Attempt this site where you can compare quotes from different companies: insureinfo.us
What is the penalty if you have a gap from time you purchase a car from a dealer until you obtain auto insurance?
Insurance .
Makeshift Dealer Gap insurance is considered the same as having no insurance at all. Most companies don’t recognize dealer gap insurance because they are only excess secondary coverage policies, No Liability coverage is generally included in them. Generally if you have a lapse of 30 days or more, or if you have had continuous coverage for less than 6 months, then you will pay Five to Ten percent more on premium. Beware of GAP Insurance, I’ve seen more than a few people who got burned on these after they discovered the gap only covered a portion of the vehicle and suggested no liability coverage for the driver..
As a Broker, I can tell you it indeed depends on: the length of time, WHY the gap, your past record, and the individual underwriting policy for each insurer. Be SURE to tell any prospective broker/company of this gap or you could be without in the end!
Makeshift Dealer Gap insurance is considered the same as having no insurance at all. Most companies don’t recognize dealer gap insurance because they are only excess secondary coverage policies, No Liability coverage is generally included in them. Generally if you have a lapse of 30 days or more, or if you have had continuous coverage for less than 6 months, then you will pay Five to Ten percent more on premium. Beware of GAP Insurance, I’ve seen more than a few people who got burned on these after they discovered the gap only covered a portion of the vehicle and suggested no liability coverage for the driver..
As a Broker, I can tell you it indeed depends on: the length of time, WHY the gap, your past record, and the individual underwriting policy for each insurer. Be SURE to tell any prospective broker/company of this gap or you could be without in the end!
Related video:
If you have GAP insurance will the leftover balance be paid off when your car is repossessed?
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
Will gap insurance help if your car is repossessed in Arizona?
WHAT “GAP” does it cover?? The gap inbetween your down payment andwhat the car is worth or the amount you lack to be current with thepayments? Read your “GAP” ins. contract to be sure of the coverage.I’ve never heard of it covering a repo.
If you have gap insurance through both the car company and insurance company will you the insured be entitled to one of the payments to purchase a fresh car?
doubt it, gap insurance (usually sold by the car dealer or lien holder) covers just that the ‘gap’ inbetween the acv (actual cash value-which is what the insurance company less your deductible if there is one, for your total loss vehicle) and pay off of your loan
What formula do auto dealerships use for Gap insurance refunds?
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Gap Insurance Refunds .
The reaction depends on the state where Gap was purchased. In many states the refund is calculated pro rata. This means if a cancel is requested in month 30 of a 60-month loan, 50% of the selling price would be refunded..
Perhaps the most popular refund calculation is rule-of-78s. This permits the Gap Insurer to earn more of the premium in the early stages of a loan. For example, in Rule-of-78s calculations the very first month of a 60-month loan is worth approximately Three.28% of the overall price charged (this number would be only 1.66% if pro rata was used)..
Rule-of-78s is often used because it permits the Gap Insurer to more closely align the risk with the earning of premium. Gap exposure is higher early in the loan and decreases as payments are made.
Gap Insurance Refunds .
The reaction depends on the state where Gap was purchased. In many states the refund is calculated pro rata. This means if a cancel is requested in month 30 of a 60-month loan, 50% of the selling price would be refunded..
Perhaps the most popular refund calculation is rule-of-78s. This permits the Gap Insurer to earn more of the premium in the early stages of a loan. For example, in Rule-of-78s calculations the very first month of a 60-month loan is worth approximately Three.28% of the overall price charged (this number would be only 1.66% if pro rata was used)..
Rule-of-78s is often used because it permits the Gap Insurer to more closely align the risk with the earning of premium. Gap exposure is higher early in the loan and decreases as payments are made.
Do you have to keep up the payments on a car if the car has been stolen and the insurance company is being SLOW and you also have gap insurance?
Reaction .
You signed the loan papers and until the loan is paid in total you and you only are obligated to your creditor. If you don’t make the payments on time you will have your credit bruised.
You signed the loan papers and until the loan is paid in total you and you only are obligated to your creditor. If you don’t make the payments on time you will have your credit bruised.
Does a car you re not using have to be insured?
Response .
Generally speaking, no. If your state requires that a vehicle with a valid registration also have insurance you can usually seek a waiver from the state for vehicles that are infrequently if ever driven.
Generally speaking, no. If your state requires that a vehicle with a valid registration also have insurance you can usually seek a waiver from the state for vehicles that are infrequently if ever driven.
