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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.




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.

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Car Insurance Guidebook Unravels the Car Insurance Mystery

Unless you work in the car insurance industry, the topic is probably a mystery to you. The words deductible, comprehensive, collision, liability, premium, loss of use and bodily injury are all gibberish when they reach your ears.

Unfortunately, insurance is something that you are required to have by law if you want to drive. Because of how confusing it is many people go around in almost an insurance daze while they get car insurance quotes from the auto insurance companies that they have heard of. In reality, they are completely lost as to what they are actually buying.

Instead of looking at what each insurance company offers in the terms of protection for both themselves and their car, they are instead looking for cheap car insurance. Finding the cheapest car insurance coverage makes having to buy the required product all that much less painful, but misses the whole point of having insurance.

Learning about insurance through your insurance agent or websites like Car Insurance Guidebook will give you the upper hand when you looking for car insurance. You can take your knowledge and not only find the best price for insurance, you can use it to find really great insurance to protect you and your assets. Then you aren’t stuck settling for just average car insurance that can hurt you financially if you ever need it because there isn’t enough protection.

For example, when looking for insurance the car insurance rates are just the first of many factors that need to be taken into account when you are shopping around for car insurance. You also need to take into account the type of vehicle that you are driving. Many people don’t know this.

Are you driving around a vehicle that is a new sedan and can be protected under any blanket insurance policy? Or do you have an old car that you fixed up that needs special protection and could be better covered under classic car insurance?

Don’t just assume that when you compare car insurance that it will be a one-size-fits-all policy. This is where the insurance knowledge will come in handy; you will know what you need to protect yourself and your vehicle.

You will understand what your insurance agent is talking about when they use insurance terms and you will actually be able to make an informed decision. This is much better for you instead of the “nod and smile” approach people take in their insurance agent’s office.

Also just like your life changes your insurance needs will change. This year you may just need to learn about the best deductible to have. Next year you may need to educate yourself on car insurance for young drivers. As the years pass, motorcycle insurance may be something you will need to know.

Many wise people say that you never stop learning, so take their advice and educate yourself on the insurance that you spend a lot of money on and can’t get away with not having.