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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.
What else can I help you with?
Where can I purchase gap insurance?
Yes, there are several companies from whom you can buy gap insurance; some exclusively deal with gap insurance. You may pl try these links- www.carinsurance.com/; http://www.national-gap-insurance.com/; http://www.gapinsurancequotes.com/ , to name a few.
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.
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.
What is the meaning of gap carrier?
"Gap carrier" typically refers to a type of insurance coverage that helps fill in the gaps left by primary insurance policies. These policies are designed to provide additional protection by covering expenses that primary insurance may not fully pay for.
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.
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 theft of the vehicle. The purpose of insurance is to save a person from financial problems.
Can I get gap car insurance in Virginia?
Yes you can easily get a gap car insurance in Virginia. There are many insurance agencies which provide such insurance. You can visit various insurance agent sites and compare quotes and choose.
