____GAP coverage and Full coverage insurance HELP----
 

I just got into a wreck on the highway. Got cut off in the rain, swerved spun around and creamed the rear end of my G35 into a barrier. Looks like its probably going to be totalled because the whole quarter panel and rear is smashed in. The prick that cut me off didn't stop and i had no witnesses. The highway patrol determined after hearing my story and seeing the skid marks that it wasn't technically my fault. He wrote in the police report that i was cut off and forced to swerve resulting in a wreck. My insurance company is closed so i wont call till tommorow. i was just wondering if anyone had similar problem and what i should expect.
I have full coverage and GAP

Wait til tomorrow and call your insurance company...sorry to hear about your misfortune.

^thanks

Gap should pay for the difference between what you owe on the car versus what it is worth. if you owe more than its worth, they pay the difference, the loan gets paid off, and you get to start all over with a new car and no money to buy it with.

If the car is worth more than what you owe, you get what is left after the loan is paid off. You can then use that amount to buy a new car.

I would suggest you start taking any mods off of the car now. If it is totalled, you won't get a chance to take those mods off without the insurance company giving you a hard time about it.

^ the apexi exhaust is all smashed up and i don't think i can take of the AEM CAI because i don't have a stock on.
Also do they keep my Down payment?

of course they keep your down payment.

Here is a scenario. Let's say, for the sake of argument, you bought the car for $40,000. You put $5,000 down, and end up taking out a loan for $35,000. You have been paying your car every month and have worked the principal to $30,000. You crash the car, and at the time you total it the car is worth:

1.) $28,000. You would normally be screwed because you owe more than the car is worth. If you have Gap insurance, this is where it kicks in. Gap insurance covers the $2,000 you are short. You walk away from the scenario with your loan paid off, and none of your money back. You pay the deductible.

2.) $35,000. Your car is worth more than what you owe. Your insurance pays off your lender for the $30,000 you still owe on the car. You keep the extra $5000 minus your deductible.


You can avoid this problem in the future by putting more down on your cars, and therefore financing less of the value of your car. You don't have to get GAP insurance if you always owe less than what the car is worth. It makes no sense to me to pay additional GAP insurance premiums that I could easily avoid by buying a car that is in my price range that I can put a decent sized deposit on. GAP insurance is a waste of money in my opinion that is only required when people take out a bigger loan then they should to pay for a car that is going to depreciate super fast.

That sucks four banger. Hope you get into a nicer ride now.

^thanks everyone
claims adjuster will come in a couple of days. at this point i hope it's not totalled.
If it is i still want another g35.

why not look at the new 370z if you have to get a new car.