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No auto insurance but do have gap insurance?
So called gap insurance covers only the difference between the value of your vehicle and what you owe to the bank. It offers no other protections such as personal injury & liability, or collision.
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If you bought a new vehicle today and then got in an accident tomorrow (you wrote the car off) the insurance company considers the vehicle used the therefore only pays t…he used vehicle value, on a high end vehicle this would cost you more than $10,000. "Gap" protection is cheap, buy it from your own insurance company to protect your interests not the manufacturers or lenders interest.
This one is easy. If you have an automobile you need auto insurance. If you have a motorcycle you need motorcycle insurance. These are two different types of policies and one …will not cover the other. Some insurance companies offer both types of policy so you can purchase both policies from the same company but if you own both you have to have both policies.
In order to write auto insurance policies in Texas, you will need to have the Property & Casualty insurance license. TX does not have a pre-licensing requirement due to which …individuals can sit for the state exam without going through any preparation material BUT to increase the chances of passing your state exam in the first attempt, experts recommend to take the preparation courses.
(autoinsurance.aains.us/low-cost-auto-insurance) maybe it will help you
Gap coverage is intended to cover the difference between what the car is worth and what is owed on the car. So if you owe 15,000 on a vehicle that has a value of 12,000, you s…hould be covered.
Usually you can cancel the Gap insurance anytime you want. You should be refunded money too depending on when you purchased it. Gap Insurance has nothing to do with Auto Insur…ance. Gap Insurance is just something that you purchase "usually from the dealer" to protect you if your upside down in your loan. Say you owe $5,000 on your vehicle, but it's only worth $3,000. If you have an accident and it's totaled out. Your insurance company is going to give you only what it's worth. So you would get $3,000 from your insurance company. The Gap insurance would cover the "GAP" between what is owed and what you got from the insurance company. Because your still going to owe the bank another $2,000 for a vehicle that is totaled out. Gap insurance can sometimes be difficult to cancel, and they sometimes they will give you a hard time about it.. But just read the paperwork that you got when you purchased your vehicle, usually it tells you on there how to cancel and if there are any fees involved. Just keep in mind that Gap Insurance is not Auto Insurance, so you would need to have Auto Insurance regardless if you have the Gap Insurance. Good Luck!
GAP (guaranteed asset protection) auto insurance coverage is one the most necessary, yet least understood insurance products available to vehicle owners. It is generally purch…ased through the auto dealership or leasing company at the time of the initial purchase or lease. It's purpose is simple: If your car is totaled, gap insurance will cover the difference between what your insurance company says your car is worth (actual cash value) and what you still owe on your loan or lease.
Yes, Zurich insurance does provide auto insurance. The information can by found on the Zurich Insurance web page. They also provide many other forms of insurance including lif…e insurance and homeowners insurance.
Auto gap insurance is usually available from any decent motor insurance company. For assistance finding one, one could visit a website such as MoneySupermarket.
Yes, you don't say if you just have never had the NEED for insurance or drove 'uninsured' -- for the latter, some companies will not insure you. But there are many many th…at will. It is better to ask to the insurance company. You can check out online for various insurance providers, and they can give you better idea.
GAP insurance is coverage that covers the difference between the value of the vehicle at the time of the accident and the amount that is owed on the loan at the time of the ac…cident. GAP insurance can be purchased from the finance company or from the persons insurance company. Usually it is much cheaper to get it from the insurance company.
Medigap: Medigap (also known as medical supplemental insurance) refers an individual insurance policy which can be purchased to cover certain health care services and cost…s which are not provided by Medicare. Medigap insurance is becoming very important to people covered under the Medicare program since reduction in levels of benefits and curtailment in availability of services have become reality as a result of the need to control the costs of this program. Medicaid: Medicaid is the federal program which provides for the health care needs of certain low-income people. Medicare: Medicare is the federal program which provides for the health care needs of the elderly, the blind and the disabled.
The gap insurance is part of your auto loan so I am not sure what your question is. Gap insurance covers your car if you total it and the fair market value for your car is bel…ow what you owe. If your car gets reposessed, you still owe the lender. Actually, the cost of the gap insurance is rolled into the loan - it's not part of the loan. If you can find your original paperwork from when you bought your car, find the information on the company that issued the gap insurance policy, and then call them and tell them you no longer own the car, and see if you can get a partial refund on the premium! Can't hurt to try, right? I do vehicle refinances, and our auto loan contract includes the gap insurance (although we call it something else) for free, so I have helped several people cancel their gap coverage, although we usually do it pretty early in the loan. Same with credit disability insurance, if you have it.
Answer It depends on the insurance company. There are some out there where you can get insurance on you to drive any vehicle and be covered, it is normally more …expensive that way.
No. If a car is determined to be a total loss as a result of a collision, GAP insurance pays the difference between what the collision coverage pays as the actual cash value o…f the car and the outstanding loan balance.
Physical damage coverage on an auto policy says that the insurance company has the option of paying to repair, replace, or pay the actual cash value of the vehicle. In the cas…e where the damage to a vehicle's cost to repair is more than the ACV of the vehicle the vehicle is totalled and the company will pay the ACV of the vehicle. Sometimes when you buy a new vehicle without much or any downpayment you quickly get "upside down" in the loan. As the value of the car depreciates, the loan balance doesn't fall nearly as fast. For the first couple of years you owe more than the value of the vehicle. The insurance company has nothing to do with auto loan. GAP insurance was created to cover the difference in the ACV of the vehicle and the loan payoff. You can buy GAP insurance from the finance company or bank that financed the vehicle or from your insurance company. Purchasing from the insurance is much less expensive and you can drop the coverage once the loan balance falls below the value of the vehicle.
What is the penalty if you have a gap from time you purchase a car from a dealer until you obtain auto insurance?
Insurance Temporary 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 5 to 10 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 offered no liability coverage for the driver. * As a Broker, I can tell you it really 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!