Another one bites the dust

erbee

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Insurance companies pay "actual cash value" which will almost always be less than invoice price on a brand new vehicle.

GAP insurance pays the difference between the actual cash value (as determined by the insurance company) and the loan balance.

The insurance company(s) don't care about MSRP or ADM when determining the actual cash value.

If a person pays $45K for a Type R and manages to finance 100% of that amount and immediately totals the car, the insurance company will pay $30K with the buyer being responsible for the additional $15K unless they gave GAP insurance.

If a person pays $45K for a Type R and pays $15K down and finances $30K and immediately totals the car, the insurance company will pay $30K and the buyer loses their $15K.


In other words, don't pay ADM and don't crash your car.
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atombomb33

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It happens. Within a few weeks of the Focus RS release there was that video of someone going around a corner drifting right into the side of a hill.
That's the unfortunate truth. Same thing happened with the Evo VIII and Evo X launched. Same thing with the WRX way back in the day. Then the STi. Then the VW R32 and Golf R. People buy these cars and think they are super drivers, then overdrive the car and boom, accident and their new baby is totaled.
 

lbiaggi

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That's the unfortunate truth. Same thing happened with the Evo VIII and Evo X launched. Same thing with the WRX way back in the day. Then the STi. Then the VW R32 and Golf R. People buy these cars and think they are super drivers, then overdrive the car and boom, accident and their new baby is totaled.
at least better than overdrive a motorcycle i lost a dear friend who under estimated his motorcycle and sadly lost his life.. regardless ADM or not it is sad seeing a CW going that route.
 

joshfl95

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In Miami? Good luck with that. It's either them or the other driver (if there was one in this situation? kinda looks like a solo event from the picture in the other thread?) -- people suck at driving down here.
To be fair I'm swerving out of the way of squirrels just as often as I am shitty drivers down here. Squirrels are terrible.
 


E-Rod

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My GAP insurance covers up to 150% value of the car. So a couple grand ADM will be fine but the 10-20k range would be pushing it.

Luckily I didn't have to pay that much extra.
 

Civics4Ever

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Exactly. Driving down here is like driving an obstacle course with all the crazy drivers on the road that just don't care one bit about you or your car. :dunno:
Sounds just like Chicago. Nobody wants to wait their fucking turn. They cut you off all the time, pull out in front of you all the time. Glad I'm moving to the country!
 

Cpt-GargameL

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@Cpt-GargameL -- but he had Florida plates on it, not temp tags.

There were only so many CWs in South Florida. I think it was like 3? Maybe it was the one from south of Miami, Largo Honda I think it was had a CW in the first allotment.
Yeah it was Largo, FL. There were 3 total CW's that we've been able to spot in South FL so far (mine included) I got mine in Hollywood and reside in Miramar.
 

tacthecat

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My GAP insurance covers up to 150% value of the car. So a couple grand ADM will be fine but the 10-20k range would be pushing it.
Luckily I didn't have to pay that much extra.
Unless you bought an unusual policy, GAP only covers what you owe less what the Insurance Company will give you for the car, less your deductible, and only if the car is totalled. You're still out the car AND your down payment.
 


fk8_#798

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