2006-08-18 12:45:58 · 7 answers · asked by PUNISHER 1 1 in Business & Finance ➔ Insurance
Anytime you are upside down on a car loan....in other words you owe more than the car is worth...then you should strongly consider it.
If you total the car your own insurer is only going to pay the estimated actual cash value of the car....not necessarily what you owe. In that case, you get a check to pay the lender....you lose the car to the insurer (because they just bought it with the check) and if you have a balance.....A BILL FOR THE DIFFERENCE!!!!
Think about it....you have no car....and worse....you still have to pay off the old wrecked one.
So you are really behind the eight ball.
And, depending where you have the loan for the car, the lender may REQUIRE you to still carry it.
You should check with the lender and see if they require it and if you are rightside up on the loan ask for their permission to drop it if you don't need it anymore.
2006-08-19 16:35:02 · answer #1 · answered by markmywordz 5 · 0⤊ 0⤋
If by gap insurance you mean the endorsement on collision & comprehensive on your auto insurance policy that you're talking about, yes you can. Your agent will have to figure out what the refund is, based on how long you carried it, and how far into your policy you are.
If you bought it from the auto dealer or lender, it's not true insurance, and there is no refund.
2006-08-19 05:09:31 · answer #2 · answered by Anonymous 7 · 0⤊ 0⤋
You should be able to cancel gap even if you got it from a dealer. You'd be refunded a "pro rated" amount based on the time you purchased the car and the loan term.
2006-08-19 05:43:49 · answer #3 · answered by The Man 5 · 1⤊ 0⤋
Can I cancal. My gap and get a refund withen about 45 days having my car
2015-07-25 03:26:47 · answer #4 · answered by chrystal 1 · 0⤊ 0⤋
Medigap is what I'm assuming you mean. Make sure you have another one in place before cancelling, and then cancel with your existing company. If you are speaking of Medigap, make sure you get another one, or you may not qualify later, and you certainly don't want to be on Medicare without one. If you pay in quarterly or annually, most companies will not refund your payment. They will bill you until you cancel
2006-08-19 05:42:11 · answer #5 · answered by Susan C 3 · 0⤊ 0⤋
I refer them with all my insurance issues, u too can,
"http://www.jdoqocy.com/email-1961891-10426166"
2006-08-18 16:38:52 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You'll have to ask the carrier.
2006-08-18 13:23:38 · answer #7 · answered by Bostonian In MO 7 · 0⤊ 0⤋