since my father in-law died my in-laws think that the gap insurance will pay their car off in full and they still have more car payments to pay.
2007-03-19 16:55:01 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
That makes no sense. Let me guess what you mean... If he died, fax a copy of the death certificate to the lender and they will take the car and released the lien. If your in-laws co-signed for him on the loan, they now own that car and are responsible for the payments. Co-signing should be called "co-owning" because you are just as much responsible for the car as the person you are signing for.
2007-03-19 17:00:50 · answer #1 · answered by Mike Hunt 5 · 0⤊ 0⤋
Gap insurance will only pay off if your car is totalled in an accident. It essentially covers the "gap" between what you paid for the car and what it is worth for cars that are financed and have full coverage for a limited period of time.
2007-03-19 17:50:24 · answer #2 · answered by Kim A 2 · 1⤊ 0⤋
Gap insurance usually pays off your car if it is totaled in an accident. It pays the difference between what you owe and what it is worth. That's the "gap".
I can't tell from your question if your father-in-law was killed in an accident?
2007-03-19 17:01:01 · answer #3 · answered by siddoly 3 · 1⤊ 0⤋
my understanding on gap insurance is if the car is totaled the gap ins. is the difference between what the ins. pays you and what you paid for the car so that you can afford to get a new car
2007-03-19 17:08:22 · answer #4 · answered by Anonymous · 2⤊ 0⤋
This is not normally what we call 'gap' insurance -- sounds like your father-inlaw may have had a life insurance policy built into the car loan to pay it off in the event of his death. Pull out the paperwork and read it---.
2007-03-19 16:59:08 · answer #5 · answered by Anonymous · 1⤊ 2⤋
Im pretty sure that only happens if you wreck it and the car becomes a total loss - and you still owe on it.
2007-03-19 16:58:48 · answer #6 · answered by callmecouture 3 · 2⤊ 0⤋
definite, and that they ought to. hollow coverage truthfully ability that the coverage corporation pays the soundness on the non-public loan of your automobile which you owe, no count how plenty that's worth. that's what that's for. no longer very many people understand approximately hollow coverage, and the coverage companies prefer to maintain it that way.
2016-10-02 10:31:12 · answer #7 · answered by heiselman 4 · 0⤊ 0⤋