0
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 the 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.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
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 if GAP insurance was not offered Can I sue the dealership?
No the dealership can not be sued if they did not offer GAP insurance. The dealership is not required to offer GAP insurance.
How do you find out If you have gap insurance?
By looking at any GAP Insurance Policy you purchased and looking at the dates to see if it is in effect. If you bought GAP Insurance, you would have been given a copy of the bogus GAP insurance Policy.
How do you contact gap insurance?
Gap insurance is not the name of a company, it is a type of auto insurance related to leasing vehicles.
Can i cancel the gap insurance from the dealer if you have insurance on it?
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 Insurance. 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!
When is buying gap car insurance a good investment?
GAP insurance pays the value of the car minus liens applied to it and only pays in the event of a total loss. If you can get coverage that covers damage (as well as total loss), this would be better. If your liens are substantial in relation to the value of the car, then GAP insurance is not worth it.
Should you buy gap insurance?
If you owe more than the car is worth, it is a good idea.
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.
Where is the best Gap insurance located at?
What insurance you go with is entirely up to you; insurance is all about personal preference. Gap insurance has some lower rates than other companies; make sure you can get Gap insurance in your area by checking their website.
If you total your car after your insurance is canceled will GAP insurance still protect you?
NO,, GAP Insurance is supposed to pay the difference between what your Auto Policy paid and any remaining portion of your loss after the Auto Insurance Policy has paid it's maximum. 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
Is auto gap insurance necessary in Anchorage, AK?
Yes, auto gap insurance is necessary in Anchorage, AK
Who is the CEO of Gap Year Insurance?
Andrew House is the chief executive officer of Gap Year Insurance. Gap Year Insurance has steadily seen an increase of 61% in claims in the past six months.
