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Yes you do. You need to have Collision and Comp coverage for Gap insurance to appy. Let's say that your vehicle is totalled out in a car accident and your loan is for $15000. Now lets say the insurance company offers you $10000. You would still owe the bank $5000 for your car so in this case, the Gap insurance will cover the other $5000 and pay off the loan in full once you submit all the paperwork they need to process the claim.
What else can I help you with?
Do you have to have full coverage for gap to pay?
Yes, you do. GAP coverage covers the difference between the value of the car and the amount owed. That means that you are making payments on the car, which is financed, which requires full coverage, insurance wise.
Do you need Full Coverage if you Have Gap Insurance?
Yes you do. You need to have Collision and Comp coverage for Gap insurance to appy. Let's say that your vehicle is totalled out in a car accident and your loan is for $15000. Now lets say the insurance company offers you $10000. You would still owe the bank $5000 for your car so in this case, the Gap insurance will cover the other $5000 and pay off the loan in full once you submit all the paperwork they need to process the claim.
Do you need full coverage insurance on a financed motorcycle in las Vegas?
yuo. financed motorcycle always need full coverage . i bought my gsxr finanaced and had to get full coverage . The dealer ship requires u to get it -_-
When will a person be required to have full coverage insurance?
usually you only need full coverage if you are financing or leasing your vehicle.
When purchasing a car if the owner already has full coverage on a trade in do the owner need gap insurance?
Firstly, talk with your insurance agent before signing for the new car. Dealers will sell you GAP coverage whether you need it or not and their GAP is a very expensive coverage that is paid up front and then financed so you pay even more. The only time you need GAP coverage is when the financed balance is more than the value of the car. If you are trading in another car you may have a lower balance than the book value or the new car. In any case you can purchase GAP from your agent and cancel it after a year or whenever you feel that the loan balance is lower than the value of the car. If you buy from a dealer you pay for the life of the loan plus interest.
If you have full coverage do you need UMPD coverage or will full coverage suffice if you are hit by an uninsured driver?
you dont have to have umpd coverage if you have full coverage but most of the time on full coverage it has umpd and if you dont have umpd your collision will pay for fixing your vehicle but most of the time there is a higher deductible on collision I know this because i am an insurance agent
How long do I need full insurance coverage on a financed vehicle?
In California, anyway, you need full insurance coverage on a car the whole time it is financed. After its paid off, you can drop a bunch of the coverage and just carry liability.
Do you need full coverage insurance if your car is 5 years old?
Full coverage requirements have nothing to do with the age of the car. If you still make payments on the car then you still have to have full coverage. If you own the car outright, then you do not have to have it.
If you have full coverage on an auto do all you need on a motorcycle is liability?
No. You have to have physical damage coverage on the motorcycle also.
What is full coverage auto insurance requirements in California?
When a vehicle is financed, you must have comprehensive, collision, and liability or 'full coverage' to protect the bank. I am not sure what you mean by 'requirements' other than that. You can also buy "GAP" insurance, for if something happened and your car is totaled and you owe more that it is worth, the GAP will make will make up the difference
Do you need full coverage insurance on a vehicle in order to have a cracked windshield replaced or will liability and PIP insurance cover it?
Full coverage, minus the deductible.
When should a person consider purchasing gap insurance?
When the comprehensive coverage has a large gap in coverage. Typically if a medical policy has a large deductible, there s gap insurance available to cover that "gap". Also there is coverage available to cover the "donut hole" in the medicare part d pharmacy b
