No auto insurance but do have gap insurance?
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.
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\n. \n Gap Insurance Refunds \n. \nThe answer depends on the state where Gap was purchased. In many states the refund is calculated pro rata. This means if a cancel i…s requested in month 30 of a 60-month loan, 50% of the selling price would be refunded.\n. \nPerhaps the most popular refund calculation is rule-of-78s. This allows the Gap Insurer to earn more of the premium in the early stages of a loan. For example, in Rule-of-78s calculations the first month of a 60-month loan is worth approximately 3.28% of the overall price charged (this number would be only 1.66% if pro rata was used).\n. \nRule-of-78s is often used because it allows the Gap Insurer to more closely align the risk with the earning of premium. Gap exposure is higher early in the loan and decreases as payments are made.
Answer First you need, a drivers license, a car, and VALID registration. Then, LOTS AND LOTS of phone calls so you can sop around for the best rates, you can go through broke…rs, (its like a shopping mall for insurance companies), and once you hear some numbers you like (depending on the coverage), you make a down payment, sign several legally required papers, then you;re all set. Try this site where you can get quotes from different companies yourfinance.co.cc
This is insurance which protects the insured against losses involving the use of automobiles. Various coverages may be bought depending on the desires of the insured. Such cov…erages include the liability coverages of bodily injury, property damage, and medical payments, and the physical damage coverages of collision and comprehensive. Auto insurance requirements vary. If you're not sure what's required in your home state or country, or you're moving, educate yourself on your state's or country's minimum auto insurance requirements and plan to exceed them. (If you're involved in a serious accident, carrying the minimum requirements won't cover your losses!) Auto insurance helps you to protect you and your family against financial loss in the event of an accident or other cause of loss.It covers the injuries and damages caused by an accident and for which you are legally responsible. Answer- Auto insurance is a protection that protects the owner of vehicle against financial loss if vehicle have accident. It is a contract between vehicle owner and auto insurance company. The vehicle owner pays the fix amount of premium to the auto insurance company and in exchange the insurance company pays to the vehicle owner against loss as mentioned in the insurance policy. There may be various types of auto insurance coverage such as property damage coverage, vehicle body injury coverage, collision coverage, personal injury coverage and more.
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 ac…cident. 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.
Yes, you don't say if you just have never had the NEED forinsurance or drove 'uninsured' -- for the latter, some companieswill not insure you. But there are many many that wil…l. It is better to ask to the insurance company. You can check outonline for various insurance providers, and they can give youbetter idea.
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Auto insurance is a kind of insurance that helps you cover the costs resulting from a car accident or auto problem. Every state in the U.S. requires drivers to carry at least …some auto insurance, although the exact amount varies by state. There are two basic kinds of auto insurance: insurance that covers first party damage (which is damage to your car or injuries to people in your car) and insurance that covers third party damage (i.e., damage or injuries to another driver's car or passengers, or any property you damage in an accident which doesn't belong to you.) Most insurance policies contain both of these types of coverage.
What is required by law. Usually its liability you have to have. It varies by state how much your required to carry. Answer- You should have good credit score and fin…ancial stability ( working in a concern for a long time)
Yes, I do.
The 2 types of insurance serve different purposes, although in one respect, there is some overlap. At its most basic, health insurance is intended to pay to or on behalf of… the insured sums of money for medical bills incurred because of sickness or injury. Auto insurance includes several different coverages. The one most closely like health insurance is frequently referred to as "no fault coverage". It pays a percentage of the insured's medical expenses and lost wages if he/she was injured as a result of an auto collision. Benefits are paid irrespective of who caused the collision. Health insurance is not currently required by law. In contrast, anyone who wishes to register a vehicle is required to comply with the state's "financial responsibility law" which requires the registrant to have and to maintain certain types and amounts of auto insurance.
GAP (guaranteed asset protection) auto insurance coverage is one the most necessary, yet least understood insurance products available to vehicle owners. It is generally purc…hased through the auto dealership or leasing company at the time of the initial purchase or lease. It's purpose is simple: If your car is totaled, gap insurance will cover the difference between what your insurance company says your car is worth (actual cash value) and what you still owe on your loan or lease.
Physical damage coverage on an auto policy says that the insurance company has the option of paying to repair, replace, or pay the actual cash value of the vehicle. In the cas…e where the damage to a vehicle's cost to repair is more than the ACV of the vehicle the vehicle is totalled and the company will pay the ACV of the vehicle. Sometimes when you buy a new vehicle without much or any downpayment you quickly get "upside down" in the loan. As the value of the car depreciates, the loan balance doesn't fall nearly as fast. For the first couple of years you owe more than the value of the vehicle. The insurance company has nothing to do with auto loan. GAP insurance was created to cover the difference in the ACV of the vehicle and the loan payoff. You can buy GAP insurance from the finance company or bank that financed the vehicle or from your insurance company. Purchasing from the insurance is much less expensive and you can drop the coverage once the loan balance falls below the value of the vehicle.
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 o…f 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 a small Independent Insurance Agency and have for the part 22 years. Before that I worked as an agent for a direct writer insurance company.
Whatever you agree to, mine was $13 a month added to my payment.
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.