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Arizona man says his gap insurance won't pay an $18,000 claim for his totaled BMW because of a 60-cent mistake
My guess is that this is exactly why consumers do not like insurers."He bought the BMW for $60,517.86. At the time of the accident in late 2023, his insurance company wrote him a check for $26,709 — the vehicle's total value — but he still owed $45,360 on the loan — meaning he had a financial gap of $18,651, which should have been covered by his gap insurance."
"However, his sizable gap insurance claim was denied over a 60-cent error in his auto loan paperwork...No one caught that 60-cent mistake until Munoz submitted the $18,651 claim to Safe-Guard, his gap insurance company, which he says denied payment over the discrepancy in the paperwork."
"Harper contacted Safe-Guard and questioned them about Munoz's claim. Since the news program got involved, Munoz told Harper he has received notice from the insurer that his claim is finally being processed."