2007-02-13 06:54:37 · 3 answers · asked by Ajay M 1 in Cars & Transportation ➔ Insurance & Registration
LOL..
Ok, gap insurance is used in case your car is either stolen or totalled in an accident etc.
If you owe the bank $10,000 and the insurance pays off your car at its current market value (example:) $8000.00, you would have to pay off your loan for the remainder of the 2-grand.
If you have GAP INSURANCE, they will pick up the bill of the $2000.00 for you.
Simple, no haggle no hassle. It's only $400 and can be financed into the loan of your vehicle. Do it.
It saved me from paying $8,935.00
2007-02-13 07:00:09 · answer #1 · answered by rob1963man 5 · 0⤊ 0⤋
YES YES YES!! only because if your like me and not made out of money this situation would hurt. My bestfriend had a used /new car for about 8 months when (No gap insuransce just full coverage) so woman hit her and totaled her car and put her in the hospital for 6 weeks well the lady had a insurance paper that claimed she still had a policy so the officer only ticked her for recless driving and he thought she had insurance because f the paper needless to say a bout a week later my friend found out the paper was no good the policy had expire due to failure of payment . so with no gap insurance my fiend is out of a car and still havng to pay of a small portion of the debt because the car depreciated once she bought. meaning the bluebook value decreased do to new ownership. so i would insist on you getting the insurance its not very much and i believe that add to your total of your car financeing.
2016-05-24 05:57:45 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Rob is correct on how the coverage works but check with your insurance agent. Many companies now offer gap insurance on their policies and it is much cheaper than going thru the dealership. I would check both ways
E-mail me by what you mean by terms of your insurance.
2007-02-13 08:38:02 · answer #3 · answered by blb 5 · 1⤊ 0⤋