The 'BARKING OWL' always has something to say, and like the feathered version, can be either WISE...............or ANNOYING!

Monday, January 14, 2013

A Fifteen Minute Free Write. Ready, Set, Go...

...get gap insurance!  My wife recently cracked up our "new" 10 year old car to the point where it was "totaled".  She's fine now, thank you (I always told her that she is "fine as frog's hair"), but the two month old car was beyond repair.  One quick clue is that if the air bags go off, it's toast.

Several days after the accident, we heard from State Farm with a settlement offer that placed the car's value about $2500.00 below what we had just paid!  Yipes!  During that phone call the claims officer asked me if we had "gap insurance" and I had to confess that I had never heard of that.  When confronting my car dealer about the car being overpriced he admitted that he left this mysterious item out of our contract because he knew we wanted to keep the payment low.  He never gave us the option.  Later, when challenging my local agent to get the offer up higher somehow, he asked, predictably, about gap insurance!  What is this strange entity everyone in the world knows about, except me?

Gap insurance is a separate policy that one might take out to insure that the lien holder gets paid completely off after an accident.  It fills in the "gap" between what the insurance company will pay and what you owe.  "Now you tell me!"  After 5 or 6 weeks of research and office visits, many phone calls, and writing a somewhat lawyerly letter, my State Farm settlement was raised substantially, leaving only a relatively small "gap", so I am happy.  But I am forewarned about the next loan.

And I'm thinking about a spiritual gap insurance we all might need.  I am often amazed and dismayed at how so many people face the inevitable end of life with such nonchalance.  They think about their conscience such a little bit; they rely on their parent's religion overmuch; and they settle for a life philosophy that could readily be summed up in a sound bite or on a bumper sticker.  I suggest there is a huge gap that must be faced more deliberately....and my time is up.

By the way...MILLERWRITES copy is COPYRIGHTED. Why cut and paste when you can simply copy the link?


  1. My freewriting doesn't flow this well:) Sorry about your car!

  2. Still don't think I have the faintest idea what gap insurance is, despite your wonderful explanation... but my brain leaves town when anyone mentions maths so that's no surprise! A very coherent write. Bravo *smile*

  3. always :) Hope you get a new car and GAP insurance w/o a hitch!

  4. And we live and learn, don't we?
    Gap my ears, that's like insurance to cover the loss the insurance company which you are paying a bazillion bucks for coverage isn't going to cover. That is just wrong. Insurance is just wrong.

    1. Or another weird way to look at it Jo, is that you are paying for gap insurance to cover the amount you overpaid for the car. For the dealer to sell you gap insurance is to admit that his price is significantly higher than any value the insurance company will recognize!


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