Underwater Assets
| The tide beat the tow truck. |
If the tide had been going out there wouldn't have been a problem. But the tide was coming in
fast and by the time the tow truck arrived his Durango was almost totally submerged. Needless to
say the insurance company totalled his truck, but he was underwater in more ways than one.
When he finished crunching the numbers, he determined he was stuck with an outstanding
balance of $6,400, or the equivalent of 16 more payments.
The problem with accidents is you never see them coming. If my son and I pulled that boat out of
the water once, he pulled it out a hundred times without incident. You just never know when it's
going to be your turn.
Think this can't happen to you? Well, maybe if you don't tow a boat around, but accidents are the
ultimate open tent event and everybody's welcome to participate.
nhtsa
Speaking of Dodge Durangos, they were one of the Top Ten Vehicles Stolen in 2008. Another eye
opening statistic is that all ten of the most stolen vehicles included models less than two years
old. This is the period of time when you, as a new car owner, are most vulnerable to incurring a
substantial financial loss if the unexpected occurs.
The sad part is, had he known, he could have added gap insurance to his policy for only a fraction
of the cost of one car payment instead of watching $6,400 go out with the tide.
fast and by the time the tow truck arrived his Durango was almost totally submerged. Needless to
say the insurance company totalled his truck, but he was underwater in more ways than one.
When he finished crunching the numbers, he determined he was stuck with an outstanding
balance of $6,400, or the equivalent of 16 more payments.
The problem with accidents is you never see them coming. If my son and I pulled that boat out of
the water once, he pulled it out a hundred times without incident. You just never know when it's
going to be your turn.
Think this can't happen to you? Well, maybe if you don't tow a boat around, but accidents are the
ultimate open tent event and everybody's welcome to participate.
nhtsa
Speaking of Dodge Durangos, they were one of the Top Ten Vehicles Stolen in 2008. Another eye
opening statistic is that all ten of the most stolen vehicles included models less than two years
old. This is the period of time when you, as a new car owner, are most vulnerable to incurring a
substantial financial loss if the unexpected occurs.
The sad part is, had he known, he could have added gap insurance to his policy for only a fraction
of the cost of one car payment instead of watching $6,400 go out with the tide.
The term underwater usually means an object of some sort submerged below the water's surface.
A second definition for underwater is when the loan on an asset, such as an auto, exceeds the
value of the underlying asset. In other words you owe more than it's worth.
The following story recounts how my son found himself underwater in more ways than one.
While pulling his small fishing boat and trailer out of the water, Sam's 4 wheel drive Dodge
Durango became mired in the sand and rocks of an unpaved boat ramp.
A second definition for underwater is when the loan on an asset, such as an auto, exceeds the
value of the underlying asset. In other words you owe more than it's worth.
The following story recounts how my son found himself underwater in more ways than one.
While pulling his small fishing boat and trailer out of the water, Sam's 4 wheel drive Dodge
Durango became mired in the sand and rocks of an unpaved boat ramp.
| GAP Auto Insurance Coverage |