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What does gap insurance provide in the early years of one’s loan?

What does gap insurance provide in the early years of one's loan?Gap insurance refers to insurance which covers the gap inbetween fresh car replacement and the current value of the car. It eliminates the risk of a car insurer not paying out enough in the event of a loss.

Can your daughter provide insurance for a car if the loan and the registration are in your name?

There are so many potential scripts in this situation. Are you wishing to insure it via the daughter because she has a better record, thus better rates? That would, of course, be considered fraud, and is not advised. Additionally, they are going to rate the policy based on all drivers in the house, so the rates may not improve anyway. Does the daughter live in the same residence? Most other family members would also be covered, IN MOST CASES WITH MOST COMPANIES, but most also require a DMV check on each driver in the house. The company can also list a specific ‘named driver exclusion’. I.E. Seventeen year old Johnny has already received three violations; carrier will proceed coverage but require a named exclusion for Johnny. They will cover NO accidents or incidents in which Johnny is the driver. If she is NOT in the house, is not a regular driver of the insured vehicle, and has no legal relationship to the vehicle financially, but is better able to meet the financial obligation of the premiums, then you should simply have her give the monies to you each month.

If you accidentally burn your car up due to cigarette falling on floor will your insurance and GAP cover your entire loan?

Yes.This is how it works…..Your insurance will cover up to the retail value of the car which may be a entire lot less than the loan amount left.The difference inbetween the retail value and the loan is what the gap covers, so you’ll be set.

If your vehicle get stolen and the auto insurance pays the blue book value would the gap insurance cover the rest of the payment on your car loan and what is the limit?

Response .
When a car is under lien and stolen/wrecked, the very first payee is ALWAYS the lienholder. You will receive nothing, and the lienholder gets reimbursed for the value of the car. Any outstanding would be your debt. Most insurers make deals with Lienholders to indemnify and lodge up the loan. Not always however. MAKE sure to ask the Insurance company how much was paid to lienholder, and ask for proof too!

Can your loan be in default if you are making your payments on time but have failed to insure the vehicle or provide information to the loan company?

Reaction .
Yes. Making payments on time is only one of several things you agreed to do when you signed the loan papers.

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 experienced will explain these factors, and tell you exactly what your interest rate will be. .
If you are not pleased by the deal you are getting for a 2nd loan on your car, attempt looking for a payday loan.

What is medicaid gap insurance?

Medigap: Medigap (also known as medical supplemental insurance)refers an individual insurance policy which can be purchased tocover certain health care services and costs which are not providedby Medicare. Medigap insurance is becoming very significant to peoplecovered under the Medicare program since reduction in levels ofbenefits and curtailment in availability of services have becomereality as a result of the need to control the costs of thisprogram. Medicaid: Medicaid is the federal program which provides for thehealth care needs of certain low-income people. Medicare: Medicare is the federal program which provides for thehealth care needs of the elderly, the blind and the disabled.

What is gap insurance?

GAP insurance is coverage that covers the difference inbetween the value of the vehicle at the time of the accident and the amount that is owed on the loan at the time of the accident. GAP insurance can be purchased from the finance company or from the persons insurance company. Usually it is much cheaper to get it from the insurance company.

How do you get your gap insurance refund?

Reaction .
Call the dealership where the gap was purchased.They can advise you. If they are self insured they should have the forms there.

What is a GAP policy for a car loan?

Response .
Gap Insurance will pay the difference inbetween the vehicle value and the loan pay off amount..
For example : you car is valued at $17,000 but the loan amount on the car is $20,000 – if your car is totaled your basic car insurance will only pay up to the car’s value. A GAP Policy will pick up the $Trio,000 difference..
Therefore you aren’t making payments on a vehicle that is at atotal loss..
IMO- is a must have!

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 utter for the car upon purchase, you do not need GAP coverage. Likewise, once you pay off the car loan, GAP coverage may be canceled.

Does gap insurance cover the remainder of a loan from a voluntary reposession of a vehicle?

Gap insurance does not cover repossession anything. It only covers if you wreck the car and owe more than it is worth.

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!

What does gap insurance provide in the early years of one's loan?

