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kuta | If i'm financing my car and it get totaled do they give me the value of it and i have gap to cover the rest,a |
and i was not fault it was the other driver will they give me money to get another car, did i just told a lost and out of a vehicle. |
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jamesfrye
|
Insurance (collision or liability) covers the car (not the loan)
Gap insurance covers the loan. This coverage covers the "gap" between what insurance pays and loan payoff.
The only exception, Gap coverage will not usually make up any additional "gap" caused by application of deductible. Therefore, if you have a $500 collision deductible and you are "upside down" $450 on your auto loan; You will still owe $450 to finance company and gap coverage will not pay anything toward loan.
Usually gap coverage will drop off automatically or at your request after significat payment toward loan principal has been made.
Remember, auto insurance covers your car....not your car loan |
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dobrinski2003
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Yep. you just get the value and you have to cover the rest. THe other driver should pay if he was at fault. |
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OneManWrites
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If your car is totaled, you are owed the value of what you lost. Whether their insurance company or yours is paying, you are owed only the value of what you lost. What an insurer pays has nothing to do with how much YOU owe on YOUR loan.
If you paid too much for your vehicle, or have taken a payment schedule that sees your car depreciating faster than your payoff decreases, you will be responsible for the rest of your loan. If, however, you purchased gap insurance when you took out the loan, you will have a claim for the difference between the value of your car and the payoff of your loan.
If your loan is less than the value of your car, you are owed the difference between the value of the car and the loan.
Either way, you are only owed the value of what you lost. |
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hummingbird
 |
The other insurance company will only pay what the car is worth not what you owe. If you have gap insurance that should cover whatever the insurance company doesn't pay. This will get you to square one which means you'll have to buy another car and get another loan but you won't be out any money on this car. |
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loudog
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when you bought the car did you get gap insurance coverage with the dealer? and do you have insurance as well? because i think you'll have to pay remaining costs, but they should have offered you the choice to use gap insurance coverage when buying the car. |
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wendyd1999
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do you have insurance? I believe if you are financing the car you need to have full collision, and this should substantially help you pay off the loan. |
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Lucianna
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Most finance companies insist on full coverage until the car is paid off. This is to ensure that they get their money should the car be totaled. At this point, your insurance will First, pay off the car, and Second, cut you a check if pay off is less than the value of the totaled car.
If pay off is MORE than the value of the car, that's when the "gap" coverage comes in and finishes paying it off.
I don't know if the "gap" coverage will pay you anything or not, I'm not real familiar with it. |
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