What does your GAP policy say? Do YOU have it or the LENDER? Normally, lenders place it on a loan to cover the lenders losses, not yours. If you hav GAP insurunce On you Insurance will pay of whatever the car deler does not
WHAT "GAP" does it cover?? The gap between your down payment and what the car is worth or the amount you lack to be current with the payments? Read your "GAP" ins. contract to be sure of the coverage. I've never heard of it covering a repo.
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 paperwork from when you bought your car, find the information on the company that issued the gap insurance policy, and then call them and tell them you no longer own the car, and see if you can get a partial refund on the premium! Can't hurt to try, right? I do vehicle refinances, and our auto loan contract includes the gap insurance (although we call it something else) for free, so I have helped several people cancel their gap coverage, although we usually do it pretty early in the loan. Same with credit disability insurance, if you have it.
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.
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
Gap insurance would be a good choice if you put less than 20% down on a new car. If something were to happen to your car shortly after the purchase, gap insurance will pay what you owe, not what the car is worth.
The insurance company would not be interested in repossessing a car that has been completely demolished. The insurance company will pay over any damages to the loan company since it has a lien on the car. You would receive any amount remaining after payment of the car loan. On the other hand, you will be responsible for any remaining balance owed on the car loan. That is why "gap insurance" is important for a financed car. Gap insurance pays when the amount of compensation received from a total loss does not fully cover the amount the insured owes on the vehicle's financing.
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.
According to various sources State Farm doesn't offer gap insurance. Gap insurance is usually offered through the dealership when you purchase your car.
The best way to find out is to READ THE POLICY. What does it cover?? Was it GAP insurance or regular auto ins.? Ask your ins. agent to explain the coverages.
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.
Cheap gap car insurance can be found in Texas but only under certain locations. You could try an all state or a Texas home insurance company for cheap gap insurance policies.