All about GAP insurance?

Question:
My dad asked if I had GAP insurance. I told him I didn't know. He said to check with my insurance company or the financial institution that gave me my loan.

When you buy a new car how long do you have to get it covered on insurance?

What is it, and how do I know if I have it? Would I check with my insurance place, or the place I got my loan from? How do I get it?

Answers:

Am I paying too much for auto insurance?

Ok, let me give you an example...

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You purchase a vehicle. Somewhere down the road you get into a traffic accident and total your vehicle. Most car insurance is only going to reimburse you for the depreciated value of your vehicle, but that might not be enough to cover the remaining balance on your loan. GAP insurance covers the remaining amount so that you can pay the loan off.

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Most dealerships that sell vehicles nowadays are encouraging people to get GAP insurance when they purchase their vehicles. It usually costs several dollars extra per month on your car payment, some policies being around $400 for the life of the loan, or thereabouts.

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Also, if you decide to trade your vehicle off before you completely pay off your loan, you can be reimbursed for the balance of the GAP insurance that is covered on that vehicle. Don't forget to check that if you trade it off. Sometimes it might give you a few extra hundred dollars, that you can apply towards a new vehicle, or just put in your pocket.

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Hope this helps you.

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I got my gap insurance through the dealership (GMAC). Gap insurance is good if you bought a new car. If for some unexplained reason your vehicle would be totaled, gap insurance makes up the difference for what you car insurance doesn't pay. Therefore, you would not owe anything on a car you can no longer drive.

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