GAP Car Insurance - What if I merely hold liability coverage?
Will GAP still pay if I only own liability coverage?
Answers:
No, but by the way you ask that question, I can enlighten you are very sexy. I hope this helps.
Nope. GAP coverage would be useless if you only have liability coverage. You couldn't even buy it -- at least not from a reputable agent anyway.
GAP coverage pays the difference between the balance of a lease or nouns contract and the ACV on a collision or comprehensive claim if a vehicle is a total loss. If you have liability coverage only, near would be no payment for physical damage on any claim since near is no coverage on the vehicle itself.
Here is a quote from a gap provider's website: "Automotive Loss Protection eliminates the financial puncture between what your primary insurance company's settlement is and the actual loan payoff to your bank, credit union, or nouns company" "When your primary insurance carrier says that your motor is total loss, you provide XXX Automotive Loss Protection Claim Department with a copy of the police report along with a copy of your insurance company's settlement check" With one and only liability coverage, you will get no cheque from your insurance, so there is no recompense for the gap policy to top up. Here is also an answer page from carinsurance.com
http://www.carinsurance.com/kb/content17… Source(s): I am a licenced insurance broker
Most promising not...part of having GAP ability you carry comp/collision. But you have to check next to your GAP insurer b/c only they can answer your question.
Related Questions:
Answers:
No, but by the way you ask that question, I can enlighten you are very sexy. I hope this helps.
Nope. GAP coverage would be useless if you only have liability coverage. You couldn't even buy it -- at least not from a reputable agent anyway.
GAP coverage pays the difference between the balance of a lease or nouns contract and the ACV on a collision or comprehensive claim if a vehicle is a total loss. If you have liability coverage only, near would be no payment for physical damage on any claim since near is no coverage on the vehicle itself.
Here is a quote from a gap provider's website: "Automotive Loss Protection eliminates the financial puncture between what your primary insurance company's settlement is and the actual loan payoff to your bank, credit union, or nouns company" "When your primary insurance carrier says that your motor is total loss, you provide XXX Automotive Loss Protection Claim Department with a copy of the police report along with a copy of your insurance company's settlement check" With one and only liability coverage, you will get no cheque from your insurance, so there is no recompense for the gap policy to top up. Here is also an answer page from carinsurance.com
http://www.carinsurance.com/kb/content17… Source(s): I am a licenced insurance broker
Most promising not...part of having GAP ability you carry comp/collision. But you have to check next to your GAP insurer b/c only they can answer your question.
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