Does gap insurance cover a repossession?

Gap insurance only pays if the vehicle is totaled in an accident orstolen and not recovered. It does not cover the deficiency balanceafter a repossession sale.

How do you find out If you have gap insurance?

By looking at any GAP Insurance Policy you purchased and looking at the dates to see if it is in effect. If you bought GAP Insurance, you would have been given a copy of the bogus GAP insurance Policy.

How does gap insurance work?

GAP insurance infrequently works at all. In my decades as an Insurance Agent, I’ve only ever seen one person who successfully got a pay out from a GAP insurance policy and that was only because she sued them to get it..
GAP Insurance is a scam and in my opinion should be outlawed along with all those prepaid legal scams..
I have never known of a single Insurance Agent who sells GAP Insurance. It is usually sold by the Car Dealerships, The Finance officer at the dealership typically gets a 300 dollar bonus if he convinces you to buy it..
It is being sold to the public by auto dealerships, Nough Said..
Response: .
GAP insurance is extra car insurance you can get that covers amounts not covered by typical auto insurance providers. For example, when you purchase a car, its value automatically starts to decrease. If you get in an accident where the car is totaled, the insurance company will only pay the current blue book value of the car. However, you might owe more than the current value, leaving you with a few thousand dollars to cover on your own. GAP insurance will cover the remaining amount you owe and often times also the deductible of your primary auto insurance.

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If you refinance an auto loan with gap insurance within 30 days do you get a refund?

When you cancel your gap coverage, the company will give you your portion back in pro-rated funds, that you did not use.

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.

If you have Gap insurance on your loan for your vechicle do you need to still have comp and collision or can you just insure yourself?

GAP insurance only covers the difference inbetween what your car is worth and what you owe. So if your car is only worth $8,000 and the balance on the loan is $Ten,000, GAP insurance will only pay the $Two,000 if your vehicle is determined to be a total loss by the insurance company. You still need to have physical harm coverage (Collision and Comprehensive) for the vehicle. If you don’t, your finance company will get their own coverage. It’s called compelled placed insurance. Your finance company will charge you for it, you will not get any benefits from it, and it will cost you more money than if you insured it yourself. You should also find out how much your GAP insurance covers. Some cover up to 150 percent of the value of your car, some only cover 115. Using the same numbers; if your vehicle is only worth $8,000 and your policy only covers up to 115 percent of the value, GAP insurance would only pay $1,200 and you would have to pay the remaining $800.

Provide a brief biographical account of Charles dicken’s early years?

There are thousands of people at WikiAnswers willing to help you out. However, just providing you test or homework answers wouldn’t be helping you at all. It would actually be cheating and that is not what the site is all about. It always helps to search for a third party website (like this one) that can help explain the material. If you would like some tips or help getting through your homework, there is a category just for this. SeeLearning Tips : https://wiki.answers.com/Q/FAQ/4053You may browse the category or post your own question. Wiki Answers > Categories > Jobs and Education > Education > Learning Tips QuestionsThere are also many good sites on Charles Dickens and his works, one of them being the Wikipedia articles.

Can i cancel the gap insurance from the dealer if you have insurance on it?

Usually you can cancel the Gap insurance anytime you want. You should be refunded money too depending on when you purchased it. Gap Insurance has nothing to do with Auto Insurance. Gap Insurance is just something that you purchase “usually from the dealer” to protect you if your upside down in your loan. Say you owe $Five,000 on your vehicle, but it’s only worth $Trio,000. If you have an accident and it’s totaled out. Your insurance company is going to give you only what it’s worth. So you would get $Trio,000 from your insurance company. The Gap insurance would cover the “GAP” inbetween what is owed and what you got from the insurance company. Because your still going to owe the bank another $Two,000 for a vehicle that is totaled out. Gap insurance can sometimes be difficult to cancel, and they sometimes they will give you a hard time about it.. But just read the paperwork that you got when you purchased your vehicle, usually it tells you on there how to cancel and if there are any fees involved. Just keep in mind that Gap Insurance is not Auto Insurance, so you would need to have Auto Insurance regardless if you have the Gap Insurance. Good Luck!

