After reading these posts, I called my insurance co and asked them what their policy was on "totalled" vehicles. My ins. co. uses market value indexes for each geographical area to determine replacement value of a same year, same model vehicle. They will pay out a claim based on what I paid (I obviously have receipts) and what the market value is. That doesn't mean that i won;t have to do any homework for them to show the market value though, since there is very little insurance data on this vehicle. Not a bad deal for less than $900 a year in CA.

 

You can get a so-called gap insurance policy, which covers the difference between a new vehcile and the value of the car at the time it is wrecked. That way, you're not out of pocket if the car has to be replaced.

 

I agree with this Rick, I've got the same thing on my lease...SO...If someone rear ends me this winter, I'll be covered, no problemo

I'd recommend gap insurance to anyone out there that is paying monthly payments.

Besides, gap has their own clothing store with kewl commercials...sorry I had to pun

 

yup..up here in good 'ol Canada and ICBC (Insurance Corp of British Columbia), I pay about an extra 124 bucks a year and if my car gets stolen or is a write off , they give me back whatever i paid for it to the cent..good deal with all these damn car thieves at work here!!