What happens if you total an FL5?

[spectre186]

Serious question as I am in the hunt to purchase one soon:

What happens if you total your FL5 that you paid a 10k ADM for? How is insurance going to value the car? How’s it work replacing such a rare, in demand vehicle?

I’ve heard of gap insurance, but don’t know all the specifics of how it works for rare cars with massive differences in ADM across the country.

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[CTR]

Gap insurance just covers the value difference between a loan and the actual value of the car. It's not uncommon for people to be upside down on brand new car loans shortly after purchase. Especially when they roll in negative equity on their last car.

Typically insurance is required to pay the market value of replacing the car and if that means a brand new car where they all have ADM then they should pay the average ADM in my mind. You would probably have to argue with the appraisers to get what it actually takes to buy another one though.

 

[Tickle]

I'd like to know the answer too.

IMO the job of insurance is to make you whole.

So, the cars value plus taxes in tags with in your market.

 

[captainscott60]

I have Geico. I don’t think they have anyway to determine the cost of a car no one has. Even if you have a MSRP deal for the car, I don’t know if they will get you a brand new car. ? Any ideas! And what if there no new cars in the same color. Then what. ?
Thanks.

 

[Tickle]

I have Geico. I don’t think they have anyway to determine the cost of a car nobody has. Even if you have a MSRP deal for the car, I don’t know if they will get you a bread new car. ? Any ideas! And what if there no new cars in the same color. Then what. ?
Thanks.

You get yourself the car. They give you replacement money.

I have seen a fit or three totaled where the customer received more than they paid for the car new.

 

[AspecR]

I have Geico. I don’t think they have anyway to determine the cost of a car nobody has. Even if you have a MSRP deal for the car, I don’t know if they will get you a bread new car. ? Any ideas! And what if there no new cars in the same color. Then what. ?
Thanks.

It all depends on how you structure your insurance coverage. I have Geico as well and my wife was recently in a total loss accident and got back thousands more than her car was worth. She received what it would cost to buy one from a dealer with similar mileage to her car.

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