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Question regarding automobile “gap” insurance. ?
15 Apr 2010My totalled car is worth 4,350 but I owe 11,000 due to being upside down in the first place. So my question would be is there a “cap” on GAP insurance? Common sense tells me that gap wouldnt pay more than insurance does but wishful thinking wants me to believe it will?
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3 Responses to Question regarding automobile “gap” insurance. ?
AliL
April 15th, 2010 at 5:13 pm
Gap insurance only covers like 1,000 extra. It’s not a bad deal because you get 1,000 for the price of your car payment but it really isn’t meant to cover the actual gap in worth and cost. So unfortunately gap insurance really isn’t going to help you in your situation.
shjf47
April 15th, 2010 at 5:17 pm
Gap insurance pays for the difference between the value of your vehicle and the amount of money you will still owe on your vehicle after it is totaled.
Gambit
April 15th, 2010 at 5:22 pm
You will have to read your GAP policy to know for sure if there is a limit on how much they will pay.