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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 below 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.
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∙ 13y ago
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Does gap insurance protect you if your car is repossessed?
yes, because it is so stupied that it is how i think
If you have GAP insurance will the leftover balance be paid off when your car is repossessed?
What does your GAP policy say? Do YOU have it or the LENDER? Normally, lenders place it on a loan to cover the lenders losses, not yours. If you hav GAP insurunce On you Insurance will pay of whatever the car deler does not
When a car is repossessed what do you do with the insurance?
When a car has been repossessed the person paying the insurance should cancel it.
Will gap insurance help if your car is repossessed in Arizona?
WHAT "GAP" does it cover?? The gap between your down payment and what the car is worth or the amount you lack to be current with the payments? Read your "GAP" ins. contract to be sure of the coverage. I've never heard of it covering a repo.
What do you do about your car insurance once your car is repossessed?
Cancel your policy.
Should you cancel the car insurance on a repossessed car in NJ?
yes
What does Gap insurance use for in Illinois?
What is Illinois gap car insurance? Is insurance you can purchase to cover the gap between the cost of repaying your car loan and the amount the insurance company will actually give you for your totaled car.
Should you cancel the car insurance on a repossessed car in Florida?
Yes of course you should!
Can a car be repossessed if I don't have insurance?
yes by doing the confy stuff
Is California gap car insurance a good buy?
Gap insurance would be a good choice if you put less than 20% down on a new car. If something were to happen to your car shortly after the purchase, gap insurance will pay what you owe, not what the car is worth.
What happens if your car is totaled and you are paid up on your insurance but not on your car loan will it be repossessed?
The insurance company would not be interested in repossessing a car that has been completely demolished. The insurance company will pay over any damages to the loan company since it has a lien on the car. You would receive any amount remaining after payment of the car loan. On the other hand, you will be responsible for any remaining balance owed on the car loan. That is why "gap insurance" is important for a financed car. Gap insurance pays when the amount of compensation received from a total loss does not fully cover the amount the insured owes on the vehicle's financing.
Can I get gap car insurance in Virginia?
Yes you can easily get a gap car insurance in Virginia. There are many insurance agencies which provide such insurance. You can visit various insurance agent sites and compare quotes and choose.
