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If you have Gap insurance on your loan for your vechicle do you need to still have comp and collision or can you just insure yourself?
Wiki User
∙ 15y ago
GAP insurance only covers the difference between what your car is worth and what you owe. So if your car is only worth $8,000 and the balance on the loan is $10,000, GAP insurance will only pay the $2,000 if your vehicle is determined to be a total loss by the insurance company. You still need to have physical damage coverage (Collision and Comprehensive) for the vehicle. If you don't, your finance company will get their own coverage. It's called forced placed insurance. Your finance company will charge you for it, you will not get any benefits from it, and it will cost you more money than if you insured it yourself. You should also find out how much your GAP insurance covers. Some cover up to 150 percent of the value of your car, some only cover 115. Using the same numbers; if your vehicle is only worth $8,000 and your policy only covers up to 115 percent of the value, GAP insurance would only pay $1,200 and you would have to pay the remaining $800.
Wiki User
∙ 15y ago
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Yes, you can buy disability/dismemberment insurance.
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Is it possible to insure yourself?
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If you mean can you pay for the other persons ( the owners ) insurance policy yes. If you mean can you insure it for yourself no.
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What level of insurance coverage should you keep on a 1996 Toyota 4 Runner?
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they insure themselves
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Hard to insure homeowner's insurance?
Hard to insure homeowners insurance could mean that you have poor credit or represent high risk to a homeowners insurance company.
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What does collision coverage insure?
The repair of damage caused to your car when you caused the accident
