I have gap insurance, got into an accident, and totaled my car (i ran into a wall). The Adjuster just told me my car is totaled and will be sending me out a check for the value of the car.. but i'm upsidedown almost about 8k on the car.. what are the procedures for gap insurance?? How long is the process? Am i able to get another car now while in this process? THANK YOU!!
2007-07-20 02:19:35 · 3 answers · asked by its meeeeee 2 in Cars & Transportation ➔ Insurance & Registration
call the policy writer or go to where you bought the car they wil have the info you geneally pay for that as you go so you can get a refund if you sell your car early. They usually pay 1000 dollar deductable as well
your lucky you have that coverage
they are going to pay the difference between what was owed and what your insurance co paid
2007-07-20 02:30:01 · answer #1 · answered by 51 6 · 0⤊ 0⤋
The gap insurance covers the difference between what the insurance company pays you for the value of the car and the amount you owe on the car, assuming you owe more on the car than it's book value.
2007-07-20 02:29:18 · answer #2 · answered by ~RedBird~ 7 · 1⤊ 0⤋
You will have to look over your contract and find out who is covering you under GAP. Contact them as they all work a bit differently.
You can get another car whenever you can afford to, and if you NEED the gap, then it just depends on how quickly your policy will get the check to you.
2007-07-20 02:28:01 · answer #3 · answered by theCATALYST 5 · 0⤊ 0⤋