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 any monthly payments anymore.
If you have total insurance on your car and it is totaled by an unlicensed driver what happens with your insurance and payments for the car?
If this unlicensed driver was driving your car with your skill, you are screwed. But if you mean an unlicensed driver hit your car, if you have utter coverage you should be able to collect on your insurance. The insurance will make the check to the leinholder and they will give you any excess or expect you to make up any shortage to pay off the loan. In some cases, if you did give permission for the uninsured driver, your insurance company will pay for the loss but make you sign an exclusion stating that the driver will not be covered in the future for any reason. You would be liable for total cost if it happens again. You can also expect a spike in your rates if they reside with you.
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.
What happens to a car that’s announced totaled by the insurance company?
If you want to keep a totaled car, the insurance company will determine the salvage value and deduct that from your settlement check. You can still get liability insurance (if there are no safety issues related to the harm), but not collision or comprehensive unless you have the repairs made..
What happens if the car is fully insured but the driver is not and the car is hit and totaled?
The person who hit the car, if “at fault” would be responsible. If the person driving your car was the one at fault, then it would be your insurance that would have to cover it.
What happens to a totaled car after the insurance co pays you for it?
Some insurance companies will sell the car back to the holder. Others sell the totaled car to a salvage yard.
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?
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.
How do you get another car loan or will you have to wait until the loan is closed if you have a loan on a car that was totaled and insurance and GAP insurance will pay the total loan balance?
Yes surely you can get another. I was having the same query so I searched for it on net and came across the site AutoFinance-EZ. Interest rates are determined by the actual lenders and are influenced by several factors, including the severity of credit problems, the amount of down payment, and the degree of credit risk. Your auto loan pro will explain these factors, and tell you exactly what your interest rate will be. .
If you are not pleased by the deal you are getting for a 2nd loan on your car, attempt looking for a payday loan.
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?
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 happens if you reject the insurance companies suggest for the totaled car?
If you do not agree with or wish to reject the companies settlement suggest then it is time to attempt a renogotiation of your settlement..
Reminisce that in Most jurisdictions the company is required to make an attempt to lodge your claim within 60 days. They are not actually required to lodge within 60 days, only to have made the suggest..
If you have reason to believe that the settlement suggest was inadequate, you should clearly and calmly explain in detail how and why you have come to a different valuation of your claim. You will likely find the company receptive to your opinions and may get them to consider factors that they previously did not take into account or were not aware of when they made the very first suggest..
Most Insurers with some few notable eceptions are anxious to come to a fair settlement within the regulatory guidelines. After all, a 1,000 dollar good faith settlement with a sated claimant is worth more than Ten,000 dollars in advertising..
1. If you reject the suggest The company is now released from the regulatory time limit required to lodge the claim..
Two. Nude in mind also that the company only has to make an suggest that is in line with the market or replacement value of the vehicle. Meaning the comparable value of the same or similar type vehicle. Sentimental value and extenuated values such as classic car value is not a factor in determining market value. Classic or Antique vehicle value should be covered on the Owners Policy with a classic auto rider linked to the owners policy.
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 utter for the car upon purchase, you do not need GAP coverage. Likewise, once you pay off the car loan, GAP coverage may be canceled.
What to do if Car totaled and no collision insurance?
If the accident was your fault you’re out of luck. If you were hit by someone, their insurance will total your car and pay you for its actual cash value.
Your car is a total loss and pay off is about half of the amount of your loan you carried some from a prior car will your GAP insurance cover the majority or all of the remaining balance of the loan?
You will need to read your GAP insurance information. Like car insurance each plan is different. Some GAP insurance plans state they will pay 100% of the “resale” value. Others state 125% (meaning the current resale value of your car plus 25% above that). Others state 100% of “trade-in” value..
Bottom line – read the insurance plan document you got from the company, or visit the car dealership you bought the car from and pick up a pamphlet..
Good luck to you!
What happens if you have no car insurance?
