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Discussion Starter · #1 ·
Are there any insurance folks here?

What happens if you get into an accident and the body shop is not able to source the part?

Is the car considered a total loss and insurance would reimburse you?

What happens if it is just a fender panel or something, but they just cant get it? Is there a clause in insurance coverage that says that if the company is bankrupt etc. etc?

I know someone had said they added GAP coverage, but isnt that for a total loss and if so what is considered a total loss?

Thanks
 

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Are there any insurance folks here?

What happens if you get into an accident and the body shop is not able to source the part?

Is the car considered a total loss and insurance would reimburse you?

What happens if it is just a fender panel or something, but they just cant get it? Is there a clause in insurance coverage that says that if the company is bankrupt etc. etc?

I know someone had said they added GAP coverage, but isnt that for a total loss and if so what is considered a total loss?

Thanks
The purpose of GAP is to prevent you from going underwater in your Karma.

GAP with my financial institution kicks in as a result of physical damage due to a Total Loss, Constructive Total Loss or Unrecovered Theft. These events are defined as "losses where the cost to repair or replace the collateral would exceed the Actual Cash Value, as determined by the Primary Insurance Carrier." Actual Cash Value is the retail value of the vehicle prior to the loss. Insurance companies tend to keep this number pretty low.

If you have an accident that cannot be repaired, GAP should kick in under Constructive Total Loss.

I don't know if "physical damage" can be construed as the failure of an irreplaceable part that makes the car a 2-ton boat anchor. It would be interesting to find out.

Anyway, it was worth $240 to me to get some additional piece of mind.
 

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My friend got into a fender bender in his Karma. His insurance company declared the car a total loss and cut him a check for circa $70,000. He turned around and bought a brand new Karma for $65,000.
 

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wow- I have "value lock" on my car which stays in effect for the full year- was $108K last year and is $106,500 this year meaning if they declare my car a loss this is what they pay me. At least I dont have to be afraid to drive it and can get compensated if something happens- Shows how much we love the car given he went and bought another!
 

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bet we are all going to have trouble getting renewals.

cbermudez8s friend had the best accident I ever heard about. Kudos to him
 

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bet we are all going to have trouble getting renewals.
There are companies that insure limited production, collectible cars. The rates can actually be lower and the coverage better. But here's the catch: You generally must have another car as a daily driver. Then you can drive the Karma on trips, car shows, shopping, etc.

Google on "Insure Collectible Cars," pick a company, and get an online quote. Here's one that's my broker recommended, if and when the time comes:

https://www.hagerty.com/Collector-car-insurance/Auto-Insurance-overview
 
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