If you have a license but you do not drive or own a car or have insurance will insurance companies consider it a gap in coverage when you do apply for insurance?
Response .
Insurance companies vary in their underwriting rules – generally you would be considered a “very first time insured” and that means you pay higher premiums. Some companies give fresh drivers a break, providing that they have taken a Driver Training course and can provide the certificate of completion. Have you ever been listed on someone else’s policy? If so, that would help you.
Insurance companies vary in their underwriting rules – generally you would be considered a “very first time insured” and that means you pay higher premiums. Some companies give fresh drivers a break, providing that they have taken a Driver Training course and can provide the certificate of completion. Have you ever been listed on someone else’s policy? If so, that would help you.
What can you do if you wrecked a car that was in your mother’s name and she said it was insured but it wasn’t and all you have is gap insurance?
Reaction .
Unfortunately, ignorance of the fact that you had no insurance is no excuse. You are the driver and it’s your responsibility to be sure you have insurance. You are liable for the harm done to the other car and you will also most likely get a citation for not having insurance. Your car is also your problem. I suppose you could sue your mother but I wouldn’t hold my breath on that one.
Unfortunately, ignorance of the fact that you had no insurance is no excuse. You are the driver and it’s your responsibility to be sure you have insurance. You are liable for the harm done to the other car and you will also most likely get a citation for not having insurance. Your car is also your problem. I suppose you could sue your mother but I wouldn’t hold my breath on that one.
What do you do when you total a car and still owe the finance company more than the retail value that insurance will pay and you have no gap insurance?
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Reaction 1 .
I hate to have to be the one to tell you this, but there is not too much you can do. If you feel the insurance company’s valuation is wrong, and the settlement is unfair, you could discusss your situation with one or more ATTORNEYS [“usually,” a very first visit is free]. Don’t go to any attorney that doesn’t suggest free very first consultations, as there are many who do..
Otherwise, you’re just going to have to make the best of a bad situation. In order to do that, I sugguest:.
1. Discuss your situation with your finance company and, with a entire lot of luck, they MAY forgive PART of your note..
2. UNLESS there is a PREPAYMENT PENALTY clause in your loan note, take the ENTIRE settlement money and pay it ALL to the finance company. This gets your balance as low as possible..
3. TO PREVENT Harm TO YOUR CREDIT RATING, AND a lot of continuing collection pressures, proceed to make your payments until your loan is fully paid off. Not only will this protect your credit record, and prevent a lot of harassment, it is the right thing to do.
Reaction 1 .
I hate to have to be the one to tell you this, but there is not too much you can do. If you feel the insurance company’s valuation is wrong, and the settlement is unfair, you could discusss your situation with one or more ATTORNEYS [“usually,” a very first visit is free]. Don’t go to any attorney that doesn’t suggest free very first consultations, as there are many who do..
Otherwise, you’re just going to have to make the best of a bad situation. In order to do that, I sugguest:.
1. Discuss your situation with your finance company and, with a entire lot of luck, they MAY forgive PART of your note..
2. UNLESS there is a PREPAYMENT PENALTY clause in your loan note, take the ENTIRE settlement money and pay it ALL to the finance company. This gets your balance as low as possible..
3. TO PREVENT Harm TO YOUR CREDIT RATING, AND a lot of continuing collection pressures, proceed to make your payments until your loan is fully paid off. Not only will this protect your credit record, and prevent a lot of harassment, it is the right thing to do.
What is gap insurance?
GAP insurance is coverage that covers the difference inbetween the value of the vehicle at the time of the accident and the amount that is owed on the loan at the time of the accident. GAP insurance can be purchased from the finance company or from the persons insurance company. Usually it is much cheaper to get it from the insurance company.
Is Gap Insurance on cars worthwhile?
GAP insurance may well be worthwhile. GAP insurance is extra car insurance, generally obtained from the dealer that sells the car, that covers the difference inbetween what the insurer pays for a total loss of the car and what may be owing on the car loan. Normally, if a car suffers a total loss, the insurer will pay the actual cash value. This is the value of a vehicle of like, kind and quality, with similar mileage, accessories, in similar conditon; the actual cash value is calculated for the same general geographic area as the insured vehicle. Because the amount owing on the loan may be more than what the car is worth, GAP insurance pays the difference. rather than the insured being responsible for paying it to the lender. Naturally, if you paid in total for the car upon purchase, you do not need GAP coverage. Likewise, once you pay off the car loan, GAP coverage may be canceled.
Can you get car insurance in the US as a foreign national?