Then getting into car accidents would indeed suck. You would then have to pay all the money the cars harm would coast. You would also have to pay for a hospital bill if you get hurt. The best bet for you is to get car insurance, or then you will have to pay a lot of money whenever your car gets bruised. If you get pulled over by the police and they detect that you have no car insurance, many bad things can happen; you could get your license taken away from you, even your house could be taken away from you. In Texas cops can check for insurance before actually making the stop by running plates, No insurance, Car gets Towed, No exceptions, yea it’s scary,
Does the insurance company own the car after it is totaled?
You can put in an suggest to buy the written off vehicle from the Insurers if you want to repair it yourself. A write off is beyond economical repair, meaning it costs more than the car is worth to fix it. It doesn’t mean it cannot be repaired..
There are different categories of scrapped vehicles, D, C etc. The Insurers sell the written off cars on to scrap merchants or motor traders to recoup their losses. You are flawlessly entitled to buy the car back yourself for a nominal price. If the Insurers are lodging your claim and providing you a settlement to get a replacement car, the damged vehicle does in effect belong to the Insurers..
Hope this helps, I worked in insurance for Ten years.
Will car insurance pay if totaled car?
If you have utter coverage they might pay you the lowest market value fo your car. They will deduct your deductable.. Insurance companies are out to make money so they will find the cheapest way out
What happens if my car insurance expires?
When car insurance expires the car and passengers are not longercovered so when a wreck occurs there will be no help with payingmedical bills or to fix the cars involved in the wreck. May besubject to a fine if not insured.
You were rear ended Car A was totaled Mine had no harm you didnt claim it on your insurance what will happen?
If you do not feel like it is worth your time and resources to drive your car into their assessment shop, then you are by no means obligated to make a claim on your insurance, even if the other person was severely injured. Why? Because in a rear end accident, it’s car A’s fault, and unless you backed up into him (your fault) or someone glided him into you (which wouldn’t be your fault, but whoever hit him from behind) then it will remain that way. And the best news, if the driver of A was injured, his insurance will be paying the bill, NOT YOURS. In other words, don’t worry about it.
Buying back your totaled car from insurance?
It’s possible and may be worth doing if you can fix it economically. Often the insurer will ask a very low price. It’s worth it to them to get it off their palms.
What happens when you do not pay car insurance?
Legal issues such as a minumum of $500 fine. That only goes up if your caught more than once. Possible suspension of driving. Also if your in an accident and it was your fault well that cost is out of your pocket rather than the insurance company.
I have liability insurance my car was totaled what am i to do with the car?
Repair itmake a planter out of itsell it for scrapWithout collision insurance you are out of luck unless the accident was the other guys fault, in which case his insurance will pay you for the value of your car and collect the remains.
What happens if a car is bought and not insured?
Purchasing a car and not insuring it is not illegal. However, driving an automobile on the road while ininsured is illegal. If the vehicle simply sits in a garage, there is no problem. The only risk there is if the vehicle is bruised or stolen while not being driven, insurance obviously will not reimburse the loss. The other downside is that after wielding a vehicle and keeping it uninsured for a certain period of time, if the time comes again that you wish to re-insure it, you may be charged a fee. Hope this helps!
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 flipped 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!
Who keeps the car if it is totaled you or the insurance company?
You can keep the car if you like, albeit I’m not sure why you’d want to keep a wrecked car. If you determine to release it to the company, they’ll eventually send it to the junkyard.
You have gap insurance and total 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, total 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.
What happens if you have no car insurance and you have an accident?
If the collision was your fault, even if you had no insurance, you are still theoretically liable for the guiltless party’s damages. He/she may make a decision that even in the absent of insurance, they will make a claim against you, You can either resolve the claim voluntarily, or wait to see if they will file a lawsuit against you. If a lawsuit is filed, you must defend it, yourself or with the help of a lawyer that you hire. If you fail to, a judgment will be entered by default. Depending upon the state in which you live and where the judgment is entered, the judgment is enforceable for many years and becomes a lien on property that you own or acquire during the life of the judgment. Under certain circumstances, bank accounts can be linked, salary or wages garnished, or other forcible collection deeds taken. If you were issued a ticket and convicted, and if damages exceed a stated amount, the fact that you did not have insurance could lead to a license and registration suspension under your state’s Financial Responsibility Law. If that happens, both are suspended for a period of time (often one or more years), or until such time as you make payment arrangements with the other party. You are generally also required by the state to maintain high-risk auto liability insurance for a number of years. A similar process is triggered if a judgment is entered against you (that is, a license suspension). Another aspect of a collision without insurance is that you will be financially responsible for the repair of your own vehicle. If you had had collision coverage, the insurer would have borne that expense subject to the policy deductible.
