Insurance

GAP insurance

GAP insurance is sold to people when they purchase a vehicle. You're told that if something happens to your vehicle and you owe more than the blue book value, GAP insurance will cover the rest. That is completely false. I had GAP insurance on a vehicle. The vehicle was totaled in an accident that was completely not my fault. My insurance company paid the blue book value, and there was still some money owed on it. I thought that since I had GAP insurance, things would be fine. How wrong I was. After months of gathering all the necessary information to give to them, they paid out less than I paid for the coverage in the first place. That is ridiculous! The accident was not my fault at all. When paying the lien, I always paid on time, and typically made payments of twice the minimum amount due. On the company's website they have 'examples' of breakdowns on what they pay to sell you the insurance. However, they don't tell you that they aren't going to actually pay that. They have on the back of the agreement that the blue book value of the vehicle will be 'considered', and that up to X number of payments will be 'taken into account.' They don't tell you that what they are actually doing is taking the value of the vehicle, and subtracting how much you've paid for a certain number of months. Meaning the more you pay, the less they are going to pay. Basically, when you really need that GAP coverage, when the vehicle's blue book value has dropped enough and you've made a lot of payments, they aren't going to pay squat.

So, I'm angry at the GAP insurance company for being misleading to the public. I'm angry at the dealership that sold me the policy by lying and saying I would be completely covered should something happen. I'm angry at 'experts' telling me that GAP insurance is a good idea and will protect you. I'm really angry about this. I'm posting this hoping that other people will be much more cautious when it comes to vehicle and insurance purchases. Regular insurance companies have to be upfront and tell you they will only cover the blue book value of the vehicle with full coverage. So why do GAP insurance companies get to mislead the public? I just want people to know that just because you bought GAP insurance doesn't mean that you're covered.

*Note from Anger Central
When the Webmaster recently purchased the new Angrymobile, they tried to foist that off on him as well. Due to the rather large down payment he made, they didn't push it since it wasn't economically viable for them.