and the lender attached a CPI insurance on the loan. I ended up filing a CPI claim with the lender, the CPI ended up covering 45,000 which leaves 30,000 as the remaining balance. I did buy GAP insurance through the dealer and recently filed a claim on the GAP, do you think GAP will cover the rest of the balance? It would be appreciated if anybody leaves any insight on the situation.
Posted by DisastrousSearch72
3 Comments
there is no coverage here
This will depend on the language of your GAP contract. Some, there would be no coverage at all. For others, there could be coverage. If there is coverage, they might pay 25% or 50% of the ACV. You might be incredibly lucky and have a policy that would both apply AND cover the remaining balance without any restrictions, but I doubt it.
Worst case scenario is they pay $0
Best case is they pay $30,000
They could also pay $22,500 or $11,250
What does the GAP contract state? Can you post the pertinent language? Also how was the ACV calculated?