0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
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!
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.
Hello ive had a small accident in my Chrysler which i am supposed to exchange with another car dealer next week have fully comp insurance and gap insurance can you give me advice on what to do?
call the dealer and insurance agent.
What if your car repossessed with gap insurance?
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.
Can you get gap insurance in Georgia after you buy your car?
Sure. You are much better off to get GAP insurance from your insurance company than by buying it from the dealer. If you buy from the dealer you will pay lots of money for the insurance plus you pay for GAP insurance for the life of the loan in advance then pay interest on it as it is financed in your loan. GAP insurance is coverage for the difference in the actual cash value of the vehicle and the amount owed on the vehicle. Reason shows that you will only be upside down in your loan when you first buy a new car because the value decrease fast the first year while the loan doesn't reduce as fast. You can purchase GAP coverage from your insurance company for a few dollars ($5-10) for a policy period and when the loan balance drops below the value of the car you can drop it. Say the first two years of a five year loan you owe more than the value though it is probably less. For two years you may pay $40 for the coverage from an insurance company then drop the coverage. From the dealer you paid $850 plus interest and you can't cancel it even though it will not pay off anything after the first two years. To answer your question, most insurance companies will let you add GAP coverage for the first 6 months after you add the car to your policy.
Who sells gap insurance?
GAP insurance is designed to cover the difference between what you owe on a financed (or leased) vehicle and the actual cash value that is paid by an insurer if the car is a total loss. Generally, GAP coverage is available through the car dealer or the finance company that finances the car.yes
When Gap Insurance May Be Useful?
If you have ever purchased a brand-new car, you probably already know the sad reality that the value of the car decreases the first time you drive it. To further add insult to injury, if you are involved in an accident and your car is destroyed, you may end up owing more on it than it is worth. If you are at all concerned about this possibility, then gap insurance could be an ideal product for you.What is Gap Insurance?Gap insurance is the term used to describe the difference between what you owe on the car and what your insurance company is willing to pay to replace it based on its current worth. For example, if you bought a brand new car for $10,000, and were involved in an accident which totalled your car a year later, its value may be down to $7,500 just because it is now one year old. A gap insurance policy would pay you the $2,500 difference.Where to Find a Gap Insurance PolicyThe best place to find a gap insurance policy is with your current car insurance company. If it does not offer this type of policy, ask the dealer where you purchased the car for a referral. Often times, gap insurance will be offered to you when you sign the paperwork and loan documents for your new car. If you choose not to accept it, there may be a separate form you have to sign indicating that you understand gap insurance was offered to you and you chose to decline.In order to get the best possible price on gap insurance, you should get quotes from several companies as well as the car dealership. You may be able to use the quotes as a bargaining tool if you prefer to get gap insurance from the same place you bought your car. Many people do prefer this method as the total cost of the gap insurance policy is generally added to the cost of the vehicle and the entire thing is financed at once. This is opposed to having to making a separate monthly gap insurance premium payment to an outside insurance company.
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 new car?
doubt it, gap insurance (usually sold by the car dealer or lien holder) covers just that the 'gap' between the acv (actual cash value-which is what the insurance company less your deductible if there is one, for your total loss vehicle) and pay off of your loan
What is the penalty if you have a gap from time you purchase a car from a dealer until you obtain auto 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!
What is the spark plug gap on a John Deere 2020?
.025 (or 25 Thousandths of an inch). Straight from my JD dealer. Bought a set today.
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.
What are the spark plug gap and points gap for a suzuki ts100?
Spark plugs usually come pre gapped but any local dealer has the answer to your question. Try asking the dealer you bought the parts from.A spark plug commonly used with this motorcycle is NGK Part # 6747 {Iridium IX #1043, BR8EIXSOLID, BR8EVXSOLID}{0.032 gap}
