Brand new car totaled only two days old

[FlyingRon]

There's a lot of variation in the TERRAIN line (several trim levels, AWD vs. FWD). Hopefully, he's using an actual valuation and not a dealer asking price value.

 

[Zigner]

That sounds oddly like an MSRP on the new vehicle, not even the average new car market price.

Precisely - I think that the OP thinks that his car is practically new and should be priced as a new vehicle.

 

[stealth2]

OP should remember that a vehicle depreciates a lot as soon as it's off the lot.

 

[adjusterjack]

150% of the nada value which is $28,895 so by my calculations that’s $43,000 and the amount I financed is only 35,000

When comparing NADA to Edmunds and KBB I have found NADA to be overpriced. Be that as it may, the insurance industry uses CCC for vehicle ACV evaluations. CCC has pretty much become the insurance industry standard.

 

[Saleliz]

The vehicle is two days old less than 200 miles on it and the paperwork says the nada value is 28,895 I know that vehicles depreciate the moment you drive off the lot but even so if I calculated the 150% limit of the gap with that and it wasn’t over what I financed I figured surely the actual cash value of the vehicle now would be with in range as well.

 

[adjusterjack]

The vehicle is two days old less than 200 miles on it and the paperwork says the nada value is 28,895 I know that vehicles depreciate the moment you drive off the lot but even so if I calculated the 150% limit of the gap with that and it wasn’t over what I financed I figured surely the actual cash value of the vehicle now would be with in range as well.

Then all you can do is wait for the decision of the other driver's insurance and make the claim on the GAP policy.

Caution, the policy probably requires you to report the accident to the GAP insurer. Find that in the policy and comply with it even if you end up not making the claim.

 

[justalayman]

Given the constant mention of the loan being only 2 days old, I wonder if the car was actually wrecked before the loan and associated GAP insurance was issued and the op is afraid that will be discovered and payment be denied due to that. If it isn’t that, it’s as simple as the GAP insurance will pay as the contract demands. Unless the GAP insurance has some delayed activation clause, 2 days, 2 weeks, 2 months; its immaterial

 

[Zigner]

Unless the GAP insurance has some delayed activation clause, 2 days, 2 weeks, 2 months ...

That's a very good point. The OP should read his contract. As I said above, while it may take a few days for the policy to show up in the system, it will be valid retroactively to the day it was purchased, barring any delayed activation clause (as you pointed out.)