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
Can you purchase car insurance before the previous policy is cancelled and the car is still in someone else’s name if you intend to register the car?
Yes. Once you have registered the car in your name, the old policy can be canceled out.
What can you do if your insurance is cancelled the same day you get in an accident and total your car?
Depends on when it was cancelled. Before or after the accident? When did you get the cancellation notice? If you were cancelled before, then obviously you were uninsured. If the accident was your fault, then any costs are yours alone and not the insurance company’s..
Can you cancel your car insurance policy?
You sure can cancel your insurance policy BUT you might not want to. In our state insurance is required to drive a car or truck and you can be fined and lose you drivers license if your caught driving without insurance. I would question the wisdom of cancelling your insurance
In Pennsylvania can you instantaneously cancel your car insurance if the car is repossessed?
if you don’t plan on getting it back that is what to do. but most insurers in pa are notifying pa that you canceled insurance ant they suspend your plate for 90 days.
When your car is repossessed when do you cancel your insurance coverage?
The same day that you determine you aren’t getting it back. It would be wise to wait until then because if the bank repo’d it to kinda just remind you that being Trio payments behind isn’t a good thing, you might get it back and then you don’t have to go through the entire insurance application process again. ResponseYeah for sure do not cancel anything until it is no longer in your name either. I’d wait until the title transfer is finish as well. ReactionYou should cancel your insurance the moment your car is repossessed.The moment the car is hooked up(as the above two repo morons will tell you)it is no longer your car.So if you would like to cover someone elses vehicle with your insurance you go right ahead but you are wasting your money and your insurance coverage.Dishonest repo guys(like the above two scumbags) want you to keep the insurance on the vehicle so if they harm the car or steal stuff from it it will go on your insurance. Response Amendment: Never cancel an insurance policy until you have a fresh policy in place. If you do it will cost you more in the long run. Insurance companies are looking for loyalty and longevity without lapse in coverage. Sometimes you can possibly suspend, cancel or reduce coverage but never cancel it. The moment the vehicle is repossessed does not release you from the contract agreement. Read it. In most cases until the vehicle is transferred out of your name via the title of ownership, you must maintain physical harm coverage or they can force place it and take the premium out of the proceeds. Reduce to minimum but don’t cancel it.
Can you cancel your insurance if your car is in bankruptcy?
Absolutely not! If you are still using the vehicle, it must be insured. However, the insurance payment would not be covered by the bankruptcy.
Does your car insurance end the day you cancel or are you still covered for 30 days?
The expiration date, or the day you cancel is the official end of insurance coverage..
Period. The 30 day “grace” period is a myth..
If you just let the policy expire by not paying the renewal premium, they will Very likely reinstate your coverage retroactive to the expiration date, but I would not rely on that. If you CANCELLED, that’s the end of your coverage.
Can an insurance company cancel your homeowners insurance because you turn down to have your car insured with them?
No. One thing has nothing to do with the other. If they menace it, you should eliminate all business from them and go through someone else. There are companies who will give you discounts for getting all of your policies in one place (Farmers does it, maybe AllState).
Your homeowner’s policy can only be cancelled for non-payment of premium, or issues relating to the risk. If a company menaces to cancel your homeowners insurance just because you turn down to place your auto coverage with them, you have a legitimate complaint for the regulatory authorities. Your policy should contain the name and phone number of the agency that treats complaints, such as an Insurance Commissioner.
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 experienced will explain these factors, and tell you exactly what your interest rate will be. .
If you are not sated 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 is a insurance protection gap?
I am assuming you are refering to GAP Coverage.The actual name eludes me but what is, is none other than a life safer.If your vehicle is totaled in an accident it will cover the remaining payments and pay off your vehicle so you are not responsible for the cost.Hope this helps.I have it on my own and would not be without it.It is like any other insurance,you may never need it but when you do, you will be able to sleep at night..
Insurance Protection Gap is the difference inbetween what the ACTUAL VALUE of something is, as opposed to what you OWE on it. For example, you car has been wrote off, and you still OWE 5000.00 dollars on it, but it is only worth 4000.00 dollars, the gap is 1000.00 dollars.Hope the helps…………
When can a car insurance company cancel you?
Insurance CancelAn insurance company can cancel you anytime they want to as long as they have a legitimate reason to do so, and they are required BY LAW to send you WRITTEN NOTICE to advise you of any cancellation should one occur. This not does not apply to monthly bill statements because within the bill statement it says that your policy will cancel should they not receive a payment. This is the most common reason for cancellations, when people don’t pay their monthly insurance bill. Another reason you may be cancelled the company can consider you high risk. If you hve had too many accidents or have have made too many claims with a certain time period, they can cancel you because they feel it would actually cost them more to insure you versus insurance premiums you would pay to them. Eventually, you can be cancelled for fraudulent reasons. If you lied on a claim, mileage at time of policy issue, or just cheated the insurance for whatever reason, they can cancel you. Also, if the offense is serious enough, you can be sued or possibly prosecuted.
