gap insurance and full coverage?

Question

i had bought a 2002 trailblazer last august im still paying my boyfriend crashed in a rainy day with a utility pole now after the crash its a total loss ,When the insurance pays for what the car was worth gap insurance pays for the rest and do i get the money i put in for another car ?

Answer 1

no all you get is what you owed at the time of the accident so if you owed 6500 all you get is 6500 back. it only pays off the loan you ll have to come up with new down payments plates etc. what GAP is is the difference of what you owe and what car is worth. they depreciate faster then what you owe on it. so a 02 blazer is worth 5000 in good shape and your bank bill is 6500 they pay the diff between what its worth and what you owe . that way you aren't coming up with another 1500 to pay off your loan before you can purchase another car.

Answer 2

Gap insurance will cover the difference in depreciation. In other words -- they will pay the difference between what the Insurance Company gave, and what you owe on your loan, minus your deductible.

The money you put in for another car comes out of your pocket. This is not the function of Gap.

Good Luck

Answer 3

gap insurance covers only the balance of the loan after the insurance pays what it thinks it is worth. say you owe 7,000 and the value the insurance pays is 6,500 then gap will pay the $500.00. If the value is the same then gap pays nothing and you get nothing. Gap will not give you extra money for another car

Answer 4

complete coverage is a obscure term that for the time of fact potential that as much as a undeniable volume of money laid out in potential of your insurer, your vehicle is roofed in an twist of destiny or from complete harm (jointly with acts of God - a hail typhoon, vandalism, etc). to maintain it ordinary say you purchase a automobile for $15000. you're making use of down the line, hit an ice patch and flow flying helter skelter in the process the front window of an area enterprise. Your automobile is totaled, so the coverage corporation will pay you the present predicted value of your vehicle (which would be below $15000). it is going to pay for materials harm as much as the optimal decrease of your coverage (frequently one hundred,000 or 3 hundred,000). it is going to pay your scientific charges up the optimal decrease of your coverage. here is the project. enable's say the twist of destiny happens an analogous day you purchase your automobile. you basically took out a private loan for $15000, yet as quickly as you rolled off the lot your automobile depreciated. The coverage corporation says your vehicle replaced into basically nicely worth $12000. they'll pay you the $12000 when you pay them your deductible, yet you're nonetheless interior the hollow $3000. complete coverage won't pay the hollow, so which you're nonetheless making money on a automobile you are able to'tchronic and additionally you're able to desire to take out yet another own loan to purchase yet another vehicle. hollow coverage will pay the hollow. Say you purchase a $six hundred hollow coverage. The coverage corporation will pay you $12000, the hollow coverage will pay the different $3000. you at the instant are not any extra desirable forward, yet you're out of the hollow going into your next purchase. some hollow rules do extra desirable than others. Your usual hollow coverage in simple terms will pay the hollow, yet some companies grant coverage which will do slightly extra. as an occasion, hollow coverage could cover your deductible money to your coverage. you're able to desire to examine the positive print to verify. i choose to propose hollow coverage once you're finding out to purchase an "costly" vehicle. What meaning relies upon on the guy. For some, it must be a sparkling little Kia Rio for others a Cadillac CTS. in case you do not think of you should handle to pay for to cover the hollow, you're able to be able to desire to spring for the coverage because of fact $six hundred or so rolled into your guy or woman loan now's lots extra easy than making $3 hundred / month-to-month extra desirable money for a automobile you are able to no longerchronic.

Answer 5

nope