Will gap insurance covers repossession in the state of FL?
Gap insurance will not cover repossession in any state or territory of the US. Repossession is not a valid claim for insurance. In fact, it is possible your insurance could be cancelled as a result of the repossession, making you high risk.
No, GAP Insurance covers the difference between the market value of the vehicle the insurance company pays you after a total loss and what you owe to the financial institution.
Gap insurance does not cover repossession anything. It only covers if you wreck the car and owe more than it is worth.
Gap insurance only pays if the vehicle is totaled in an accident or stolen and not recovered. It does not cover the deficiency balance after a repossession sale.
GAP Insurance is not a specific company. GAP or Guaranteed Auto Protection is a type of insurance that covers the difference between the cash value of a vehicle and the balance still owed on financing for that vehicle.
GAP insurance is coverage that covers the difference between the value of the vehicle at the time of the accident and the amount that is owed on the loan at the time of the accident. GAP insurance can be purchased from the finance company or from the persons insurance company. Usually it is much cheaper to get it from the insurance company.
In New York state it is necessary to have gap auto insurance. It is the seller's legal responsibility to include gap auto insurance in the cost of leasing the vehicle.
Gap insurance refers to insurance which covers the gap between new car replacement and the current value of the car. It eliminates the risk of a car insurer not paying out enough in the event of a loss.
So called gap insurance covers only the difference between the value of your vehicle and what you owe to the bank. It offers no other protections such as personal injury & liability, or collision.
Gap year is a type of travel insurance that covers travellers to be away for extended trips of around 12 months or more. Gap year insurance will cover the traveller to and from many different countries in one trip.
Yes as they are two different things entirely. GAP covers the difference in what the insurance pays and the amount owed on your loan for the vehicle. GAP will not pay you a nickel yourself. If the actual cash value of the vehicle is more than the amount owed on the loan the GAP pays nothing at all.
Gap insurance is for in case of an accident your car is totaled.Gap takes care of the difference between blue book and the balance of your loan, so you end up even and not paying a loan payment on something you no longer have.
You had no insurance and an uninsured driver hit you so now what should you do Will gap insurance cover?
I'm sorry to say that you are going to pay out of pocket for the damage to your car or try to sue the uninsured driver that hit you for the money. Gap insurance only covers the difference between what you owe on the car and what your insurance paid you when your car was totalled. Since you don't have any insurance your gap coverage is useless. Furthermore if the car wasn't totalled in the… Read More
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
No it will not pay anything in that case. GAP only covers the difference if the value is less than amount owed.
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?
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… Read More
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… Read More
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.
There are seven types of car insurance. Liability insurance covers the cost of repairing any property damaged in a crash, as well as medical bills. Collision insurance makes it so then insurer pays for repairs. Comprehensive insurance handles any situation, including theft. Uninsured motorist protection is a policy that covers damage by an uninsured motorist. Medical/Personal-injury Protection covers costs of injury. No-fault insurance covers property damage and injuries no matter who is at fault. Gap… Read More
No the dealership can not be sued if they did not offer GAP insurance. The dealership is not required to offer 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.
GAP insurance rarely works at all. In my decades as an Insurance Agent, I've only ever seen one person who successfully got a pay out from a GAP insurance policy and that was only because she sued them to get it. GAP Insurance is a scam and in my opinion should be outlawed along with all those prepaid legal scams. I have never known of a single Insurance Agent who sells GAP Insurance. It is… Read More
Gap insurance is not the name of a company, it is a type of auto insurance related to leasing vehicles.
Your car is a total loss and pay off is about half of the amount of your loan you carried some from a prior car will your GAP insurance cover the majority or all of the remaining balance of the loan?
You will need to read your GAP insurance information. Like car insurance each plan is different. Some GAP insurance plans state they will pay 100% of the "resale" value. Others state 125% (meaning the current resale value of your car plus 25% above that). Others state 100% of "trade-in" value. Bottom line - read the insurance plan document you got from the company, or visit the car dealership you bought the car from and pick… Read More
If you accidentally burn your car up due to cigarette falling on floor will your insurance and GAP cover your entire loan?
Yes.This is how it works.....Your insurance will cover up to the retail value of the car which may be a whole lot less than the loan amount left.The difference between the retail value and the loan is what the gap covers, so you'll be set.
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
Can you buy back your totaled financed car lets say my car is financed and I get into an accident that totals my car. I know the insurance will pay out the bank but can i still buy it back after?
Yes, you can usually but it back because it is then between you and the insurance company. But keep in mind your insurance company normally pays the ACV (Actual Cash Value) which may not be what you actually owe on the vehicle unless you carry Gap insurance. Gap Insurance is an additional coverage that covers the balance of the loan between the ACV and remaining Balance.
What if you get in a wreck but have failed to pay the insurance the past month the car is new and has gap insurance but the insurance is inactive because of failure to pay?
Your Not covered for anything at all. If the auto insurance is inactive, then so is the GAP coverage. "GAP Insurance" is Not "Auto Insurance", it is Finance Company Insurance. it will only pay the difference after your required Auto Insurance policy has paid it's maximum limits. If your auto insurance lapsed, then your GAP insurance has also lapsed automatically and concurrently. The GAP Insurance is Void in the absense of an auto insurance policy… Read More
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… Read More
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.
