Insurance wants to total the car. When I purchased the car I purchased GAP insurance. I packed Bankruptcy Chapter 13. Wondering will the GAP insurance cover balance of after insurance?” style=”margin:10px;float:left;” />Yes, you have taken a wise and wise step. When your car will be totalled by the insurance company, than the balance amount of the loan which you will have to pay will be paid by the gap insurance. This is the purpose of gap insurance.
Gap insurance pays for the difference in the insurance settlement and the loan amount when there is an accident or a misfortunate event that leads to a claim like theft of the vehicle.
The purpose of insurance is to save a person from financial problems.
Does GAP Insurance cover uninsured vehicles in a wreck?
What is the penalty if you have a gap from time you purchase a car from a dealer until you obtain auto insurance?
Makeshift Dealer Gap insurance is considered the same as having no insurance at all. Most companies don’t recognize dealer gap insurance because they are only excess secondary coverage policies, No Liability coverage is generally included in them. Generally if you have a lapse of 30 days or more, or if you have had continuous coverage for less than 6 months, then you will pay Five to Ten percent more on premium. Beware of GAP Insurance, I’ve seen more than a few people who got burned on these after they discovered the gap only covered a portion of the vehicle and suggested no liability coverage for the driver..
As a Broker, I can tell you it truly depends on: the length of time, WHY the gap, your past record, and the individual underwriting policy for each insurer. Be SURE to tell any prospective broker/company of this gap or you could be without in the end!
How long after a 2nd car is purchased will it covered by your insurance?
If you have GAP insurance will the leftover balance be paid off when your car is repossessed?
If you have gap insurance through both the car company and insurance company will you the insured be entitled to one of the payments to purchase a fresh car?
What can you do if you wrecked a car that was in your mother’s name and she said it was insured but it wasn’t and all you have is gap insurance?
Unfortunately, ignorance of the fact that you had no insurance is no excuse. You are the driver and it’s your responsibility to be sure you have insurance. You are liable for the harm done to the other car and you will also most likely get a citation for not having insurance. Your car is also your problem. I suppose you could sue your mother but I wouldn’t hold my breath on that one.
If you want the insurance company to total your wrecked car can you negotiate this?
Not truly. Albeit things from vary from one state to another, usually they will repair the car if the harm value is 70% or less of the car’s current book value. I’ve never heard of anyone doing this so I’m not sure if it’s possible, but you COULD call the insurance company and tell them you’re willing to lodge for a check directly to you for less than the harm estimate. The company will most likely agree as ALL insurance companies want to lodge for as little as possible, but state laws may prohibit that because once a car is give a totaled or salvaged title it’s reported to the state. To response the question most of the time if they choose to repair it you have to side with that option most of the time, if you feel otherwise, consult your local auto accident attorney.
How do you get another car loan or will you have to wait until the loan is closed if you have a loan on a car that was totaled and insurance and GAP insurance will pay the total loan balance?
If you are not sated by the deal you are getting for a 2nd loan on your car, attempt looking for a payday loan.
How do you get rid of a wrecked car with no insurance?
What does gap insurance cover?
What is gap insurance?
Is Gap Insurance on cars worthwhile?
Your car is a total loss and pay off is about half of the amount of your loan you carried some from a prior car will your GAP insurance cover the majority or all of the remaining balance of the loan?
Bottom line – read the insurance plan document you got from the company, or visit the car dealership you bought the car from and pick up a pamphlet..
Good luck to you!
Can I purchase insurance for a car that i do not own?
Is your fresh car purchase covered until you get to insurance office?
What if you get in a wreck but have failed to pay the insurance the past month the car is fresh and has gap insurance but the insurance is inactive because of failure to pay?
If the auto insurance is inactive, then so is the GAP coverage..
“GAP Insurance” is Not “Auto Insurance”, it is Finance Company Insurance. it will only pay the difference after your required Auto Insurance policy has paid it’s maximum boundaries..
If your auto insurance lapsed, then your GAP insurance has also lapsed automatically and concurrently..
The GAP Insurance is Void in the absense of an auto insurance policy..
Your on the hook for all monies owed to all parties involved with your finance note..
Does gap insurance cover a repossession?
What if your car repossessed with gap insurance?
What if You are in a car accident and have no insurance and you hit a car that had total coverage and gap insurance what will happen?
You have gap insurance and total coverage insurance but your bf totaled your car and he is not on your insurance will your insuances still cover your car?
If you had your granddaughter car insured and she wrecked it is the car covered?
Do I need to purchase GAP insurance or is that already part of the package when you buy a fresh car?
Your car was totaled no other car involved you had total coverage insurance and GAP insurance will you be reimbursed for your loss or will it all go to the finance company?
Does gap insurance cover theft?
If you total your car after your insurance is canceled will GAP insurance still protect you?
If No Auto Insurance Policy is in Place providing comprehensive and collision coverage then your GAP Policy is Null and Void..
GAP coverage only pays in conjunction with your Auto Insurance Policy..
No Auto Insurance! No Gap Payment
No auto insurance but do have gap insurance?
What happens if you total your car and have gap insurance?
Gap insurance is from the auto loan or your insurance on the car?
Does gap insurance cover if your behind on car payments?
Car totaled insurance value car at 16000 and loan amt is 12400 can you use your gap insurance to pay off car loan?
What does gap auto insurance cover?
Does gap insurance on you car expire?
Why do you have to pay insurance when purchasing a car?
What is gap insurance for a leased car?
Where can you purchase asda car insurance?
Can you purchase car insurance with no car?
Does gap insurance cover a death?