AIG International Services can insure you with your foreign driver’s license and your overseas driving practice is taken into consideration. The rates would be similar to a U.S. driver and are very competitive. They can also help you get approved for a credit card, mobile phones, auto leasing, banking etc.
What if you get in a wreck but have failed to pay the insurance the past month the car is fresh and has gap insurance but the insurance is inactive because of failure to pay?
Your Not covered for anything at all..
If the auto insurance is inactive, then so is the GAP coverage..
“GAP Insurance” is Not “Auto Insurance”, it is Finance Company Insurance. it will only pay the difference after your required Auto Insurance policy has paid it’s maximum boundaries..
If your auto insurance lapsed, then your GAP insurance has also lapsed automatically and concurrently..
The GAP Insurance is Void in the absense of an auto insurance policy..
Your on the hook for all monies owed to all parties involved with your finance note..
Take Care
If the auto insurance is inactive, then so is the GAP coverage..
“GAP Insurance” is Not “Auto Insurance”, it is Finance Company Insurance. it will only pay the difference after your required Auto Insurance policy has paid it’s maximum boundaries..
If your auto insurance lapsed, then your GAP insurance has also lapsed automatically and concurrently..
The GAP Insurance is Void in the absense of an auto insurance policy..
Your on the hook for all monies owed to all parties involved with your finance note..
Take Care
If another person has car insurance and has an accident using your car which car insurance is used?
The rule of thumb is that the possessor’s insurance pays very first and, if that coverage is inadequate, the driver’s car pays.
What if your car repossessed with gap insurance?
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 spinned 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 attempt, right? I do vehicle refinances, and our auto loan contract includes the gap insurance (albeit we call it something else) for free, so I have helped several people cancel their gap coverage, albeit we usually do it pretty early in the loan. Same with credit disability insurance, if you have it.
What if You are in a car accident and have no insurance and you hit a car that had utter coverage and gap insurance what will happen?
Generally, if you were in CA and I am assuming you are not talking about a fender bender or minor accident, you would lose your license and be required to make a filing to reinstate your license. In order to maintain your license you may be required to file what is called an SR-1P or an SR-22 which is simply proof you have insurance in place. If your insurance expires or you let it lapse, the insurance company will notify DMV and your license will be suspended again. Now you said the car you hit has insurance. This could mean they (the insurance company) will very likely attempt to go after you to recover damages they had to pay on your behalf. You are still responsible!
You have gap insurance and utter coverage insurance but your beau totaled your car and he is not on your insurance will your insuances still cover your car?
You’ll have to seek out the fine print in your gap policy for details on that. In regards to your auto policy, utter coverage does not have anything to do with who is covered, but everthing to do with what is covered. Generally speaking harm to your car will be covered, minus your deductible, unless your bf is excluded from the policy. For the future it’s always a good idea to add drivers to your policy, even if it’s for a day, no sense in putting yourself in a position like this.
Do I need to purchase GAP insurance or is that already part of the package when you buy a fresh car?
GAP insurance is normally suggested to you when you buy a car. If it was purchased at all, that is up to you. If you do not have it then you can find someone else that offers it. A few insurance carriers suggest this as part of their plan. Progressive and Unitrin suggest that with their auto insurance policies.
Your car was totaled no other car involved you had utter coverage insurance and GAP insurance will you be reimbursed for your loss or will it all go to the finance company?
the very first priority of the insurance company is to pay of the loan holder (so the value of your car is determined and out of that) whatever is left over will be sent to you. If the value of the car is less than what you owe you are stuck with the balance as far as gap coverage goes you will have to check with your insurance company they’re all different
If you total your car after your insurance is canceled will GAP insurance still protect you?
NO,, GAP Insurance is supposed to pay the difference inbetween 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
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
I had a wreck. Insurance wants to total the car. When I purchased the car I purchased GAP insurance. I packed Bankruptcy Chapter 13. Wondering will the GAP insurance cover balance of after insurance?
Yes, you have taken a brainy and wise step. When your car will be totalled by the insurance company, than the balance amount of the loan which you will have to pay will be paid by the gap insurance. This is the purpose of gap insurance..
Gap insurance pays for the difference in the insurance settlement and the loan amount when there is an accident or a misfortunate event that leads to a claim like theft of the vehicle..
The purpose of insurance is to save a person from financial problems.
Gap insurance pays for the difference in the insurance settlement and the loan amount when there is an accident or a misfortunate event that leads to a claim like theft of the vehicle..
