a pick in pull would suck, I couldnt do that....Its one thing to take your car apart but its another to watch a bunch of people masacre it
very true. i didn't think that one through. maybe cancel that idea
Rush in a Car Crash! (MSP Totaled)
- Thread starter Outlawstar98
- Start date
very true. i didn't think that one through. maybe cancel that idea
Well, here's an odd update. Someone with more insurance knowledge than me might be able to help me understand!
By the time I got home from classes today around 3pm, I still hadn't heard from my insurance company. I was sick of waiting -- so I called them. My agent explained to me that the 'settling' process is taking longer than normal for me BECAUSE my car is a MSP. Which had me laughing in spite of myself -- even in death, the MSPs still find a way to be a PITA, hahaha.
But here's where my puzzlement comes in. When I bought my MSP back in the day, my dad had set up all the insurance on it -- and apparently, had gotten GAP. Reading up on that type of insurance now, that makes perfect sense -- it would have protected me if my car had gotten trashed in an accident shortly after I bought it. However .. it's now nearly six years later, and I've owned the MSP free and clear for a couple years now. As I understand it, GAP insurance covers the 'gap' that can occur between the depreciated value of a car and how much you owe on that car .. but I DON'T owe anything on my MSP, so why is my GAP insurance even being brought up? Doesn't it null itself once a car is paid off?
Dur?
P.S. -- Every time I talk to someone from the insurance company, they always reiterate the fact that my MSP is totaled. Do they get some kind of sick pleasure outta rubbing it in my face?
By the time I got home from classes today around 3pm, I still hadn't heard from my insurance company. I was sick of waiting -- so I called them. My agent explained to me that the 'settling' process is taking longer than normal for me BECAUSE my car is a MSP. Which had me laughing in spite of myself -- even in death, the MSPs still find a way to be a PITA, hahaha.
But here's where my puzzlement comes in. When I bought my MSP back in the day, my dad had set up all the insurance on it -- and apparently, had gotten GAP. Reading up on that type of insurance now, that makes perfect sense -- it would have protected me if my car had gotten trashed in an accident shortly after I bought it. However .. it's now nearly six years later, and I've owned the MSP free and clear for a couple years now. As I understand it, GAP insurance covers the 'gap' that can occur between the depreciated value of a car and how much you owe on that car .. but I DON'T owe anything on my MSP, so why is my GAP insurance even being brought up? Doesn't it null itself once a car is paid off?
Dur?
P.S. -- Every time I talk to someone from the insurance company, they always reiterate the fact that my MSP is totaled. Do they get some kind of sick pleasure outta rubbing it in my face?
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Outlawstar98
Member
- :
- 2003 MazdaSpeed Protege / 2013 BRZ
Haha wow, i never really understood Gap so i never got it XP. But if they are looking at the Speed3's doesnt that make the price of the MSP go up then? haha interesting. Well i wish you luck. Keep us informed.
bradboyd80
Member
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- '12 Velocity Red MS3
You are right. Gap really only means anything if you still owe on the car. Once its paid off it should be null and void. Besides, GAP is usually set up with the bank....not the insurance company.
Who is your insurance company? If you don't want to answer its cool. Just want to know who to stay away from since they don't sound very helpful. FYI....Progressive did an awesome job when I totalled my Eclipse. The concierge service is no joke.
^^ I'd rather not name my insurance company, because in all honesty, they've always done VERY well for me in the past. For me and for all the members of my family. So I dunno what's going on with the problems this time .. once again, the MSP being a pain till the very end! 
I'm starting to wonder, though, if maybe the GAP insurance was simply mentioned in passing during the conversation between my insurance adjuster and the Mazda dealership. Eh, whatever. It'll be the way it'll be .. and I'll just be glad when it's finally over.
I'm starting to wonder, though, if maybe the GAP insurance was simply mentioned in passing during the conversation between my insurance adjuster and the Mazda dealership. Eh, whatever. It'll be the way it'll be .. and I'll just be glad when it's finally over.
bradboyd80
Member
- :
- '12 Velocity Red MS3
^^ I'd rather not name my insurance company, because in all honesty, they've always done VERY well for me in the past. For me and for all the members of my family. So I dunno what's going on with the problems this time .. once again, the MSP being a pain till the very end!
I'm starting to wonder, though, if maybe the GAP insurance was simply mentioned in passing during the conversation between my insurance adjuster and the Mazda dealership. Eh, whatever. It'll be the way it'll be .. and I'll just be glad when it's finally over.
That's understandable. It sure does sound like the MSP isn't going down without a fight. Haha. Well good luck with everything!
I have a question. So when u get ur money back from the insurance comp. And if u decided to buy the msp back how much would it be to buy it back? Would it only be a few hundred bucks since its totaled or they'll charge u half of how much u got back? Im just curious.
The msp never goes down without a fight. YEA!(nana)
The msp never goes down without a fight. YEA!(nana)
No idea how much the cost of buying my MSP back is gonna be .. That's one of the figures I'm waiting on, along with how much insurance is gonna give me for my settlement, and what the total repair costs would be IF I were going to rebuild my MSP. I'm REALLY hoping they'll have it all figured out by tomorrow -- my agent said they might -- but if I don't know by Monday, I might go insane.
Wagonbacker9
Member
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- 2004 'Hoe
Rush, coddling a door sill and a MAF may be the saddest thing I've ever heard... but when I blew my motor I spent hours staring at the crankshaft, so I know how you feel.
If you end up buying it back, I would be honored to make a home of my titanium for some of your parts... I'll probably be in the market about the time you get around to starting to kill it...
Man, seeing that car in that condition makes me sick. Many times I've looked at it and idolized it...
If you end up buying it back, I would be honored to make a home of my titanium for some of your parts... I'll probably be in the market about the time you get around to starting to kill it...
Man, seeing that car in that condition makes me sick. Many times I've looked at it and idolized it...
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^^^^^ah i hope they get it figured out for u im sorry to hear it too ur car was clean as hell the only way it would have been better is if it was sunlight silver hehe but glad to hear ur ok....
^^ o and the crank shaft thing is funny cuz it happened to me but with shift bushings on a car without a diff in it lol
o one more thing y are the msp falling down so quick both u and jesse and the mp3 of collin it sucks
^^ o and the crank shaft thing is funny cuz it happened to me but with shift bushings on a car without a diff in it lol
o one more thing y are the msp falling down so quick both u and jesse and the mp3 of collin it sucks
Outlawstar98
Member
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- 2003 MazdaSpeed Protege / 2013 BRZ
Could they change their mind and fix the car???
Wagonbacker9
Member
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- 2004 'Hoe
I think I speak for the whole MSP community here when I say we're all waiting with anticipation to hear the fate of your poor car..
wait, wut?
Laser Blue
Member
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- '03.5 Mazdaspeed Protege / Laser Blue Mica
Insurance is regulated by the government in each state, so the rules in one state may differ from those in the next. That said, most companies use the "80% rule". That means that if the cost of repairing the car runs more than 80% of the car's market value (most use the "black book; not the blue book) then the car is considered a total. This is because the actual cost of repairing the car will always go higher than the insurance adjuster's initial estimate because a lot of damaged parts may be invisible until the car is torn down for repair. So, to save the car you either need to prove that the car's true market value is more than the book says (that might be why the ins. company said it was harder because you have a MSP; its rarity and growing cult status make it worth more than a car that was made in great quantity) -OR- you need to find a body shop that wants the work badly enough to agree to repair the car for less than the shop rates the adjuster used to determine the repair cost. Sadly, even in this shaky economy, that would be much easier in the summer when the shops don't have all of the snow and ice crashes to keep them busy.
I don't know why the ins. company would be bringing up GAP coverage, unless maybe they really are that awesome and are trying to use that policy language to raise the market value of your car, either to try to get it repaired or to increase the payout to you when they total it.
As far as the cost to buy back the car as a total goes... usually, the ins. company will get two or three bids from the wreck rebuilders who rehab totals for a living or the used parts shops who part the car out. A good company will you you the first right to buy the total for the value of the lowest bid they receive. Frankly, if they put that price too high, they are saying that the car isn't really that badly damaged. And if it isn't that badly damaged then THEY SHOULD FIX IT!(hand)
I don't know why the ins. company would be bringing up GAP coverage, unless maybe they really are that awesome and are trying to use that policy language to raise the market value of your car, either to try to get it repaired or to increase the payout to you when they total it.
As far as the cost to buy back the car as a total goes... usually, the ins. company will get two or three bids from the wreck rebuilders who rehab totals for a living or the used parts shops who part the car out. A good company will you you the first right to buy the total for the value of the lowest bid they receive. Frankly, if they put that price too high, they are saying that the car isn't really that badly damaged. And if it isn't that badly damaged then THEY SHOULD FIX IT!(hand)
Wagonbacker9
Member
- :
- 2004 'Hoe
You know what will you cheer you up? Squirrels. I know how much you hate them.
Myself and an engineer were talking over lunch yesterday. We want to go to Millersville U, by the pond, and set up a contraption to bait a squirrel and send it flying in air 30-50'. I don't think squirrels can swim, so we can catapult them into the island in the middle of the pond.
If this doesn't bring a smile to your face, I'll wear a thong on my head and walk around campus.
Myself and an engineer were talking over lunch yesterday. We want to go to Millersville U, by the pond, and set up a contraption to bait a squirrel and send it flying in air 30-50'. I don't think squirrels can swim, so we can catapult them into the island in the middle of the pond.
If this doesn't bring a smile to your face, I'll wear a thong on my head and walk around campus.
