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.
The insurance company will only pay the 'book' value of the vehicle as if it were in perfect condition unless damage prior to the accident was discovered and that damage will be deducted from the 'book value'.
Totaled means that the cost to repair it is more than what its worth...they will most likely give you something below KBB ...
No, the insurance company takes the car and they give you the value of the car,(depending on condition,make,model,year,# of miles).
No. They will give you the money for the value of the vehicle and then you are on your own. However, check with your state's Department of Insurance. You might have recourse against the insurance company if you are unable to find a comparable vehicle with the amount they gave you.
Sure you can, but you're still responsible for paying off the loan to the finance company. If the check will cover the pay-off, give it to the finance company. If it doesn't, give it to them, anyway. It'll reduce your debt by that much.
Insurance companies will not give you the book value for a vehicle, the will give you the market value. Which means they search the classifieds for the lowest value of the vehicle and discount it again in an effort to give you their lowest price. Sue the driver of the vehicle,this will put pressure on the insurance company to come to an agreement with you. You can also contact the insurance bureau in your state, although I will admit it's very time consuming,you will get results.
It depends on many aspects, however since it already has a salvaged total it will be significantly lessened than if it didn't already have a salvaged title. Your insurance company should be able to give you specifics as to why they are offering what they do.
Freeway insurance
Typically, your deal with the bank that you bought your car through is separate from your car insurance. However, many insurance companies offer "gap" insurance to cover this issue, so that the car is paid off if it is totaled. Talk to your agent, and they can tell you exactly what coverage you have and how much they'll pay. The insurance company (yours) will look the car and if it is totaled they will give you the money for its current value, minus your deductible. If its repairable, they will give you the money to repair it, minus your deductible. Any money left on the car payments after the amount your insurance pays is your responsibility, unless your insurance specifically covers this. If you didn't have insurance, then you lose it all, no money to fix or replace the car, and you still have to pay for the car. Never drive a car without insurance, period.
Usually they will give you the current used motorcycle value . You can find this in the NADA website: http://www.nada.com/. If you had accessories you will probably have to negotiatefor those or maybe take them off the bike depending on your coverage and your adjusters.
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 insurance company is going to give you only what it's worth. So you would get $3,000 from your insurance company. The Gap insurance would cover the "GAP" between what is owed and what you got from the insurance company. Because your still going to owe the bank another $2,000 for a vehicle that is totaled out. Gap insurance can sometimes be difficult to cancel, and they sometimes they will give you a hard time about it.. But just read the paperwork that you got when you purchased your vehicle, usually it tells you on there how to cancel and if there are any fees involved. Just keep in mind that Gap Insurance is not Auto Insurance, so you would need to have Auto Insurance regardless if you have the Gap Insurance. Good Luck!