How does a gap insurance work?
Find answers to your legal question.
How does a gap insurance work?
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Hi,
I just recently got into an accident, it is not my fault. Unfortunately, I was told that my car is no longer repairable. How do the insurance give settlement price for my car?
Additional Details
what if you paid off the balance of the car loan with your credit card that has a lower apr. How can they determine how much you owe?
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R C
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Let's face it, your car loses value the moment you drive off the dealers lot. If your car is totaled, and let's assume you owe the bank, say $30,000, but the insurance company values the car at $24,000, the gap insurance covers the $6,000 dollar difference. Keep in mind that gap insurance may not pay immediately. Your primary insurance company will pay off $24,000 of the loan, leaving the $6000 balance on the books until the gap payment comes through. YOU are still responsible for monthly payments until that gap payment comes in. The bank will then issue a refund of payments to you. It's a bummer, but that's how it works. Experience has shown that gap can take as much as 3 months to process and pay. |
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dano_78_g
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Gap insurance covers what your insurance doesn't.IE Say your car is not worth what you owe on it. It gets totaled but the value is less than you owe, gap insurance makes up the difference. Hope I didn't confuse you. |
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www.Cheapest-Auto-Insurance.biz
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if your car is worth less then you owe on it you better have it |
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