The purpose of insurance is to save a person from financial problems.
Related video:
Can you use current insurance on fresh car?
Yes, just contact your insurer and have them endorse your fresh car onto the policy.
No auto insurance but do have gap insurance?
So called gap insurance covers only the difference inbetween thevalue of your vehicle and what you owe to the bank. It offers noother protections such as individual injury & liability, orcollision.
Related video:
Can i buy a used car if i don’t have my own insurance but i do have insurance?
Huh you can buy a fresh or used car, but you do have to have it insured, assuming you live in state that requires you insure your auto. A few insurers let other people insure your car, but you do need to be listed as a driver.
What happens if you total your car and have gap insurance?
if your car is worth 10k and u own 20k and your car gets totaled, your car insurance will cover 10k for what your car is worth and cap will cover the rest. you wont get any money but you also wont have anymonthly payments anymore.
Gap insurance is from the auto loan or your insurance on the car?
GAP (assured asset protection) auto insurance coverage is one the most necessary, yet least understood insurance products available to vehicle owners. It is generally purchased through the auto dealership or leasing company at the time of the initial purchase or lease. It’s purpose is elementary: If your car is totaled, gap insurance will cover the difference inbetween what your insurance company says your car is worth (actual cash value) and what you still owe on your loan or lease.
Does gap insurance cover if your behind on car payments?
Unluckily, no. What gap coverage does is pay the balance on your car loan if your car is totaled and the insurance payment is not enough to pay off the balance of your loan. Fairly often our vehicles depreciate quicker than we can pay them off. Insurance only pays the depreciated (blue book) value, so sometimes what you will get from your insusrance company doesn’t pay off the loan.
Is it mandatory to have car insurance in the US?
Automobile liability insurance is mandated by state law in most states. In Fresh Hampshire, however, it is not required.
Can you use your car insurance for rental car?
Yes, I would verify this with your agent however. Yes. You may be covered by either, your credit card company or your insurance carrier. Under these circumstances, you do not have to purchase an extra car insurance coverage from your car rental company. But you always have to check your information in advance. Next Reaction: My professional observation has been that AAA is the only company that includes rental cars comprehensively in its policies. Additionally, some companies only cover partial liability on rentals, and/or do not cover both parties. One significant advantage to the harm insurance that a rental company offers is that the total coverage absolves you of any liability or deductible, and is not reported to your insurance company. Thus, your rates will not be affected if you get into an accident while driving a rental car. This may not be true for all companies and all types of coverage. Read your contract and ask your agent if you’re not sure. Certainly check with your insurance carrier about your particular policy type.
Car totaled insurance value car at 16000 and loan amt is 12400 can you use your gap insurance to pay off car loan?
If they gave you 16000 on the car, you would not need gap insurance since your loan amount is 12400.
Do Muslims in the US have to pay car insurance?
Not required in any state. If you live/drive in area where Muslims reside, do not waive uninsured motorist coverage.
Does gap insurance on you car expire?
GAP insurance helps cover the difference if your car is deemed a total loss and is worth less than what you owe on the loan. GAP insurance only runs out when you pay down your loan enough that you have equity in the vehicle.
What is gap insurance for a leased car?
GAP coverage is very necessary especially in a lease situation. GAP coverage comes into play if a vehicle is deemed totaled. What GAP does is to pay for the difference in the actual cash value that is payable under the normal policy and the balance owed to the lease company or finance company of a loan. In the early years of a lease or loan the vehicle value falls quicker that the value of the vehicle. If you total the vehicle within this period you can find yourself without a vehicle but with a sizable amount of money due on a vehicle you cannot drive any more. GAP coverage will pay this difference. The Finance Dept of the auto dealership will attempt to sell you on this GAP insurance. Very first, no matter what they say, it is not mandatory to but it from them. Individual Auto insurance companies suggest GAP insurance that does the same thing for about 10% of the premium the dealership charges you for the same coverage. You will also have a right to cancel the coverage whenever you feel the value and loan balance have equaled out. One catch is that you must purchase the GAP coverage from you insurer withing 6 months of purchasing the vehicle. As a matter of utter disclosure, I own and operate a petite Independent Insurance Company in Central Georgia and have for the past 22 years. Prior to that I worked as an agent for a direct writer of insurance for Three years.
How widely used is diamond car insurance?
Diamond car insurance is used fairly widely as it is available and is being suggested to many different groups of people – women, seniors, etc. The company has mixed reviews as some people have voiced fairly a few concerns as to their insurance problems….
