Will gap insurance help if your car is repossessed in Arizona?
WHAT “GAP” does it cover?? The gap inbetween your down payment andwhat the car is worth or the amount you lack to be current with thepayments? Read your “GAP” ins. contract to be sure of the coverage.I’ve never heard of it covering a repo.
If you have total coverage and total your car will the insurance pay for another car even however the one you crashed wasn’t paid off yet?
noNo, the insurance company has a responsibility to the lienholder very first, then you get the balance of the settlement based on the local market value of your car. Insurance companies are not responsible for purchasing you a fresh car and the settlement is based on the value of the car you had an accident in. The settlement is not based on what it will cost to buy another vehicle.
Can a car that has been totaled by the insurance compnay be given to a friend and can he get a title for it and use the car?
Re-registerI know usually the DMV will mark the car as a total loss or something like that and they stamp the title as salvage or something like that. It can be re-registered (sometimes may have an issue with Emissions Testing)
Would a used car dealership sell you another used vehicle when the car you were recently buying from them was totaled in a car accident and you did not have insurance on the car?
So long as you don’t still owe money on the very first car, I expect they would..
I believe if you paid off the wrecked car, they may sell you another. They may require you get insurance before it leaves the lot.
Can insurance Agencies make you retain a totaled car even if the accident wasn’t your fault?
An insurance agency represents the insurance company. This is the decision of the client, not the agency or the company. This has no bearing on the fault of the accident…unless they have not investigated the vehcile yet…when in most cases the vehicle is stored at a facility.
What can you do if you wrecked a car that was in your mother’s name and she said it was insured but it wasn’t and all you have is gap insurance?
Unfortunately, ignorance of the fact that you had no insurance is no excuse. You are the driver and it’s your responsibility to be sure you have insurance. You are liable for the harm done to the other car and you will also most likely get a citation for not having insurance. Your car is also your problem. I suppose you could sue your mother but I wouldn’t hold my breath on that one.
How do you get another car loan or will you have to wait until the loan is closed if you have a loan on a car that was totaled and insurance and GAP insurance will pay the total loan balance?
Yes surely you can get another. I was having the same query so I searched for it on net and came across the site AutoFinance-EZ. Interest rates are determined by the actual lenders and are influenced by several factors, including the severity of credit problems, the amount of down payment, and the degree of credit risk. Your auto loan accomplished will explain these factors, and tell you exactly what your interest rate will be. .
If you are not sated by the deal you are getting for a 2nd loan on your car, attempt looking for a payday loan.
What do you do when you total a car and still owe the finance company more than the retail value that insurance will pay and you have no gap insurance?
Reaction 1 .
I hate to have to be the one to tell you this, but there is not too much you can do. If you feel the insurance company’s valuation is wrong, and the settlement is unfair, you could discusss your situation with one or more ATTORNEYS [“usually,” a very first visit is free]. Don’t go to any attorney that doesn’t suggest free very first consultations, as there are many who do..
Otherwise, you’re just going to have to make the best of a bad situation. In order to do that, I sugguest:.
1. Discuss your situation with your finance company and, with a entire lot of luck, they MAY forgive PART of your note..
2. UNLESS there is a PREPAYMENT PENALTY clause in your loan note, take the ENTIRE settlement money and pay it ALL to the finance company. This gets your balance as low as possible..
3. TO PREVENT Harm TO YOUR CREDIT RATING, AND a lot of continuing collection pressures, proceed to make your payments until your loan is fully paid off. Not only will this protect your credit record, and prevent a lot of harassment, it is the right thing to do.
What percent does progressive Insurance use to total a car?
it depends on the state statue……in Missouri for example it is 75% ………OR …………….. say vehicle is worth 10k, salvage bid is 5k, they can only spend 5k to repair, otherwise will total………hope that helps
Is Gap Insurance on cars worthwhile?
GAP insurance may well be worthwhile. GAP insurance is extra car insurance, generally obtained from the dealer that sells the car, that covers the difference inbetween what the insurer pays for a total loss of the car and what may be owing on the car loan. Normally, if a car suffers a total loss, the insurer will pay the actual cash value. This is the value of a vehicle of like, kind and quality, with similar mileage, accessories, in similar conditon; the actual cash value is calculated for the same general geographic area as the insured vehicle. Because the amount owing on the loan may be more than what the car is worth, GAP insurance pays the difference. rather than the insured being responsible for paying it to the lender. Naturally, if you paid in total for the car upon purchase, you do not need GAP coverage. Likewise, once you pay off the car loan, GAP coverage may be canceled.
What to do if Car totaled and no collision insurance?
If the accident was your fault you’re out of luck. If you were hit by someone, their insurance will total your car and pay you for its actual cash value.
