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cupcakez · 07-12-2018, 04:10 PM

Update On Status of Car

So. Here's a quick update on what I did today and some information I found out about my car.

I called the financial institution in charge of my GAP insurance and they told me:
- The aftermarket parts will likely increase the value of the car on top of the initial estimate that the adjuster gave me of 18k. So depending on that, I may not even have to use GAP insurance which is good for them as a business lol.

- I also emailed my insurance company telling them that a majority of the aftermarket parts I have on the car at the moment is only 875 miles which hopefully should increase the value of the car as 875 is still brand new

- I guess i purchased an extended warranty on the car for like $2800, and since I only had the car for like 11 months so far, they will cancel that extended warranty and give me that money back, so I could come out with more cash than initially thought because of the things I purchased on the car initially (Extended Warranty & Aftermarket parts)

- They said that they received the emails I sent about the receipts and get back to me after he gets a chance to look at them

- My insurance company said there will definitely be a buy back option if I so choose to after the total loss is deemed on the car, and that I can either buy it back at salvage value which would then be deducted from the Insurance payout and then I pay the difference between that and the car value or just let them take the car and take the face value cash for it, which I'm not going to do, since I want the car back.

The only way I'm going to let them keep it is if they gave me a hefty amount for the car since the car has so many after market parts in it which probably wont happen but if it does, then I'll say keep it and I buy a different car

- Any money I pay for payments on the car starting from July 3rd (Date of accident and date it was reported) is going to be refunded back to me after all is said and done.

- GAP insurance takes 30 - 45 days to take effect and since I already notified them today, those 30 - 45 days start today.

07-12-2018, 04:10 PM	#222 (permalink)
cupcakez Track Member Join Date: Oct 2017 Location: California Posts: 635 Drives: 2009-7AT-Base-Coup Rep Power: 4836	Update On Status of Car So. Here's a quick update on what I did today and some information I found out about my car. I called the financial institution in charge of my GAP insurance and they told me: - The aftermarket parts will likely increase the value of the car on top of the initial estimate that the adjuster gave me of 18k. So depending on that, I may not even have to use GAP insurance which is good for them as a business lol. - I also emailed my insurance company telling them that a majority of the aftermarket parts I have on the car at the moment is only 875 miles which hopefully should increase the value of the car as 875 is still brand new - I guess i purchased an extended warranty on the car for like $2800, and since I only had the car for like 11 months so far, they will cancel that extended warranty and give me that money back, so I could come out with more cash than initially thought because of the things I purchased on the car initially (Extended Warranty & Aftermarket parts) - They said that they received the emails I sent about the receipts and get back to me after he gets a chance to look at them - My insurance company said there will definitely be a buy back option if I so choose to after the total loss is deemed on the car, and that I can either buy it back at salvage value which would then be deducted from the Insurance payout and then I pay the difference between that and the car value or just let them take the car and take the face value cash for it, which I'm not going to do, since I want the car back. The only way I'm going to let them keep it is if they gave me a hefty amount for the car since the car has so many after market parts in it which probably wont happen but if it does, then I'll say keep it and I buy a different car - Any money I pay for payments on the car starting from July 3rd (Date of accident and date it was reported) is going to be refunded back to me after all is said and done. - GAP insurance takes 30 - 45 days to take effect and since I already notified them today, those 30 - 45 days start today. __________________ \|\| ECUTEK (Eugene) \|\| A2A \|\| IPP Built Motor Stage IV Spec \|\| RJM Short Block \|\| Quaife LSD \|\| KW V3 \|\| Stillen-Exhaust \|\| 11.0.1 CR \|\| 928 Full Rebuild \|\| CPZ 34 Row Oil Cooler \|\| Last edited by cupcakez; 07-12-2018 at 04:16 PM.