Re: Re : Good news Example: $20,000 balance (to pay off car loan) -18,100 ACV (primary ins pays this) ----------------------------- =$1,900 (gap insurance pays this)
Re: Re: Re : Good news Example: $20,000 balance (to pay off car loan) -18,100 ACV (primary ins pays this) $1,900 (gap insurance pays this) Your gain in the event of a loss 0 Your loss if the car isn't lost 2000 In this example you pay 2 insurance premiums QUEEN_BEE ======================= Another EXAMPLE 18000 ACV Purchase Price 16000 18000 ACV (primary ins pays this) your gain in the event of a loss 2000 Your loss if the car isn't lost 0 Here you pay only 1 premium.
Re: Re: Re : Good news Cool. QUEEN_BEE ==========Some more differences in the examples =========== Example: a $20,000 balance (to pay off car loan) Original loan amount 20000 or more -18,100 ACV (primary ins pays this) $1,900 (gap insurance pays this) Your gain in the event of a loss 0 Your loss if the car isn't lost 2000 In this example you pay 2 insurance premiums QUEEN_BEE ======================= Another EXAMPLE b 18000 ACV Purchase Price 16000 Original loan amount 16000 or less. 18000 ACV (primary ins pays this) your gain in the event of a loss 2000 Your loss if the car isn't lost 0 Here you pay only 1 premium. Keep in mind both examples are for the same car. In example A you're paying 4000 more for the car than in example b. The only reason for gap insurance in a is the fact that in a you are paying 4000 more than in b. NOTE: Don't fill the gap with additional insurance = close it by paying the right price. If it's suggested you buy gap it's a tip off you're paying to much. THE END ** *** ** LB 59
