Question about GAP INS - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
 
LinkBack Thread Tools
post #1 of 9 (permalink) Old 07-14-2006, 04:27 PM Thread Starter
Grand Am Series
 
Join Date: Sep 2005
Location: ATL/Newnan, Ga
Posts: 375
Send a message via AIM to Notorious R.I.E.
Question about GAP INS

Ok I purchased Gap Insurance when i financed my 3 back in march of 2005 (they added it in when I financed it at the dealership) anyway it was for 5 years and was around $495. I totalled the car last month (June 15 2006) 15 months into owning the car. Anyway someone told me they think since the Gap was prepaid for the 5 year term of the loan I should get some of that $495 back. Should I call the dealership and ask about this? This was my first financed car and first time with Gap so I'm unsure if I get any money back or not. Someone told me it should be like Reg INS if i prepay a 6 month premium to progressive but cancel after 3 months then I should get the last 3 months back.

Any info/advice would be geatly appreciated before i call the dealership and look stupid

Thanks
Notorious R.I.E. is offline  
Sponsored Links
Advertisement
 
post #2 of 9 (permalink) Old 07-14-2006, 04:31 PM
Senior Member
 
john_in_the_lbc's Avatar
 
Join Date: Apr 2006
Location: Long Beach, California
Posts: 31,080
Re: Question about GAP INS

Asking for your money back is never stupid, regardless if you get it or not!

2006 Whitewater Pearl Mazda 3 S GT Hatch: Garage Vary Valiant Lip, Grill and Eyelids : Custom JL/Alpine Audio : MazdaSpeed Accessory Springs and Swaybars : JDM MazdaSpeed Strut Bar : Koni Yellows : 5Zigen Pro Racer zr520 : Continental ExtremeContact DW : Buddy Club Condenser : XE Pedals : Black Rays Lugs : HP Tint : Stubby :
My car thread
To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
john_in_the_lbc is offline  
post #3 of 9 (permalink) Old 07-14-2006, 06:10 PM
F1 Driver
 
Join Date: Jul 2005
Location: ZANESVILLE OHIO
Posts: 5,370
Re: Question about GAP INS

You can try but I dont think it will work that way. Remember, insurance people are not your freinds!

If you look for the bad in people expecting to find it, you surely will.
Abraham Lincoln
g-man is offline  
post #4 of 9 (permalink) Old 07-14-2006, 06:48 PM Thread Starter
Grand Am Series
 
Join Date: Sep 2005
Location: ATL/Newnan, Ga
Posts: 375
Send a message via AIM to Notorious R.I.E.
Re: Question about GAP INS

well it wasn't through insurance people it was through the dealership. I'm gonna give them a call tomorrow or Monday perhaps. I was just wondering if there were any members who had been through a similar experience
Notorious R.I.E. is offline  
post #5 of 9 (permalink) Old 07-15-2006, 05:45 AM
Le Mans: GT Class
 
Join Date: Mar 2005
Location: Plain City, OH
Posts: 990
Send a message via AIM to SHINE Man
Re: Question about GAP INS

i don't see why you would be getting any of it back......they are paying well over 495 bucks to pay off the balance of your car since it's totalled......i think it would be dumb if they gave you money back...


just my 2 cents


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
SHINE Man is offline  
post #6 of 9 (permalink) Old 07-15-2006, 09:10 AM
F1 Driver
 
Join Date: Jan 2005
Location: Edmonton, Alberta
Posts: 6,281
Re: Question about GAP INS

They owe you your money back, if you prepaid for a certain term and then cancelled earlier, they owe you the balance remaining.

Plus your post has hard to read, every time I read the word GAP I couldn't stop thinking about the clothing store.

Ask a stupid question, get a stupid answer
BigTrucker is offline  
post #7 of 9 (permalink) Old 07-15-2006, 10:30 AM Thread Starter
Grand Am Series
 
Join Date: Sep 2005
Location: ATL/Newnan, Ga
Posts: 375
Send a message via AIM to Notorious R.I.E.
Re: Question about GAP INS

[quote author=SHINE Man link=topic=51541.msg825056#msg825056 date=1152956729]
i don't see why you would be getting any of it back......they are paying well over 495 bucks to pay off the balance of your car since it's totalled......i think it would be dumb if they gave you money back...


just my 2 cents
[/quote]

They didn't pay anything on my car. Gap covers anything your insurance company doesn't pay like if you owe more money than the car is worth. Progressive paid off the car with some money left over for me. Gap was never brought into the picture.
Notorious R.I.E. is offline  
post #8 of 9 (permalink) Old 07-15-2006, 10:42 AM Thread Starter
Grand Am Series
 
Join Date: Sep 2005
Location: ATL/Newnan, Ga
Posts: 375
Send a message via AIM to Notorious R.I.E.
Re: Question about GAP INS

OK I called. I do get most of the money back. I just have to go up there and fill out a cancellation form. So I'm headed that way now.
Thanks for the replies
Notorious R.I.E. is offline  
post #9 of 9 (permalink) Old 07-15-2006, 05:27 PM Thread Starter
Grand Am Series
 
Join Date: Sep 2005
Location: ATL/Newnan, Ga
Posts: 375
Send a message via AIM to Notorious R.I.E.
Re: Question about GAP INS

Cool almost $400 back
Notorious R.I.E. is offline  
Sponsored Links
Advertisement
 
Reply

  FMVperformance.com : The site for all your Ford Mazda and Volvo needs > Misc > Lounge

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the FMVperformance.com : The site for all your Ford Mazda and Volvo needs forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome