I purchased a GAP insurance policy through the National Adjustment Bureau at the time of purchase when I purchased my 2006 Yamaha YZF-R1 (Motorcycle). After about 24 months of making more than minimum payments, I was hit head on in an intersection by a small car. I walked away from the accident, but my motorcycle was eventually declared a total loss.
I filed a claim through my insurance company, and they worked very fast to complete my claim. They made a detailed appraisal report to determine the value and paid it to my lender less the deductible. Depreciation played a role here, and the settlement amount left me with a fair gap leftover as usual in such cases. This is where the GAP insurance is supposed to come in.
I filed a claim through the GAP insurance company, and they sent me a large packet of paperwork to fill out along with a list of documents to gather. After I finally got everything together and sent it out, it was about a month before I got a notice in the mail that my claim had been submitted to underwriting. From there, it was about two weeks before I received notice that they had finished review and that they paid an amount of $0.00 to my lender. There was no real reasoning for this decision listed on the paper. It had a small breakdown of numbers near the bottom, most of which were incorrect figures. It stated something about the maximum amount allowed to be financed is 120% of MSRP. Anyone who buys GAP insurance and extra warranties is going to be over 120% of MSRP after taxes when they finance with very little down payment. If that is the reason they would not pay off my claim, that is ridiculous. It is information they already had long before the claim was made. This was information they had before the GAP policy was even started, and I believe it should be illegal for them to accept money to initiate a policy that is already considered invalid to their regulations.
I have posted a complaint to them with no response yet. I am not sure how this will be settled if at all. I only hope they either pay out my GAP after asking for an appeal or that they at least refund my policy premium. Either way, I would never consider using National Adjustment Bureau for any type of insurance need, and I will advise everybody to boycott them as well. My experience has been miserable especially in a time where I have a lot of other things to worry about. I read a few other reports here that have also furthered my disliking towards them. My sympathy most definitely goes out to all others who have encountered an endeavor such as this with this company.
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