Is Cherry Car Insurance available in the US?
Unluckily, Cherry Car Insurance has yet to be available in the United States. Presently, it is only available in the United Kingdom. There has been no latest news of this company expanding their services to the U.S.A.
Does gap insurance still apply if your car is paid off?
It will depend on the type of gap insurance you have. Finance gap insurance would expire as there is no finance to cover but comeback to invoice and vehicle replacement would still carry on until the end of the policy or a claim is made.
Will gap insurance pay anything if you owe less than the cars worth?
No it will not pay anything in that case. GAP only covers the difference if the value is less than amount owed.
Can I use the auto insurance coverage on my for rental car insurance?
Absolutely, your private insurance can transfer the coverage you have on your private policy to the rental car thus saving you a good bit of money by not purchasing the coverage from the rental company. But before you do this speak with your agent and make sure your policy will transfer coverage to the rental car and that it has comprehensive and collission coverage to transfer. Many company suggest transfer of coverage to the rental car but also there are many policies that do not provide this transfer of coverage. Make sure you have the correct kind. If there is any question, please go ahead and purchase the coverage suggested by the rental company. I hope this is of assistance.
What is the use of a car insurance calculator?
A car insurance calculator is useful when searching for rates on car insurance. It exposes what one can afford from various companies as well as how much coverage is possible within a budget.
What is car insurance used for?
Car insurace is use for providing coverage to people when unfortunate things happen to there vehicle. The insurance covers all the harm for the vehicle when car accidents occur.
What are some common gap car insurance coverage exclusions?
Gap car insurance excludes any equipment that was not factory installed on the car, unpaid or overdue lease or loan payments, and money that was “flipped” into the car such as trade in vehicles.
How can one acquire GAP insurance for their car?
If you are looking to get gap insurance for your car go onto Esurance. They have lots of deals right to fit you and they wont leave you empty pocketed.
Where can one get a quote for car insurance US?
There are many places where one can get a quote for car insurance in the US. One can get a quote for car insurance in the US at popular on the web sources such as Progressive and American Family Insurance.
What is car group insurance used for?
Group insurance is insurance on more than one customer or vehicle. Many insurance companies suggest extra services to those who insure more than one person or vehicle (group).
What is the average of car insurance in the US?
Car insurance in the United States can range widely from state to state and driver to driver. There is now way to determine the average based solely on the parameters given.
What are some useful car insurance sites?
Some useful car insurance websites include Kanetix and Insurance Hunter. These websites provide the user with the lowest insurance quotes from various companies.
Can someone use your insurance to drive their car?
Unless the Pronoun Mangler has done something Indeed unexpected tothis question, I can’t figure out how anyone could think this mighteven potentially work. No, of course not. Car insurance is usually written to cover a particular car (it MAYalso provide some level of insurance for the policy proprietor if theydrive some other car). How someone might think that just maybe itcould possibly cover someone else driving some other car is beyondme. This leads me to the conclusion that maybe you didn’t ask thequestion you thought you were asking. Please attempt again, and be morespecific.
Can you get gap insurance in Georgia after you buy your car?
Sure. You are much better off to get GAP insurance from your insurance company than by buying it from the dealer. If you buy from the dealer you will pay lots of money for the insurance plus you pay for GAP insurance for the life of the loan in advance then pay interest on it as it is financed in your loan. GAP insurance is coverage for the difference in the actual cash value of the vehicle and the amount owed on the vehicle. Reason shows that you will only be upside down in your loan when you very first buy a fresh car because the value decrease quick the very first year while the loan doesn’t reduce as rapid. You can purchase GAP coverage from your insurance company for a few dollars ($5-10) for a policy period and when the loan balance drops below the value of the car you can drop it. Say the very first two years of a five year loan you owe more than the value tho’ it is most likely less. For two years you may pay $40 for the coverage from an insurance company then drop the coverage. From the dealer you paid $850 plus interest and you can’t cancel it even tho’ it will not pay off anything after the very first two years. To reaction your question, most insurance companies will let you add GAP coverage for the very first 6 months after you add the car to your policy.
Can a tourist purchase a car in the US and insure?
Wouldn’t be a plain thing to do. The problem is that the car wouldhave to be registered, and the person registering it would have tohold a drivers license in the state they’re registering it in, and,in order to be eligible to get a drivers license here, they’d haveto establish themselves as a resident of that state (in which case,they’d have to become a resident of the US, at which point, theycease to be a tourist).