No - once totaled and paid off by the primary ins company, they (the ins co)
now owns the van. The gap insurance is from a 3rd party who will send the
lender the difference of what my primary insurer pays and what I owe.
Basically, my lender (Credit Union) gets paid in full for the remaining
balance
due on my old van partly from my primary insurer ( Farmers ) and partly by the
Gap Insurer. I'm free and clear. I don't completely understand why the
Gap Insurer will send my lender $1,000 just for buying $220 worth of coverage
from them again on the new van.... that's a complete mystery to me. I'll
let you know when I find out.
Dave _Visit My Home Page_ (http://www.users.qwest.net/~daveoc/index.html)
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So you will get to keep your van but it will also be totaled and they will
light $1000 to the lender.
You can possibly repair or use parts for your new one.
Dana
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