What happens when the car that hit you had no insurance?
If the car that hit you had no insurance, it is the duty of the Traffic and Motor Vehicles Department to penalize the proprietor. If you are badly injured, only you can be monetarily saved if you wield one Private Accident Policy on your life along with your Medical Insurance Policy.
What will happen if you get caught with no car insurance?
You will get a ticket and, possibly given a few days to obtain that paid insurance. If you cause a collision, the other person can obtain a judgement or lien against you. You will end up paying for it, anyway, in the long run.
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
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 clever 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.
What happens if your car is totaled and you owe more than your insurance settlement?
If you purchased GAP insurance it will pay the difference inbetween what the insurer pays and the amount left on the loan. .
If not you need to determine how the insurer came up with the amount they say your car is worth. If they used a company called CCC you have a chance to get more money buy questioning how CCC came up with the value. Somewhere on the net is 20 questions you can send to the insurance company about how they detirmined the value of your car if they used CCC that they can’t awnser and helps you get a more fair evaluation of your cars worth.
What happens to your car insurance when you sell your car?
When you plan to sell your car you should notify your insurance company of the pending sale. It will provide you with instructions on how to transfer title decently, capitulate the plates and cancel the insurance if you aren’t transferring the coverage to a fresh car. Generally, the insurance company won’t cancel the insurance until the plates are turned in or transferred to another vehicle through the RMV. That means the company will proceed to bill you until the transaction is decently finished. If the insurance was paid for and the policy is cancelled during the coverage year the company will issue a refund based on their own calculations.
If the insurance totals my car can i keep my car?
The insurance company will usually retain the vehicle. You may be able to purchase it from them, call and ask.
Gap insurance is from the auto loan or your insurance on the car?
GAP (ensured 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 plain: 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 swifter 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.
Can you get car insurance when the car is totalled?
Ans 1 ) I’m not sure what you are asking. Why would you want to purchase an insurance policy on a car that has been rendered totally futile? On the other forearm, if you purchase adequate auto insurance coverage on the car before it gets totaled, then you will get compensation for the car. Ans Two ) Most companies ask a question if the vehicle you are insuring was “totalled” or salvaged before. if the response is yes, some companies suggest liability only for those vehicles.
What happens if you have car insurance and you have an accident?
You call your insurance company and report it. if the accident is your fault, with very minor harm, you would be better off paying for the damages yourself, rather than telling your insurance company and having your rates go up.
What if someone totals your car and they have no insurance?
You need to ask them to compensate you directly out of their own pocket. If they don’t you may have to take them to a civil court and have an order put against them to pay your damages.
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.
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. Private 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 Trio years.
Can you insure a car that has been totaled?
Not while still “totaled”. Since everything is tracked by the VIN# you won’t be able to insure a totaled vehicle until such time that it’s made roadworthy and has a reconstructed title.
Can you get liability insurance on your car if the insurance company totals it?
Normally yes. Some companies may require proof that you have repaired the car and it is road-worthy.
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.
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 “spinned” 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.
What happens to your insurance after car accident?
In the UK your motor insurance ramains valid for the total term ofthe original policy, however when you need to renew the cost maywell increase because you are deemed to be a higher risk and/oryour no claims bonus will be diminished.
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 swift 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 very 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 however 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.
What happens to my car insurance when I sell my car?
You must notify your insurance company that you sold the car andhave it liquidated from the policy. If you don’t then your insurance is still liable if the purchaseris involved in an accident and they may collect the losses from youbecause you failed to have them eliminate the car from thepolicy!