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Do you need gap if you have full coverage?
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 is the difference in price of PLPD as compared to full coverage per year?
Full coverage is more Expensive that PLPD because with full coverage anything that happens to your car they will pay for yours and the other persons car but with PLPD they only pay for the other persons car.
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
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.
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 a borrowed automobile only has liability coverage will full coverage pick up and pay for the damage?
If it only has liability, then it can't get full coverage benefits. If the driver has full coverage auto insurance, it may pick it up for the vehicle he's driving, but that tends to be rare.
If an accident is your fault and your car is totaled do you receive any money for your car?
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.
DOES GAP INSURANCE STILL PAY THE BALANCE IF A CAR IS FOUND?
I take it that the vehicle was found rather quickly. If they had not paid anything, I would guaranty that they will not be paying the claim for GAP coverage. If there is any damage to the vehicle after it was found, then you could have it fixed under your comprehensive coverage.
How does full coverage insurance pay offs work?
Full coverage insurance will help you get your car fixed after it has been wrecked. You can also get a new car if it has been completely totaled.
Does insurance pay out in full if car is stolen while being financed?
No....only the value ay the time of loss. Gap coverage is available for a reasonable rate on most insurance policies. It can also be purchased through the car dealership.
Will the Insurance Company pay for a rental car if the accident is your fault and if you have full coverage ins?
Only if you have bought the extra coverage to have a rental. "Full coverage" usually just means you bought liability, comprehensive, and collision insurance.
What if my car is in a friends GARAGE and it burned down including my car?
Homeowners insurance does not cover automobile losses.If you have full coverage insurance on your car you can seek coverage from your auto insurer.If you have only liability insurance then that is just the chance you take in opting not to obtain full coverage.AnswerIf you had full coverage insurance, it would pay for it. If he had insurance on the building, there should have been coverage for contents. He would collect and you would have to get him to pay you for your car. You might have to sue him for it if he doesn't want to pay.