Are you still covered by gap insurance if my loan is in default?

In many cases you would still be covered, but not usually for the amount by which your loan is in default and not for any extra charges and interest applicable to that default amount.

Will gap insurance pay off the balance of your loan if your vehicle is totaled?

In California it is normally necessary for you to presently have comprehensive and collision coverage in place at the time of the accident for your gap insurance to take effect.

What function does gap junction provide?

The main function of a gap junction is to permit the transmission ofelectrical impulses among cells. These transmissions come fromneighboring cells and they would not be able to communicate withouta gap junction.

Does gap insurance cover theft?

Yes, But only if there is a gap in the final loss payment by the underlying auto insurance policy. If there is no underlying Auto Insurance theft coverage then the Gap Policy is null and void and no coverage would ensue.

Your insurance will not renew because you need to substitute the roof the bank will not provide you with a loan to repair it if you do not have insurance what do you do?

The only option you have is to pay for the roof repair yourself, unless the roof harm was caused by a peril covered by your current policy. Another option might be to speak with a senior underwriter from the bank, they may be willing to make an exception if they can make the check out to the roof repair company directly. Good luck!

What does gap insurance provide in the early years of one's loan?

No auto insurance but do have gap insurance?

So called gap insurance covers only the difference inbetween thevalue of your vehicle and what you owe to the bank. It offers noother protections such as individual injury & liability, orcollision.

Gap insurance is from the auto loan or your insurance on the car?

GAP (assured 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 ordinary: 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.

If you get a loan from a credit union and they put gap insurance in it can you get a refund?

It depends. If you paid it all upfront in cash for the life of the loan and you trade the car in early you might be entitled to a petite refund. If the gap insurance is included in the car payment then no. There is no refund at that time, because you are paying only for what you use.

What is the advantage of getting gap insurance?

Gap insurance is intended to indemnify you for the difference inbetween the amount that you owe on a vehicle at the time of a collision, and the actual cash value that you would collect if the car were rendered a total loss from that collision. Without it, you would be personally liable to the lender or leasing company for that amount.

Is H and R Block providing Emerald advance holiday loans this year?

This year, H&R Block is providing lines of credit on theEmerald cards, but not doing specific holiday advance loans. Go toraladvance.com

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.

What does gap auto insurance cover?

Physical harm coverage on an auto policy says that the insurance company has the option of paying to repair, substitute, or pay the actual cash value of the vehicle. In the case where the harm to a vehicle’s cost to repair is more than the ACV of the vehicle the vehicle is totalled and the company will pay the ACV of the vehicle. Sometimes when you buy a fresh vehicle without much or any downpayment you quickly get “upside down” in the loan. As the value of the car depreciates, the loan balance doesn’t fall almost as swift. For the very first duo of years you owe more than the value of the vehicle. The insurance company has nothing to do with auto loan. GAP insurance was created to cover the difference in the ACV of the vehicle and the loan payoff. You can buy GAP insurance from the finance company or bank that financed the vehicle or from your insurance company. Purchasing from the insurance is much less expensive and you can drop the coverage once the loan balance falls below the value of the vehicle.

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.

Who sells gap insurance?

GAP insurance is designed to cover the difference inbetween what you owe on a financed (or leased) vehicle and the actual cash value that is paid by an insurer if the car is a total loss. Generally, GAP coverage is available through the car dealer or the finance company that finances the car. yes

Related video:

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 utter disclosure, I own and operate a puny 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 Three years.

Does gap insurance cover a death?

No. If a car is determined to be a total loss as a result of a collision, GAP insurance pays the difference inbetween what the collision coverage pays as the actual cash value of the car and the outstanding loan balance.

Where can you purchase GAP insurance?

Contact the company that has your loan. They would love to help you get GAP insurance witnessing as how you would being paying for something that benefits them as much or more than you.

What does gap insurance provide in the early years of one's loan?

Can you apply early decision and take a gap year?

I don’t think so. Early decision usually expects you to come because that is the reason why early decision was made, to ensure students coming that year UNLESS that early decision is unbinding. Do more research, if it’s tying, then you have to go. (I’m assuming college)

How much is it to purchase gap insurance?

