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Missing the Gap Insurance

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 10/29/2016

Q:  A few hours ago bought a 2006 Toyota Sienna and…they financed me thru C$^& A%&%$. The car originally priced at $8,400 became a $9,999 car before any additional fees or extended warranties they told me the bank insisted the investment be with it…and I pay a 22.999% finance rate leaving me with an extensive gap. My payments are at $357.67 which they say are too maxed out for their GAP ins coverage to be added. Of course it is highly suggested I get GAP coverage. My insurance nor any other insurance will cover me for GAP. What to do? Have only had my car few hours.

 

A: Honestly, if you already have a reliable car, I would walk away from this deal. Them hiking up the price of the car sounds extremely shady and the interest rate is atrocious. Fix your credit and get a better deal later.

As far as the GAP insurance, I am not surprised that your insurance company will not offer it.  It is only usually offered on new vehicles.  And if your finance company will not offer it, not much you can do there.

 

 

FR44

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 10/07/2016

 

Q: Interested in quotes for FR44

 

A: FR44’s, FR19’s and SR22’s are all best discussed with an agent.  These are special filings that not everyone needs.  Also, it is best to have an agent on your side in making sure that this gets filed with your state as you would be surprised at how often these filings get lost in cyberspace between your insurance company and the DMV.

Car Insurance Increase For 16-Year-Old Driver

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 09/30/2016

Q: I put a dent in another person’s truck and I looked up how much it might cost to repair it and it’s around 1800 dollars. I am 16 and have had my license since June. How much would my insurance go up with geico?

A: Even Geico can’t tell you how much your insurance premium will go up until the computer system processes your renewal.  However, if you filed a claim for the other person’s damages you will be just about guaranteed a good sized increase because of your age and that you haven’t had your license for long.

Can Insurance Rates be Reduced?

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 09/29/2016

Q:     I had an at- fault accident earlier this march. Geico paid for the damages and the other party. Usually I go for six months plan and it would cost me around 265 dollars. But after this accident and on renewal they have hiked my six months plan rate to nearly 475 dollars. This was my first at-fault accident and there was no ticket from the police since it was a fender bender and the other driver was driving with a suspended license. I never got a traffic ticket till date. Is there any way I can talk to Geico to reduce the plan rate. As I see they have increased it by nearly 80%.Please let me know your suggestions.  Thanks.

 

A:  Insurance rates are a set in stone kind of thing, there is no way to get them to reduce the rate. Your only option would be is to go to another insurance company that might be able to give you better rates.

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