Your car is a total loss and pay off is about half of the amount of your loan you carried some from a prior car will your GAP insurance cover the majority or all of the remaining balance of the loan?
You will need to read your GAP insurance information. Like car insurance each plan is different. Some GAP insurance plans state they will pay 100% of the “resale” value. Others state 125% (meaning the current resale value of your car plus 25% above that). Others state 100% of “trade-in” value..
Bottom line – read the insurance plan document you got from the company, or visit the car dealership you bought the car from and pick up a pamphlet..
Good luck to you!
Does the insurance company own the car after it is totaled?
You can put in an suggest to buy the written off vehicle from the Insurers if you want to repair it yourself. A write off is beyond economical repair, meaning it costs more than the car is worth to fix it. It doesn’t mean it cannot be repaired..
There are different categories of scrapped vehicles, D, C etc. The Insurers sell the written off cars on to scrap merchants or motor traders to recoup their losses. You are flawlessly entitled to buy the car back yourself for a nominal price. If the Insurers are lodging your claim and providing you a settlement to get a replacement car, the damged vehicle does in effect belong to the Insurers..
Hope this helps, I worked in insurance for Ten years.
Can someone file a claim on your car insurance if the accident wasn’t reported to the police?
Sure. People can claim anything. The question is will your insurance pay the claim. Without a police report of the accident, you may be in for a lawsuit. Never ever, have an accident and fail to call the police.
Will car insurance pay if totaled car?
If you have total coverage they might pay you the lowest market value fo your car. They will deduct your deductable.. Insurance companies are out to make money so they will find the cheapest way out
Buying back your totaled car from insurance?
It’s possible and may be worth doing if you can fix it economically. Often the insurer will ask a very low price. It’s worth it to them to get it off their arms.
I have liability insurance my car was totaled what am i to do with the car?
Repair itmake a planter out of itsell it for scrapWithout collision insurance you are out of luck unless the accident was the other guys fault, in which case his insurance will pay you for the value of your car and collect the remains.
What if your car repossessed with gap insurance?
The gap insurance is part of your auto loan so I am not sure what your question is. Gap insurance covers your car if you total it and the fair market value for your car is below what you owe. If your car gets reposessed, you still owe the lender. Actually, the cost of the gap insurance is flipped into the loan – it’s not part of the loan. If you can find your original paperwork from when you bought your car, find the information on the company that issued the gap insurance policy, and then call them and tell them you no longer own the car, and see if you can get a partial refund on the premium! Can’t hurt to attempt, right? I do vehicle refinances, and our auto loan contract includes the gap insurance (albeit we call it something else) for free, so I have helped several people cancel their gap coverage, albeit we usually do it pretty early in the loan. Same with credit disability insurance, if you have it.
How are rebates used?
A rebate is a reduction or refund of the cost of a product. Most rebates are “mail-in” where the customer writes to the company and shows proof of payment. the company in turn refunds all or a portion of the cost.
What if You are in a car accident and have no insurance and you hit a car that had total coverage and gap insurance what will happen?
Generally, if you were in CA and I am assuming you are not talking about a fender bender or minor accident, you would lose your license and be required to make a filing to reinstate your license. In order to maintain your license you may be required to file what is called an SR-1P or an SR-22 which is simply proof you have insurance in place. If your insurance expires or you let it lapse, the insurance company will notify DMV and your license will be suspended again. Now you said the car you hit has insurance. This could mean they (the insurance company) will very likely attempt to go after you to recover damages they had to pay on your behalf. You are still responsible!
Who keeps the car if it is totaled you or the insurance company?
You can keep the car if you like, albeit I’m not sure why you’d want to keep a wrecked car. If you determine to release it to the company, they’ll eventually send it to the junkyard.
You have gap insurance and utter coverage insurance but your beau totaled your car and he is not on your insurance will your insuances still cover your car?
You’ll have to seek out the fine print in your gap policy for details on that. In regards to your auto policy, total coverage does not have anything to do with who is covered, but everthing to do with what is covered. Generally speaking harm to your car will be covered, minus your deductible, unless your beau is excluded from the policy. For the future it’s always a good idea to add drivers to your policy, even if it’s for a day, no sense in putting yourself in a position like this.
What if it wasn’t my car and the old insurance card was in the car and they sold the car cant recall what insurance company they had?
I think you can renew the old insurance. If you have the card then maybe you can identify what insurance company it is. You also have another option to have your fresh insurance from another automobile insurance rock-hard. I hope this peace of information will help you.
