FML, seriously. FML

Originally Posted by forgop

I believe it's galled gap insurance you are talking about. If you buy a new car and don't get it, then you shouldn't buy a new car IMO. This way, the car you drive off the lot and it loses 20% of its value, you are covered for the amount of the loan and not the retail value of the car at the time it's wrecked.

Hope your wife is ok.

I have GAP.

Diminished Value is compensation for the fact when you go to sell the vehicle it's worth less because it's not all factory condition. The bumper may not be OEM (if they replace it) and the paint may not be a precise match. (I've seen some real bad paint work). To top it off the wreck will forever be on carfax.

In MOST states they'll compensate you for the fact it would be worth less after the wreck, apparently TX isn't one of those states that requires compensation for such things.