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You're sitting in their cars listening to James Taylor on the radio as you wait for the red light to change, when the guy behind you looks down to change the song on his Ipod and hits the back of his car. The insurance company sends an adjuster to inspect the damage. An offer of settlement reached in the mail two days later, but the insurance company is offering $ 2800 less than they owe on your loan, what can you do?
Most Americans have never heard of the gap insurance and if they have probably heard of him after an accident and wondered why no one told them it before.
Gap insurance is a small safe in your car loan that is activated when the amount of the insurance company will pay for its totaled or stolen car is less than what they really owe on your loan or lease. However, most car dealers or auto loan officer insurance gap left out of the sales contract or loan documents without asking if you wish. If not, you could be the reverse of your loan for a accident did not cause. This is what you need to know the next time you buy a car:
– Always ask the sales representative and loan officer, if Gap insurance is included in the loan or purchase price.
– Always get insurance gap if you are leasing or financing at least 70% of value of the car.
Insurance companies only pay what your vehicle is worth at the time of the collision. If it appears that his treatment of the dealership was no agreement at all (auto insurance companies value based on comparable market car, check with your local classifieds for autotrader.com or value your current vehicle) or rolled off your last car in its current auto loan, gap insurance will save you money if your car is totaled or stolen.
Contact your lien holder to determine if included gap insurance on your loan. If it were not, most copyright holders retention allows you to add gap insurance (even if you do not get coverage when he bought the car) because it would lose its loan guarantee if the car is totaled in an accident. If the holder of lien insurance offered no difference that there are many insurance providers online that provide policy independent. Just make sure you have the best grades in one of the rating services like AM Best, Standard & Poor's or TheStreet.com Ratings. Most insurance policies average gap of $ 5 to $ 10 a month. You may never need to use it, but for the price is a good thing to have!
About the Author:
Kenneth L. Christensen founded The Christensen Law Firm, PLLC, a personal injury law firm in Salt Lake City, Utah. He specializes in car accident, dog bites, wrongful death and serious injury cases. Learn more about Mr. Christensen at www.utahpersonalinjurylawfirm.com
Article Source: ArticlesBase.com – Gap Insurance: What is It? When Do I Need It? How Do I Get It?
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