My Tesla Cybertruck Got Totaled After It Was Sideswiped by an E-Scooter. All-in, I paid $198K, but Insurance is Only Offering Me a “Fair Market Value” of $77K. I Still Owe the Bank $171,500
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Holy shit those useless piles of nazi garbage cost 200k???
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200k to blow on a car but doesn’t have 30 bucks a month for gap insurance
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Gap insurance is a scam in “most” instances. But dropping 100+k driving off the lot… Wait no it’s still a scam, he’s is just a fucking idiot for buying it in the first place …
Every insurance is a scam right up until you need it. Gap is cheap as hell and if you can’t budget for it you should have the cash in hand to replace your vehicle.
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200k to blow on a car but doesn’t have 30 bucks a month for gap insurance
Came here to say super similar.
Also, since when is gap insurance $30 per month? I want to say I paid a flat $300 for it on my last car (back in 2020, just before the pandemic) for the life of the loan (6 years / 72 months)
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Imagine being destroyed by a fucking scooter lol
So I saw something about this.
Apparently the Cybertruck is way more unibody than most cars, their “gigamold” technology or whatever where the truck is made out of a small number of unusually large parts means a bolt-on bolt-off repair on most cars is “the entire cab is bent, it’s done” on the DePlorean.
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Every insurance is a scam right up until you need it. Gap is cheap as hell and if you can’t budget for it you should have the cash in hand to replace your vehicle.
For what it ACTUALLY pays and how long it lasts, it is extremely expensive. Most people it is good for 3-4 months and that’s only if they don’t put ANYTHING down. Trade in a car? Put money down? GAP is useless.
And every month you go without totaling your car it is worth much less.
And if a car/truck depreciates enough driving off the lot for GAP to make sense. You’re paying too much for new and should buy used if you want that particular model.
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Gap insurance is a scam in “most” instances. But dropping 100+k driving off the lot… Wait no it’s still a scam, he’s is just a fucking idiot for buying it in the first place …
Maybe I got lucky. But I financed half of a car once, got the GAP insurance, and was hit at a red light.
The car was totaled, but I was also upside down on the loan. I ended up walking away with a profit.
It definitely feels like a risk/reward thing. But Im glad I had it when I needed it. I wouldn’t say it’s necessarily a scam, but I do feel like regular car insurance is.
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Good point.
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For what it ACTUALLY pays and how long it lasts, it is extremely expensive. Most people it is good for 3-4 months and that’s only if they don’t put ANYTHING down. Trade in a car? Put money down? GAP is useless.
And every month you go without totaling your car it is worth much less.
And if a car/truck depreciates enough driving off the lot for GAP to make sense. You’re paying too much for new and should buy used if you want that particular model.
Yes every month I don’t use it. The month I did use it I’ll be pretty happy won’t I.
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TL;DR: man does not understand how Insurance works; that vehicles are depreciating assets.
What kind of fucking idiot does not understand that a vehicle is a depreciating asset!?
Yeah, the minute you buy a vehicle for $200,000 and you drive it off the lot, it is now worth $135,000.
Furthermore, insurance does not give you back “what you paid” you get “replacement value”. So if you were stupid enough to pay $200,000 and it’s depreciated to $70,000, that’s what you get, because that’s what it cost to replace your stupid toy.
Why is this even an article
Yup i used to sell insurance and so few understand even that basic part
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So I saw something about this.
Apparently the Cybertruck is way more unibody than most cars, their “gigamold” technology or whatever where the truck is made out of a small number of unusually large parts means a bolt-on bolt-off repair on most cars is “the entire cab is bent, it’s done” on the DePlorean.
So they are among their other problems hard to repair even the body panels
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TL;DR: man does not understand how Insurance works; that vehicles are depreciating assets.
What kind of fucking idiot does not understand that a vehicle is a depreciating asset!?
Yeah, the minute you buy a vehicle for $200,000 and you drive it off the lot, it is now worth $135,000.
Furthermore, insurance does not give you back “what you paid” you get “replacement value”. So if you were stupid enough to pay $200,000 and it’s depreciated to $70,000, that’s what you get, because that’s what it cost to replace your stupid toy.
Why is this even an article
It was never even worth $200k they paid an extra $50k to get it earlier.
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I got hit in a parking lot by a little old lady cutting acrros the parking lot. They wanted to total my car and I told them no. They subtracted the salvage amount and cut me a check for the rest. A oem fender and some color matched paint cost less than 500. So this story is bullshit.
According to another comment:
Apparently the Cybertruck is way more unibody than most cars, their “gigamold” technology or whatever where the truck is made out of a small number of unusually large parts means a bolt-on bolt-off repair on most cars is “the entire cab is bent, it’s done” on the DePlorean.
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At least 2mph.
Probably.
to a cybertruck it might as well go 2mps, 2 miles per second.
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Cybertrucks are really, really bad for repairability. Consider the fact that on a normal car you can fix a dent by getting the panel most of the way back to the correct shape and then fairing it the rest of the way with Bondo before painting it. But with a Cybertruck, you’d have to metalwork the panel all the way back to perfect and then somehow figure out how to match the surface finish. It’s a lot more labor, if it’s even possible.
It could be that the insurance doubts that the vehicle can be completely restored to its pre-loss condition at any price.
i think insurances are either not covering it, or they double, triple the cost of preniums.
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This is why you also need gap insurance for anything but the cheapest cars. It exists to prevent this situation.
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Why is this even an article
Rage bait. It got you to interact with it
Rage bait? Read like a feel-good story to me.
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TL;DR: man does not understand how Insurance works; that vehicles are depreciating assets.
What kind of fucking idiot does not understand that a vehicle is a depreciating asset!?
Yeah, the minute you buy a vehicle for $200,000 and you drive it off the lot, it is now worth $135,000.
Furthermore, insurance does not give you back “what you paid” you get “replacement value”. So if you were stupid enough to pay $200,000 and it’s depreciated to $70,000, that’s what you get, because that’s what it cost to replace your stupid toy.
Why is this even an article
Why is this even an article
Because it’s designed to make us feel good at the cost of a fool’s misfortune.
Just like 50% of the “news” out there.
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Yes every month I don’t use it. The month I did use it I’ll be pretty happy won’t I.
You “won” the lotto, good for you?