What happens when your car insurance is cancelled by the insurance company?
What happens is that you get a fresh insurance policy, possibly with another insurer. Any unearned premium will be returned to you by your insurer.
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.
If your car is proclaimed totaled do you still have car insurance The insurance company has not paid yet.?
It depends on what type of insurance you had. Liability, utter coverage…etc…Call your insurance company and find out.
Can you turn down a total by the insurance company and pay to have your car repaired by myself and still have car insurance?
Yeah, there should be no problem cancelling a claim on your insurance if it isn’t under way already.
If insurance announces a car totaled can you cancel the claim and keep the car?
You can accept the claim and then buy back the car. This way you get money for the claim and you get to keep your car. The price for the car will be way lower at the totaled price than what you will receive in the claim.
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.
Can you cancel car insurance policy?
Yes, either by contacting the insurer or the agent to cancel it, or by not paying the next premium when due. However, most states require auto insurance as a condition of registering the vehicle and renewing your driver’s license. Therefore, if you have no applicable coverage when you attempt to do either, problems will arise. Further, if you are involved in a collision that is your fault and do not have liability insurance, you may be personally liable for the other party(ies) damages. In turn, if you are sued for those damages and a judgment is entered against you, the Financial Responsibility Laws of most states dictate that your license will be suspended until payment of the damages is arranged. You are generally also required to obtain an SR-22 which is a type of high risk liability insurance and to maintain it for a stated period of time provided by statute.
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, 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.
In California can you instantaneously cancel your car insurance if the car is repossessed?
I don’t see why not – but if it’s the only car on your policy ask your agent to give you a “hired and non-owned” policy so you still have liability coverage if you drive someone else’s car or rent one. Also, if you plan to substitute the car right away or lodge the issue with your auto lender, you’re very likely better off not canceling the coverage.
If you own the car and the insurance company determines the car is totaled do you still keep the car?
No, however, they usually will suggest a “buyback” price, if you want to buy it back. Once they total, and pay for it, it is their property. This is assuming this is a utter coverage issue, where they would have to fix the car. If it is a liability only issue, in other words, they have to pay for harm you caused to someone else, but not for your car, then you retain ownership.
Can i cancel the gap insurance from the dealer if you have insurance on it?
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 $Five,000 on your vehicle, but it’s only worth $Three,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 $Three,000 from your insurance company. The Gap insurance would cover the “GAP” inbetween what is owed and what you got from the insurance company. Because your still going to owe the bank another $Two,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!
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
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.
Can you cancel insurance coverage for an impounded car?
As far as yourinsureris worried, you may cancel your policy at any time. If your vehicle is being financed, however, yourlenderrequires that you maintain coverage forphysical harmto the vehicle at all times. Many lenders will require you to instantaneously pay off a vehicle that has been impounded. While your state has minimum requirements forliabilitycoverage, often you can give up your registration or submit a non-use affidavit and drop your liability coverage for an out-of-use vehicle.
Can you cancel car insurance during a divorce?
More than likely, you can’t if somebody still wants to operate the vehicle. However, if one or more people are no longer operating the vehicle, the proprietor will need to contact the insurance company in order to get a fresh policy (and very likely a lower rate). The laws on auto insurance vary by state. Most states require the proprietor of an automobile to carry certain minimums of insurance on each driver who operates the vehicle. Generally, if insurance is canceled, the holder must forfeit the license plates.
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.
If your car is totaled do you still have to pay off the insurance policy?
No, simply because there is nothing to be insured any more, your car is gone.
Can you cancel stolen car insurance claim?
You can’t just cancel a claim. It is basically up to the Insurance co. to either aprove a claim or deny it. However, it the vehicle was stolen, it is your resposibility to provide a police report proving that the vehicle was indeed stolen.
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.
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 fully worthless? On the other palm, 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.
Where and how do you get car insurance if a car insurance company cancels you?
