Very upsetting day today......my poor z =[

kayess · 09-14-2011, 11:32 AM

Quote:

Originally Posted by fuct

if pay $120 a month to insure the Z annnnnnnnd two other vehicles??? yea you dont have full coverage.

$120 a month for just the Z, yes you have full coverage.

$120 just for the Z.

Skeeterbop · 09-14-2011, 02:50 PM

GAP pretty much just covers you if the car is valued at less than what is owed in case of it being totaled. For example if you owe 30k and it gets totaled and is valued at 25k the GAP will cover the 5k difference. At least that is how I understand it. And it isn't a mandatory thing. Just the Comprehensive and Collision is.

kayess · 09-14-2011, 02:53 PM

Quote:

Originally Posted by Skeeterbop

GAP pretty much just covers you if the car is valued at less than what is owed in case of it being totaled. For example if you owe 30k and it gets totaled and is valued at 25k the GAP will cover the 5k difference. At least that is how I understand it. And it isn't a mandatory thing. Just the Comprehensive and Collision is.

You are correct sir, it works in conjunction with your insurance.

I'm doing my personal side investigation on company policies on financed cars, trying to find some documentation that will give me the upper hand in this fight where i can prove buying non full coverage on that car was impossible.

37zeroZ · 09-14-2011, 03:49 PM

From what I've read....doesn't sound good in favor of Kayess.

Insurance is designed to protect the party who has the title in their name, i.e., money talks. In this case, it's the finance company....not the owner who is making payments. You own nothing until the finance company releases the title to you, thus, they are the ones on the hook.

There are checks and balances in place to make certain that full coverage is obtained by an individual who is lent money, but not always 100 percent. The responsible individual is the person who is given the property. You are ultimately responsibility for making sure that you cover any loss that might prevent you from defaulting on the purchase.

Or you could do the dishonourable thing and default on the loan and turn over the vehicle to the lender. Not what I would recommend, but I've seen worse defaults. Of course, not smart, especially if you have paid much money into the vehicle greater than taking a loss.

Good luck.

Cyberium · 09-14-2011, 03:53 PM

Why am I able to take my car off insurance during the winter months when I'm still paying on the loan?

PapoZalsa · 09-14-2011, 04:36 PM

Quote:

Originally Posted by Cyberium

Why am I able to take my car off insurance during the winter months when I'm still paying on the loan?

You are not suppose to but every financial institution is different.

Daveski38 · 09-15-2011, 08:18 AM

Cyberium,

If your house catches on fire and claims the car with it. House insurance doesn't cover your car.

I've experienced this first hand.

calvie · 09-15-2011, 08:58 AM

What if someone stole your car during the winter?

Ron · 09-15-2011, 09:11 AM

then ur SOL

semtex · 09-15-2011, 09:13 AM

Quote:

Originally Posted by Cyberium

Why am I able to take my car off insurance during the winter months when I'm still paying on the loan?

Quote:

Originally Posted by calvie

What if someone stole your car during the winter?

Quote:

Originally Posted by Ron

then ur SOL

Cyberium, can you shoot me a PM with your home address? Thx.

TMAN1985 · 09-15-2011, 09:28 AM

Honestly if this doesn't work. I would try to get another loan on a new vehicle and get this one repo'd. But make sure you get another vehicle before it gets repo'd so your credit is messed up already. But I'm hoping that the insurance company comes through for you.

SPOHN · 09-15-2011, 09:56 PM

Funny thing is a couple weeks ago I was given a Progressive business card at a show. It's in the trash now.

You have two companies that didn't do there jobs that left you hanging (possiable). Seems to be a trend these days with people doing half a$$ jobs where other suffer.

Cyberium · 09-15-2011, 10:44 PM

I know it's not the smartest thing to take my car off insurance during the winter when it's in the garage, but my point is... Progressive shouldn't even let me do it when they know I still owe on it.

Progressive FTMFL

urdeliveryguy · 09-15-2011, 11:10 PM

ouch .. i dunno what id do if i saw my car in that water. but atleast u have gap. my buddy destroyed a bran new s2k few years ago.. luckily he had gap, paid for everything.

PapoZalsa · 09-17-2011, 01:09 PM

Quote:

Originally Posted by Cyberium

I know it's not the smartest thing to take my car off insurance during the winter when it's in the garage, but my point is... Progressive shouldn't even let me do it when they know I still owe on it.

Progressive FTMFL

Not only Progressive but any Insurance, is up to your financial institution because they are suppose to be notify by the insurance company if the car is financed.

One of my cars was garaged for 2 yrs while overseas and I needed an authorization to only have theft & fire protection from the Bank and my deductible to a $1,000.00.