If you are a UK resident, a Gap Insurance policy can commence from just £55 – it truly depends on what type of GAP Insurance you need, the period of cover and the claim limit required. Visit the related link for more details and market leading policies.

Can companies switch health insurance providers in the middle of the year?

Yes. If the switch will reduce benefits, then federal law requires at least 60 days advance notice. If the switch will not “materially” affect the benefit, then advance notice is technically not required. As a practical matter, employees will have to enroll with the fresh insurer; generally, this would happen in the month before the fresh plan commenced.

Can you put your 20 year old daughter on your car insurance if the loan is under her name?

As long as she still lives in your household then yes you can add her to your policy. You need to make sure that she is listed as a driver on your policy and you may put her vehicle on there as well.

What policies does GAP Insurance suggest?

GAP Insurance is not a specific company. GAP or Assured Auto Protection is a type of insurance that covers the difference inbetween the cash value of a vehicle and the balance still owed on financing for that vehicle.

What type of travel insurance does Gap Year suggest?

Gap year is a type of travel insurance that covers travellers to be away for extended trips of around 12 months or more. Gap year insurance will cover the traveller to and from many different countries in one excursion.

What insurance providers suggest stated income loans for homes?

There are very few providers which suggest stated income loans for homes. Nationwide is one widely known company which does suggest them on 2nd mortgages.

Who is the CEO of Gap Year Insurance?

Andrew House is the chief executive officer of Gap Year Insurance. Gap Year Insurance has steadily seen an increase of 61% in claims in the past six months.

Which companies provide loan payment protection insurance?

There are many companies that provide loan payment protection insurance policies. Some examples are Farmers Insurance, Cherry Creek Loans, and Ask’s website.

How can one refinance one’s FHA loans?

The best and fastest way to refinance an FHA loan is to very first discuss the option with the mortgage company. They can determine if refinancing is then an option.

Does a co signer of an auto loan need to provide insurance?

No, but consider the following. If the vehicle is uninsured and gets wrecked in an accident, theco-signer will still be responsible for paying the balance of theloan- a loan for a wrecked car. This is a serious risk when a carbuyer needs a co-signer for the loan. The need of a co-signersignals that the primary borrower has not established a responsiblecredit record, or may not earn enough to afford the car loan. Thelender considers that buyer too much of a risk and so requires aco-signer. Statistics display that a person with no establishedhistory of paying their bills, or a negative credit history, may belax about maintaining car insurance as well. Co-signing is a riskybusiness. The co-signer should make certain the car payments are being madeon time and that the vehicle is adequately insured.

Who are best puny business insurance agency loan provider in US?

Opening an independent insurance agency is a way to build abusiness with residual income sources, It very lucrative business.It is possible to open an independent agency with one agent orbroker serving all clients. Regulations to open independentinsurance agency do vary from state to state. For opening insuranceagency you need to go after few steps and regulations 1st of alldetermine what type insurance of your agency will suggest. Most ofcompanies specialize in certain type of policies. 2nd Step: contactyour state insurance commissioner’s office or visit its website toobtain the checklist. You can get a finish list of insurancecommissioners, with their contact information, at the NationalAssociation of Insurance Commissioners’ website 3rd Step: Considermaking your business entity a limited liability company (LLC). 4thStep: Obtain errors and omissions (E&O) insurance with aminimum of $500,000 and finish the state forms required to makethe LLC an insurance agency. 5th Step: Pay the applicable fees andcheck with your state business tax boards to get all requiredbusiness permits and licenses. Since your uncle is veteran so hecan contact puny business administration (SBA) and veteran affairs(VA) department of US to get credits and beginning insurance agency.As far as worried to “puny business insurance agency loanproviders” in the US you can consider Super G Funding LLC, It isnational provider of business financing solution with loan of up to$Five million. Please visit to get more information on startinginsurance agency

Is it legal to have gap insurance?

Yes, if you’re talking about having a break in your insurancepayments. Some (but not all) companies suggest a ‘free’ period ofinsurance – but it’s covered by an enlargened monthly premium – soyou’re not actually getting anything for free. During the ‘break’period, you’re still covered by the policy you’re paying for.

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