So my cousin Jake just bought a brand-new truck, like literally drove it off the lot last weekend. Yesterday, some guy rear-ended him pretty bad. He's fine, thankfully, but now he's freaking out about owing more than insurance covers... um, anyone dealt with this kinda thing before?
"now he's freaking out about owing more than insurance covers..."
Yeah, that's rough... Did Jake have gap insurance by any chance? When my sister totaled her Civic last year (just a month after buying it, talk about bad luck), gap insurance saved her from owing extra. Regular insurance usually just pays the current market value, which can drop pretty fast once you drive off the lot. Might be worth checking into that if he hasn't already. Glad he's okay though—that's the important part.
Gap insurance is definitely helpful for newer cars, but honestly, it's one of those things most people don't even think about until something like this happens. Had a buddy who learned that the hard way with his Mustang... rough lesson, but he survived, car didn't. Glad Jake's alright though.
Had a client a couple years back who totaled his brand-new SUV just two months after driving it off the lot. He was upside-down on the loan by almost 8 grand, and no gap insurance. Brutal situation... he ended up paying off a car he didn't even own anymore for another year. It's one of those things you don't realize you need until it's too late. Glad Jake's okay though—cars can be replaced, people can't.
Brutal situation...
Man, reading this thread brings back memories... totaled my Civic a few years ago just two weeks after signing papers. Didn't even know gap insurance was a thing until then. Felt like paying rent for a ghost car for months afterward, lol. Glad Jake's alright though.