Your car was totaled no other car involved you had utter coverage insurance and GAP insurance will you be reimbursed for your loss or will it all go to the finance company?
the very first priority of the insurance company is to pay of the loan holder (so the value of your car is determined and out of that) whatever is left over will be sent to you. If the value of the car is less than what you owe you are stuck with the balance as far as gap coverage goes you will have to check with your insurance company they’re all different
The insurance is in my name i let my daughter used my car but she’s wasn’t added to my insurance she got in to an accident on private property were she an a lady back up at the same time who at faultt?
more than likely it would be you and your daughter that are in trouble, considering that she was not on the insurance. so there for you will have to pay for the other ladies repairs out of your own pocket not to mention the insurance ticket.
I was injured by a negligent driver and i wasn’t covered by the insurance on the car i was driving?
Driving without Insurance .
If you were driving a vehicle without insurance, then Yes, You were a negligent driver in doing so. You were driving illegally. .
If you have been injured by a negligent driver than you can undoubtedly file a suit against the negligent driver for his suit. You will be awarded a benefit depending on the nature of your injury, and in proportion to the amount of fault assigned to the other driver. The other driver can also claim some benefits if some fault is assigned to you if he or any passengers in his vehicle are injured or the vehicle is bruised. .
However, you will be penalized for not having an insurance policy depending upon the state laws and provisions, since most states require certain thresholds for auto insurance which are mandatory. If you are living in a state where insurance or your financial responsibility is permitted than it would work in your favor if you can prove that you can meet the financial responsibility.
If you total your car after your insurance is canceled will GAP insurance still protect you?
NO,, GAP Insurance is supposed to pay the difference inbetween what your Auto Policy paid and any remaining portion of your loss after the Auto Insurance Policy has paid it’s maximum..
If No Auto Insurance Policy is in Place providing comprehensive and collision coverage then your GAP Policy is Null and Void..
GAP coverage only pays in conjunction with your Auto Insurance Policy..
No Auto Insurance! No Gap Payment
I had a wreck. Insurance wants to total the car. When I purchased the car I purchased GAP insurance. I packed Bankruptcy Chapter 13. Wondering will the GAP insurance cover balance of after insurance?
Yes, you have taken a clever and wise step. When your car will be totalled by the insurance company, than the balance amount of the loan which you will have to pay will be paid by the gap insurance. This is the purpose of gap insurance..
Gap insurance pays for the difference in the insurance settlement and the loan amount when there is an accident or a misfortunate event that leads to a claim like theft of the vehicle..
The purpose of insurance is to save a person from financial problems.
What is rebating in insurance?
Rebating refers to monies paid to insureds for placing their insurance business with a given insurer. Due to fair trade practices, it is restricted and carries strong fines and penalties. The intent of the rule branches out to gifts and favors.
What happens if you total your car and have gap insurance?
if your car is worth 10k and u own 20k and your car gets totaled, your car insurance will cover 10k for what your car is worth and cap will cover the rest. you wont get any money but you also wont have anymonthly payments anymore.
If a friend uses a insured car and he totals it will progressive insurance cover the damages?
As long as the friend is not excluded on the policy, and you have collision coverage on the vehicle and policy, then most likely yes..
If the insurance totals my car can i keep my car?
The insurance company will usually retain the vehicle. You may be able to purchase it from them, call and ask.
Gap insurance is from the auto loan or your insurance on the car?
GAP (ensured asset protection) auto insurance coverage is one the most necessary, yet least understood insurance products available to vehicle owners. It is generally purchased through the auto dealership or leasing company at the time of the initial purchase or lease. It’s purpose is elementary: If your car is totaled, gap insurance will cover the difference inbetween what your insurance company says your car is worth (actual cash value) and what you still owe on your loan or lease.
Does gap insurance cover if your behind on car payments?
Unluckily, no. What gap coverage does is pay the balance on your car loan if your car is totaled and the insurance payment is not enough to pay off the balance of your loan. Fairly often our vehicles depreciate swifter than we can pay them off. Insurance only pays the depreciated (blue book) value, so sometimes what you will get from your insusrance company doesn’t pay off the loan.
Can you get car insurance when the car is totalled?
Ans 1 ) I’m not sure what you are asking. Why would you want to purchase an insurance policy on a car that has been rendered totally worthless? On the other mitt, if you purchase adequate auto insurance coverage on the car before it gets totaled, then you will get compensation for the car. Ans Two ) Most companies ask a question if the vehicle you are insuring was “totalled” or salvaged before. if the reaction is yes, some companies suggest liability only for those vehicles.
Does a GAP Insurance Policy have the right to deny coverage on a totaled out vehicle if the vehicle was used for work?
