Gap Ins.

[Cell]

What is the name of your state? Florida.

Was involved in an Motorcycle/Auto Accident, I was on my Motorcycle and was victim. Bike was totaled and they looked up blue book at $6900, I still owed $8500 on bike. I have GAP ins. but to help me if 'I' ever wreck and total my bike. So my question is if Insurance company is paying out the $6900 for blue book, they are now relying on 'MY' GAP ins to pick up the rest. why should I allow them to get away with relying on 'MY' gap ins to cover damages their policy holder caused. Can I go after the Insurnace Co. to cover the diffrence of what is owed to bike? If I had no Gap ins. then this would be out of pocket for me and once again this was not my fault.

Please help me here.

 

[divgradcurl]

The other insurance company is only obligated to make you "whole," that is, to put you back in the position you were before the accident. Before the accident, you had a $6900 bike with a loan for $8500; now you have no bike, but still owe $8500. To rectify the situation, the other insurance company will pay you $6900 to put you back in the situation you were before the accident. That's all they are liable for; just because you owe more on the bike than it is worth is not the insurance company's responsibility.

However, you were smart, and took out Gap insurance. As you correctly point out below, Gap insurance is there to protect YOU. That's why your Gap insurance will pay out. Otherwise, if you didn't have Gap insurance, you would be left with no motorcycle, a check for $6900, and a loan outstanding for $8500. Use you Gap insurance, and thank yourself for thinking ahead and protecting yourself!