09-14-2011, 02:50 PM	#2 (permalink)
Skeeterbop A True Z Fanatic Join Date: Jan 2011 Location: Fort Bliss, TX Age: 41 Posts: 1,440 Drives: 2011 GM 370 base SP Rep Power: 17	GAP pretty much just covers you if the car is valued at less than what is owed in case of it being totaled. For example if you owe 30k and it gets totaled and is valued at 25k the GAP will cover the 5k difference. At least that is how I understand it. And it isn't a mandatory thing. Just the Comprehensive and Collision is. __________________ Srenity: "Yeah no rest needed to spread the love when your 20 that's for sure...."

09-14-2011, 03:49 PM	#4 (permalink)
37zeroZ Enthusiast Member Join Date: Feb 2010 Location: Dallas Posts: 346 Drives: Truck Rep Power: 14169	From what I've read....doesn't sound good in favor of Kayess. Insurance is designed to protect the party who has the title in their name, i.e., money talks. In this case, it's the finance company....not the owner who is making payments. You own nothing until the finance company releases the title to you, thus, they are the ones on the hook. There are checks and balances in place to make certain that full coverage is obtained by an individual who is lent money, but not always 100 percent. The responsible individual is the person who is given the property. You are ultimately responsibility for making sure that you cover any loss that might prevent you from defaulting on the purchase. Or you could do the dishonourable thing and default on the loan and turn over the vehicle to the lender. Not what I would recommend, but I've seen worse defaults. Of course, not smart, especially if you have paid much money into the vehicle greater than taking a loss. Good luck. Last edited by 37zeroZ; 09-14-2011 at 03:58 PM.

09-14-2011, 03:53 PM	#5 (permalink)
Cyberium Enthusiast Member Join Date: Mar 2009 Location: Vermont Posts: 379 Drives: 370z Touring \| Sport Rep Power: 17	Why am I able to take my car off insurance during the winter months when I'm still paying on the loan? __________________ Stillen G3 Intakes \| F. I TDX

09-15-2011, 09:56 PM	#12 (permalink)
SPOHN A True Z Fanatic Join Date: Feb 2010 Location: Covington, GA Age: 46 Posts: 14,844 Drives: Waiting on next Z Rep Power: 222	Funny thing is a couple weeks ago I was given a Progressive business card at a show. It's in the trash now. You have two companies that didn't do there jobs that left you hanging (possiable). Seems to be a trend these days with people doing half a$$ jobs where other suffer. __________________ Last edited by SPOHN; 09-15-2011 at 10:59 PM.

09-15-2011, 10:44 PM	#13 (permalink)
Cyberium Enthusiast Member Join Date: Mar 2009 Location: Vermont Posts: 379 Drives: 370z Touring \| Sport Rep Power: 17	I know it's not the smartest thing to take my car off insurance during the winter when it's in the garage, but my point is... Progressive shouldn't even let me do it when they know I still owe on it. Progressive FTMFL __________________ Stillen G3 Intakes \| F. I TDX

09-15-2011, 08:18 AM	#7 (permalink)
Daveski38 Base Member Join Date: Jul 2010 Location: South of Houston Posts: 114 Drives: 10 BC A/T T Roadster Rep Power: 15	Cyberium, If your house catches on fire and claims the car with it. House insurance doesn't cover your car. I've experienced this first hand.

09-15-2011, 08:58 AM	#8 (permalink)
calvie Base Member Join Date: May 2011 Location: new york Posts: 2 Drives: none Rep Power: 15	What if someone stole your car during the winter?

09-15-2011, 09:11 AM	#9 (permalink)
Ron A True Z Fanatic Join Date: Oct 2010 Location: Houston, TX Posts: 3,009 Drives: TT '11 PW Nismo #113 Rep Power: 22	then ur SOL

09-15-2011, 09:28 AM	#11 (permalink)
TMAN1985 Enthusiast Member Join Date: Aug 2011 Location: Fort Myers, FL Posts: 296 Drives: 09 Touring/Sport/Nav Rep Power: 14	Honestly if this doesn't work. I would try to get another loan on a new vehicle and get this one repo'd. But make sure you get another vehicle before it gets repo'd so your credit is messed up already. But I'm hoping that the insurance company comes through for you.

09-15-2011, 11:10 PM	#14 (permalink)
urdeliveryguy Enthusiast Member Join Date: Aug 2011 Location: philadelphia / delco Posts: 278 Drives: 09' touring 6sp Rep Power: 14	ouch .. i dunno what id do if i saw my car in that water. but atleast u have gap. my buddy destroyed a bran new s2k few years ago.. luckily he had gap, paid for everything.

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