Question You Need to Ask the Insurance Company

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The primary insurance deductible is not “refunded” and, is protected as a part of your owing loan balance. GAP insurance covers the difference between the actual cash value or ACV and the remaining loan balance

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Question You Need to Ask the Insurance Company When Getting Gap Insurance?:

Question You Need to Ask the Insurance Company When Getting Gap Insurance?

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What is GAP insurance? How much does it cost? Is this insurance right for me? These are few frequently asked questions that people have about guaranteed asset protection (GAP) coverage. Know more about GAP insurance and the questions you need to ask the insurance company when getting gap insurance.

What is Auto GAP Insurance? :

What is Auto GAP Insurance? When your vehicle is damaged accidentally, or stolen, or confirmed an ‘insured total loss,’ your insurer pays the present cost of the vehicle at the time of damage. This might be considerably lesser than what you be in debt on your loan. You stay accountable for the sum of the difference between the remaining amount of your loan and insurance company’s clearance. This deficiency, can be in thousands of dollars. To fill this ‘GAP’ you have auto GAP insurance !

What Are the Benefits? :

What Are the Benefits? • GAP insurance pays your remaining loan after insurance amount is deducted on your loan. • Covered for period up to 84 months of your loan • Up to $50,000 are paid in benefits. • Aids safeguard your credit rating • Can cancel within 30 days with 100% refund and a pro-rated refund afterwards.

What Automobiles Are Qualified for GAP?:

What Automobiles Are Qualified for GAP? SUV’s, vans, used and new autos, and one-ton load capacity light trucks. Does GAP Replace My Collision and Comprehensive Coverage? No. GAP is not an alternative for property damage or collision insurance. It is essential to continue collision and comprehensive insurance coverage or else your GAP insurance will be invalid. How Much Does It Cost and How to Pay? The one-time small fee for your GAP insurance is funded within your loan.

Can GAP Insurance Be Purchased After Loan Commence?:

Can GAP Insurance Be Purchased After Loan Commence? No. if you have decided to buy GAP insurance, it should be done at the time of your re-finance. Can I Purchase GAP for The Vehicle I Use for My Business? If your vehicle is registered under an individual and not on business name, it is qualified for GAP. But, vehicles used for rental, taxicabs, or hire are not entitled. How Deductible Is Covered by GAP? The primary insurance deductible is not “refunded” and, is protected as a part of your owing loan balance. GAP insurance covers the difference between the actual cash value or ACV and the remaining loan balance. Since your insurer pays ACV minus the deductible, the “gap” is bigger by this sum. The deductible is compensated as part of the payment when the GAP earnings are calculated to your remaining loan balance.

How Much Amount Does GAP Pay?:

How Much Amount Does GAP Pay? GAP covers a loss of maximum $50,000. How Do I Get My GAP Claim Payment? The GAP claim payment is paid to the financier and added to your loan. Is There a Deadline to File a Claim? Yes. GAP claims should be filed with-in 120 days from the time of total-loss of your vehicle. Concluding with a hope that we covered the maximum questions to ask your insurance company.

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