Depends on your state, but, everyone I have ever lived in, yes, they can. A business vehicle carries a totally different policy, than a private. Lets see. I think a private policy covers the driver, and a business, covers the vehicle. A business vehicle will usually have more people driving it, during busier hours, more miles than a private usually, and oh yeah. A business vehicle is usually a liability, in that it is a point of entry for litigation. So, the policy will have higher pay out thresholds, higher deductables, ect…………chuck
What value do car insurance companies use when totaling a car?
They will inspect the vehicle and then look at the value of it in the Kelly Blue Book or the National Auto Dealers Association guide to determine it’s value. The insurer may also consider vehicles of like kind and quality to determine that which they are sellinf for. The insurer will compare the value of the vehicle to the price necessary to repair it by getting estimate(s) from reputable auto repair shops and/or auto figure shops. If it costs more to fix than the vehicle is worth they will total the car. The statutory law of many states require that an insurer total a car if the cost of repair exceeds a stated percentage of the actual cash value.
What if someone totals your car and they have no insurance?
You need to ask them to compensate you directly out of their own pocket. If they don’t you may have to take them to a civil court and have an order put against them to pay your damages.
Car totaled insurance value car at 16000 and loan amt is 12400 can you use your gap insurance to pay off car loan?
If they gave you 16000 on the car, you would not need gap insurance since your loan amount is 12400.
Will car insurance pay my medical bills if I wasn’t wearing seat belts?
No, I shouldn’t think so tho’ it will tell you in the terms of your policy.
What is rebating in life insurance?
Rebating is when the insurance agent takes a portion of his or her commission and gives it to the person applying for life insurance. Rebating is illegal in most states, exceptions used to be CA and FL. Even if Rebating is permitted in a particular state, most life insurance companies forbid their agents from participating in this practice.
Does gap insurance on you car expire?
GAP insurance helps cover the difference if your car is deemed a total loss and is worth less than what you owe on the loan. GAP insurance only runs out when you pay down your loan enough that you have equity in the vehicle.
What is gap insurance for a leased car?
GAP coverage is very necessary especially in a lease situation. GAP coverage comes into play if a vehicle is deemed totaled. What GAP does is to pay for the difference in the actual cash value that is payable under the normal policy and the balance owed to the lease company or finance company of a loan. In the early years of a lease or loan the vehicle value falls quicker that the value of the vehicle. If you total the vehicle within this period you can find yourself without a vehicle but with a sizable amount of money due on a vehicle you cannot drive any more. GAP coverage will pay this difference. The Finance Dept of the auto dealership will attempt to sell you on this GAP insurance. Very first, no matter what they say, it is not mandatory to but it from them. Private Auto insurance companies suggest GAP insurance that does the same thing for about 10% of the premium the dealership charges you for the same coverage. You will also have a right to cancel the coverage whenever you feel the value and loan balance have equaled out. One catch is that you must purchase the GAP coverage from you insurer withing 6 months of purchasing the vehicle. As a matter of total disclosure, I own and operate a petite Independent Insurance Company in Central Georgia and have for the past 22 years. Prior to that I worked as an agent for a direct writer of insurance for Trio years.
Have you ever heard of car insurance for women?
Yes, car insurance for women is just as common and significant as car insurance for boys is. Every major car insurance agency will insure female drivers.
Can you insure a car that has been totaled?
Not while still “totaled”. Since everything is tracked by the VIN# you won’t be able to insure a totaled vehicle until such time that it’s made roadworthy and has a reconstructed title.
Can you get liability insurance on your car if the insurance company totals it?
Normally yes. Some companies may require proof that you have repaired the car and it is road-worthy.
Does gap insurance still apply if your car is paid off?
It will depend on the type of gap insurance you have. Finance gap insurance would expire as there is no finance to cover but comeback to invoice and vehicle replacement would still carry on until the end of the policy or a claim is made.
What are some common gap car insurance coverage exclusions?
Gap car insurance excludes any equipment that was not factory installed on the car, unpaid or overdue lease or loan payments, and money that was “flipped” into the car such as trade in vehicles.
How can one acquire GAP insurance for their car?
If you are looking to get gap insurance for your car go onto Esurance. They have lots of deals right to fit you and they wont leave you empty pocketed.
Does having total coverage auto insurance in MI mean if my car is totaled and I wasn’t at fault the car will be paid off?
Firstly, there is no such thing as total coverage auto insurance. This is just a term that developed over time to mean whether or not you dreamed physical harm coverage on your vehicle or not. Secondly, if you have physical harm coverage this has nothing to do with what you owe on your vehicle. the physical harm section of an auto policy says that the insurance company has the option to repair, substitute, or pay the actual cash value of your vehicle. I suggest if you purchase a fresh vehicle to consult your agent about GAP coverage which will pay the difference inbetween the ACV of your vehicle and the amount owed. Never purchase this from the dealer and it will cost you several times what you can get it from your insurance company for.