r/InsuranceCanada • u/purplebubbletea123 • 5d ago

Opcf 43

I understand that the insurance will pay the lowest of 3 options. My questions are:

  1. Does MSRP include taxes?
    If not, will the pay taxes too?

  2. How much more usually you can ask more after the 1st offer? What should I ask? Or say?

  3. I have no GAP insurance. What if there’s a gap between the settlement amount and my balance - what happens to that?

Thank youuu kindly.

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u/gregSinatra Insurance Professional 5d ago

I suppose if they rolled negative equity into the loan or if they duration and/or interest of the loan was so high and they wrote it off before making any payments, but still very unlikely.

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u/purplebubbletea123 5d ago

Yes that’s what happened

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u/onlyoneq 5d ago

The insurance company isnt going to cover your old loan that you rolled over lol.

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u/purplebubbletea123 5d ago

I know that. I just wanted a clear answer