The initial activity that may occur to the consumer is merely to go to another insurer. However, that may be am overly simplistic treatment. Most states have statutes (laws) that delineate the circumstances under which an auto insurer may decline to renew (“drop”) an existing insured. One of these includes that the insurer makes a business decision to no longer write insurance in the state. However, terminating policies for that reason is a fairly lengthy process and requires regulatory approval. Most states have consumer protection laws as part of their Insurance Codes that define and delimit the types of offenses for which an insured may be canceled (if found guilty). More likely, at least for a very first offense, the result will be a premium increase. Additionally, the circumstances under which an insured may be “dropped” must be part of the underwriting guidelines that the insured files and must get approved as part of it application to transact insurance business in the state. Admittedly, tho’, some states are more/less consumer friendly than others. It is significant that the person whose insurance has been canceled stir quickly to substitute it. This is because motor vehicle authorities track cancellations and, if due to a cancellation, the persons is no longer in compliance with the state’s Financial Responsibility Law which requires the maintenance of auto insurance, his/her license/tags may be suspended until the insurance is substituted. For substituting you can check a comparisson site like this one where you can get free quotes from different companies
Can you cancel car insurance with pending claim?
Yes you can, the claim is for the date of the occurrence which hopefully happened while you were insured.
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.
Do you need to still pay insurance when your car is totaled?
Assuming that you had collision coverage on your car, when it is totalled, the insurer pays the “actual cash value” of the car, less the collision deductible. This represents the market value of the car instantaneously before the collision. It takes into account make, model, mileage, condition, and other features. When the car is totalled, you will be given the option of keeping the salvage or letting the insurer keep it. If you keep it, the amount paid to you will be diminished by the value of the salvage. If you keep it the salvage and have the car repaired, sometimes you are permitted to obtain a “salvage title” from the motor vehicle authorities. If the vehicle, as rebuilt, is roadworthy, you will need to insure it as you would any other 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 total disclosure, I own and operate a puny 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.
Should you cancel car insurance if your car is totaled?
If you are speaking of collision insurance, the insurer will pay the actual cash value of the vehicle less the deductible. You may negotiate with the insurer over whether you, or it, keeps the salvage (the remains of the car), and its value. The policy may remain in force until the end of its term. If you get a fresh car to substitute the old, the existing policy may cover it. However, the premium may switch to account for differences inbetween the old and fresh vehicle that are material to the premium calculation. If you are speaking only of liability coverage and do not intend to substitute the car, you may want to convert to a “non-owner’s” policy. This provides coverage for you regardless of the car that you are driving.
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 cancel rental car insurance after purchase?
Car rental “insurance” is not always insurance. There are three types of coverages you can purchase. 1. Harm waiver is for harm to the car itself. It waives the right of the rental company to pursue renter or his/her insurance for damages to the vehicle. Two. Injury/property coverage is for people or items in the car. It covers injury to people inwards the car if in an accident or loss of property in the event of break in. Trio. Liability covers injury or harm to property if the renter or covered driver is at fault in an accident while driving rental car. The last two are insurance and are underwritten by an insurance company partnered with rental company. Harm waiver is not insurance and all three can be voided if the renter or driver are in disturbance of rental company policies. All three coverages are charged on a daily basis and can be added/liquidated at anytime. Most companies require vehicle inspection prior to adding coverages to avoid fraud.
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 come back to invoice and vehicle replacement would still carry on until the end of the policy or a claim is made.
What happens to your registration if your car insurance is cancelled?
maybe if you use your car to travel, and then the insurance is cancelled they arrest the possessor of the car…….
Can auto insurance be cancelled after a car accident?
Yes, you can cancel a policy anytime you want to if you are the policyholder. I always suggest that you wait until the adjuster has a chance to look at the vehicle and determine if it is totaled or not before cancelling. Speak with your agent about this matter as well. In some states you need to cancel the tag before cancelling the insurance or you will incur a fine. If it is financed you will also need to consult the finance company as well.
How do you cancel car insurance and switched insurance?
Insurance can be canceled in a duo of ways. The easiest is to refrain from paying the next premium whereupon the policy will cancel for lack of payment of premium. However, it is significant, before you do this, to have suitable fresh insurance in place. You need this for self-protection, and also because all states require compliance with Financial Responsibility Laws. These laws require the maintenance of auto insurance, and inn the event of noncompliance, your license and tags can be suspended. Additionally, if the car is financed, the bank or finance company will require proof of insurance to protect its interest in the collateral. Failing receipt of the proof, it will obtain single party insurance on the collateral to protect its interest. This is usually much more costly than naming the financier as a loss payee on your collision coverage through your own insurer.
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.
How do I cancel my Geico car insurance online?
One can lightly cancel a Geico car insurance online by using the official Geico website. Log on to the user account, then select services, then subscriptions, then car insurance, then cancel. If this fails, one can always send an e-mail or use the contact form on the Geico website.
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 prompt. 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 tho’ it will not pay off anything after the very first two years. To response 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.