I had a wreck. Insurance wants to total the car. When I purchased the car I purchased GAP insurance. I filled Bankruptcy Chapter 13. Wondering will the GAP insurance cover balance of after insurance?
Yes, you have taken a smart and wise step. When your car will be totalled by the insurance company, than the balance amount of the loan which you will have to pay will be paid by the gap insurance. This is the purpose of gap insurance. Gap insurance pays for the difference in the insurance settlement and the loan amount when there is an accident or a misfortunate event that leads to a claim like… Read More
No, GAP insurance covers the "gap" between what oyu owe on the vehicle, and the vehicle's current market value. This is only for upside down loans. For example, you owe $20,000 on a car but it's only worth $15,000 and you total it, the insurance will only pay the $15,000 since they only go u to current market value. Without GAP, you would be stuck with the remaining $5,000 because once you sign that contract… Read More
Depending on how you purchased the gap insurance. If it was included in the financing + gap = monthly payment then any refund due would go to the finance company. If you purchased the gap insurance independantly from the finance company then you must contact the provider of the gap insurance directly for any type of refund.
GAP Insurance is usually purchased at point of sale through Auto Dealerships and Automotive Finance Companies. You should look at the paperwork you received from your vehicle purchase. GAP Insurance is NOT Auto Insurance. It is Finance Company insurance.
How can you have GAP insurance on an uninsured car? You have to have a basic policy to add this. actually the terms of my GAP insurance stipulate coverage of a total loss even without primary coverage. that surprised me, but it states "if there is no primary insurance at the time of loss, actual cash value shall mean the retail value of the vehicle...". this raises some interesting issues about not carrying collision, but… Read More
GAP insurance may well be worthwhile. GAP insurance is additional car insurance, generally obtained from the dealer that sells the car, that covers the difference between what the insurer pays for a total loss of the car and what may be owing on the car loan. Normally, if a car suffers a total loss, the insurer will pay the actual cash value. This is the value of a vehicle of like, kind and quality, with… Read More
Yes, But only if there is a gap in the final loss payment by the underlying auto insurance policy. If there is no underlying Auto Insurance theft coverage then the Gap Policy is null and void and no coverage would ensue.
GAP insurance helps cover the difference if your car is deemed a total loss and is worth less than what you owe on the loan. GAP insurance only runs out when you pay down your loan enough that you have equity in the vehicle.
No, you are misstating what GAP coverage is. GAP insurance is a separate type of insurance that you can purchase as part of your finance agreement or on your personal auto insurance. What GAP does is pay the difference in what your insurance company pays and what is actually owed on the finance account for the vehicle. This is especially important when a vehicle is newer. An auto insurance policy pays either the cost of… Read More
It will depend on the type of gap insurance you have. Finance gap insurance would expire as there is no finance to cover but return to invoice and vehicle replacement would still carry on until the end of the policy or a claim is made.
That depends on what insurance coverage you have. If you bought only the state-required liability, NO. If you have full coverage you will get the book value of the car minus your deductible. If you have a loan on the car, this will probably not pay it off and you will still owe the remainder unless you also purchased "gap" insurance. Gap insurance will cover the remainder of the loan except for the deductible.
No, it is much more cost effective to simply have your Auto Insurance limits adjusted to fully cover any potential losses. Gap Insurance is notoriously expensive. Gap coverage only kicks in after all other insurance limits have been exhausted and is very difficult to actually receive compensation after a loss. Gap insurance is usually pushed to consumers at the point of sale when purchasing a Vehicle at a dealership by sales people who are not… Read More
If you are a UK resident, a Gap Insurance policy can start from just £55 - it really depends on what type of GAP Insurance you need, the period of cover and the claim limit required. Visit the related link for more details and market leading policies.
One has to request the GAP health insurance form from their insurance carrier. some insurance carriers have these forms online, and they can be filled out that way. Other insurance carriers will mail them to the customer or they can pick them up and fill them out in the office of the carrier.
One can get Kia insurance from: Kia, Money Supermarket, Allstate, Compare the Market, Kia World, Confused, Real Insurance, Car Insurance Quote, Kia of Orange Park, Gap Insurance 123, Easy Gap, to name few.
Auto gap insurance is usually available from any decent motor insurance company. For assistance finding one, one could visit a website such as MoneySupermarket.
Yes. Its called the gap. Get Gap insurance.
It depends. if you have GAP insurance, the insurance company will pay the payoff amount. If you do not have GAP insurance, it is the holder of loan's responsibility to pay off the complete open loan regardless of the amount paid by the insurance company.
Gap insurance is not primary insurance coverage. You would have to have comprehensive insurance on the vehicle first. After comprehensive coverage pays the actual cash value of the vehicle if it is a total loss, then GAP would pay any difference in the ACV and the balance of the loan on the vehicle. GAP will not take the place of comprehensive insurance in this case. As a matter of full disclosure, I own and operate… Read More
GAP insurance will pay the difference between what your car is worth and what is owed on the loan.
Will GAP insurance cover the full amount of a vehicle if the insurance coverage on a vehicle has lapsed and it is totaled?
NO. GAP covers the GAP left (if any) of what someone owes and the current market value of the vehicle should the loan balance exceed market value. In other words, you owe $16,000 on a vehicle and your car's only worth $13,000, YOU will be held repsonsible for the remaining $3,000. If you have GAP, it will pay the remaining $3,000 and you will be left with nothing but you also will owe nothing. Sale… Read More