My sis was rear ended a few weeks ago in her new Honda Accord. Nationwide
Ins had her go to one of their approved shops and they valued the damage
around $14,000. She got an attorney who had the car moved to an independent
3rd party shop and they valed the damage at close to $18,000. They wound up
totaling the car. She still owed $20,000 on the car. They only way she was
able to get the difference was the fact she had "gap insurance" (never heard
of it) and it paid the difference (or gap) between the damage and the payoff
of the car. She still couldn't get any more for a down payment on another
car. Even though it wasn't her fault, she was out of the money she had into
the car.

===============


"Just Getting Square" <auto.fanatic007 (AT) gmail (DOT) com> wrote

Insurance company is not obligated to fill the gap but they need to give you
enuf to replace the car with equivalent wheels (less the deductible).


"CopperTop" <ccppttcc (AT) earthlink (DOT) net> wrote

The problem isn't the insurance estimate or the total loss claim. The
problem is owing $20,000 on a $15,000 car. Her dealer probably didn't
explain that very well. They're also not going to be out any cash.
Neither will her attorney.

On Mar 30, 12:43�pm, "CopperTop" <ccppt... (AT) earthlink (DOT) net> wrote:

suc's don't it!! see how paid lobbist's have corrupted the system in favor of
companies. ban paid lobbist's in our political system

CopperTop wrote:

"CopperTop" <ccppttcc (AT) earthlink (DOT) net> wrote

You seem to be confusing the damage amount with what the car's was worth.
If they totaled the car, they would pay her what it takes to buy another car
just like it. You seem to hint they gave her $18,000. That is to buy her
something to drive. The amount of the damage is not really what they pay
for a total loss. Make sense?

The fact that she owed more than the car was worth was true both before and
after the accident, and it has nothing to do with insurance or the accident.
The problem was already there. The person causing the accident isn't
responsible for your sister's money management, no matter how good or how
bad.

"Gap Insurance" sounds like a great idea for people that don't have any
money. It's better to have money, but hey, if you can't hang onto it, you
don't deal with surprises too well.

"philthy" <dbrider (AT) cac (DOT) net> wrote

They should ban people that can't handle money.

On Mar 30, 11:43 am, "CopperTop" <ccppt... (AT) earthlink (DOT) net> wrote:

Now that cars are more expensive, and can be financed for a longer
period ot time, this is a common occurance. It is easy to be in a
situation where more is owed than the car's market value.

Usually however, Hondas don't depreciate as fast as other makes.

-KM

It was also common 20 years ago. Probably more so today, however.



Depends on whether you are buying or selling, and how badly you need
to do one or the other.

I can't believe no-one in this thread has used the common term for this
situation, so I'll be the first: It's called being upside-down.

Bill Putney
(To reply by e-mail, replace the last letter of the alphabet in my
address with the letter 'x')

Bingo! And that's exactly how the car dealing folks want everyone to
be. The more people and the more upside down the better! It's about
the only way anyone can sell a new car these days. It's also something
that most people have to learn the hard way. But once you learn, the
lesson sticks pretty well :-)

On Mar 31, 5:04?pm, Bill Putney <b... (AT) kinez (DOT) net> wrote: