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.
What is the penalty if you have a gap from time you purchase a car from a dealer until you obtain auto insurance?
Improvised Dealer Gap insurance is considered the same as having no insurance at all. Most companies don’t recognize dealer gap insurance because they are only excess secondary coverage policies, No Liability coverage is generally included in them. Generally if you have a lapse of 30 days or more, or if you have had continuous coverage for less than 6 months, then you will pay Five to Ten percent more on premium. Beware of GAP Insurance, I’ve seen more than a few people who got burned on these after they discovered the gap only covered a portion of the vehicle and suggested no liability coverage for the driver..
As a Broker, I can tell you it indeed depends on: the length of time, WHY the gap, your past record, and the individual underwriting policy for each insurer. Be SURE to tell any prospective broker/company of this gap or you could be without in the end!
Can your car be repossessed if the payments are up to date however the insurance has expired?
it depends on the stipulations in your contract. in most cases any breach of cantract can be grounds for repo
If you have GAP insurance will the leftover balance be paid off when your car is repossessed?
What does your GAP policy say? Do YOU have it or the LENDER? Normally, lenders place it on a loan to cover the lenders losses, not yours. If you hav GAP insurunce On you Insurance will pay of whatever the car deler does not
Will gap insurance help if your car is repossessed in Arizona?
WHAT “GAP” does it cover?? The gap inbetween your down payment andwhat the car is worth or the amount you lack to be current with thepayments? Read your “GAP” ins. contract to be sure of the coverage.I’ve never heard of it covering a repo.
What should you do if a car hit your car but your insurance just recently expired?
Was it the a hit and run? Is that what you are asking? You do not know who hit your vehicle and your policy was expired? If there is still time to pay before it actually ‘lapses’ do so. Otherwise, if you had no insurance policy/coverage on the date of loss you will need to find the person that bruised your vehicle or pay for the harm out of pocket…sorry….
Will insurance increase on an possessor’s car if they received a ticket while driving a motor home with expired tags and no insurance?
More than likely not, those are both minor tickets, that insurance companies usually overlook when rating your policy..
Driving uninsured is a very serious crime, and I would expect your insurance rates to go up if discovered..
If you have gap insurance through both the car company and insurance company will you the insured be entitled to one of the payments to purchase a fresh car?
doubt it, gap insurance (usually sold by the car dealer or lien holder) covers just that the ‘gap’ inbetween the acv (actual cash value-which is what the insurance company less your deductible if there is one, for your total loss vehicle) and pay off of your loan
Can you get car insurance if you have a expired driver license?
In Fresh York you can purchase insurance for any vehicle. There are limitation however. Even however you will be the holder of the vehicle and insured it, our Department of Motor Vehicles won’t let you register it or put plates on it without a valid drivers license. Sorry. Hope you have better luck where you are. Also in NY, you can obtain a “Limited” use Drivers License. It will let you legally drive to and from your workplace, if you are the foot provider for your family. Good Luck!
You are attempting to sell your car and your insurance has expired but can you buy improvised insurance until it’s sold?
you only need to insure the car if you intend to proceed driving it. You should be able to proceed your current insurance and discontinue it when the time to sell comes around. Tell your insurance AGENT what you are planning and they will help you.
Will the bank repossess your car if it has been stolen and in an accident and the insurance was expired?
As long as you proceed to make the payments, you are OK. If you fail to make the payments, they will repossess the car, sell it, and you will then owe the difference in what it sells for and the balance on the loan..
The previous response overlooked one significant point. INSURANCE WAS EXPIREDIf they don’t repossess it, it is only because it is worthless after the accident. What they would choose to do in this case is “accelerate the payments”, i.e. make you pay the remainder of the loan instantaneously. Then you can worry about disposing of the carcass.
Do you have to keep up the payments on a car if the car has been stolen and the insurance company is being SLOW and you also have gap insurance?
You signed the loan papers and until the loan is paid in total you and you only are obligated to your creditor. If you don’t make the payments on time you will have your credit bruised.
If you have a license but you do not drive or own a car or have insurance will insurance companies consider it a gap in coverage when you do apply for insurance?
Insurance companies vary in their underwriting rules – generally you would be considered a “very first time insured” and that means you pay higher premiums. Some companies give fresh drivers a break, providing that they have taken a Driver Training course and can provide the certificate of completion. Have you ever been listed on someone else’s policy? If so, that would help you.
Can someone be denied reinstatement if their car insurance policy expired?
Yes. Permitting a policy to expire hurts your chances of getting good insurance with any company. Most will permit you to get your policy renewed, but you will pay higher rates.
What can you do if you wrecked a car that was in your mother’s name and she said it was insured but it wasn’t and all you have is gap insurance?
Unfortunately, ignorance of the fact that you had no insurance is no excuse. You are the driver and it’s your responsibility to be sure you have insurance. You are liable for the harm done to the other car and you will also most likely get a citation for not having insurance. Your car is also your problem. I suppose you could sue your mother but I wouldn’t hold my breath on that one.
Can you purchase a car with a expired or suspended license and no insurance?
The dealer is not going to care if you have a license except for identification. You would only need to showcase proof of insurance if you are financing the vehicle because if they are not financing it, they have no interest in what happens to it once it is off their lot.
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.
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 total for the car upon purchase, you do not need GAP coverage. Likewise, once you pay off the car loan, GAP coverage may be canceled.
What will it cost a driver in the state of California for driving with an expired drivers license no auto insurance and expired car tags?
Well, I know from practice it’s a $957 fine in Nevada, and as far as I can tell, there are no points on a license for it. As for California, I am sure it would be close to the same. Attempt searching for it in your local law enforcement sites or forums. Hope this helps.
You were hit by a car while driving your bf’s car the tags on his car had expired three days earlier will insurance cover his car?
Most likely, yes. Most insurance companies ask for two months in advance when you get insurance. Just because his tags expired doesn’t mean he was not insured at the time of the accident. However, if you are not insured on his policy they may not cover you.
What should be done if you stopped using your car one month before the insurance expired should you renew insurance and registration or leave behind about it?
It depends on what you intend to do with the car after the expiry date. Keeping it and using it yes, selling it on/disposing of it, no.
Your car got totaled will the insurance company pay for it if however the inspection sticker is expired?
Yes. The reason being is insurance covers the car not the person. So whether that person chooses to drive around with an expired license or an expired plate sticker is on them..
You will still get a ticket for those violations, but you will have insurance and the insurance company will abide by everything in the insurance contract.
If someone rear finishes you and your license is expired but the car your driving is insured what will happen?
you will get a ticket and very likely get your license suspended for longer and insurance will most likely not cover the accident b/c you were driving with a suspended license but of course this is just one script
What happens if my car insurance expires?
When car insurance expires the car and passengers are not longercovered so when a wreck occurs there will be no help with payingmedical bills or to fix the cars involved in the wreck. May besubject to a fine if not insured.
What if you get in a wreck but have failed to pay the insurance the past month the car is fresh and has gap insurance but the insurance is inactive because of failure to pay?
Your Not covered for anything at all..
If the auto insurance is inactive, then so is the GAP coverage..
“GAP Insurance” is Not “Auto Insurance”, it is Finance Company Insurance. it will only pay the difference after your required Auto Insurance policy has paid it’s maximum thresholds..
If your auto insurance lapsed, then your GAP insurance has also lapsed automatically and concurrently..
The GAP Insurance is Void in the absense of an auto insurance policy..
Your on the hook for all monies owed to all parties involved with your finance note..
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.
What if You are in a car accident and have no insurance and you hit a car that had total coverage and gap insurance what will happen?
Generally, if you were in CA and I am assuming you are not talking about a fender bender or minor accident, you would lose your license and be required to make a filing to reinstate your license. In order to maintain your license you may be required to file what is called an SR-1P or an SR-22 which is simply proof you have insurance in place. If your insurance expires or you let it lapse, the insurance company will notify DMV and your license will be suspended again. Now you said the car you hit has insurance. This could mean they (the insurance company) will most likely attempt to go after you to recover damages they had to pay on your behalf. You are still responsible!
You have gap insurance and total coverage insurance but your beau totaled your car and he is not on your insurance will your insuances still cover your car?
You’ll have to seek out the fine print in your gap policy for details on that. In regards to your auto policy, total coverage does not have anything to do with who is covered, but everthing to do with what is covered. Generally speaking harm to your car will be covered, minus your deductible, unless your bf is excluded from the policy. For the future it’s always a good idea to add drivers to your policy, even if it’s for a day, no sense in putting yourself in a position like this.
Is it legal in NC to purchase car insurance with expired license?
If the insurance company will insure the car, there’s no law against it. However, it won’t be covered if YOU drive it with a ‘dead’ license.
Do I need to purchase GAP insurance or is that already part of the package when you buy a fresh car?
GAP insurance is normally suggested to you when you buy a car. If it was purchased at all, that is up to you. If you do not have it then you can find someone else that offers it. A few insurance carriers suggest this as part of their plan. Progressive and Unitrin suggest that with their auto insurance policies.
Your car was totaled no other car involved you had utter coverage insurance and GAP insurance will you be reimbursed for your loss or will it all go to the finance company?
the very first priority of the insurance company is to pay of the loan holder (so the value of your car is determined and out of that) whatever is left over will be sent to you. If the value of the car is less than what you owe you are stuck with the balance as far as gap coverage goes you will have to check with your insurance company they’re all different
If you total your car after your insurance is canceled will GAP insurance still protect you?
NO,, GAP Insurance is supposed to pay the difference inbetween what your Auto Policy paid and any remaining portion of your loss after the Auto Insurance Policy has paid it’s maximum..
If No Auto Insurance Policy is in Place providing comprehensive and collision coverage then your GAP Policy is Null and Void..
GAP coverage only pays in conjunction with your Auto Insurance Policy..
No Auto Insurance! No Gap Payment
I had a wreck. Insurance wants to total the car. When I purchased the car I purchased GAP insurance. I packed Bankruptcy Chapter 13. Wondering will the GAP insurance cover balance of after insurance?
Yes, you have taken a brainy and wise step. When your car will be totalled by the insurance company, than the balance amount of the loan which you will have to pay will be paid by the gap insurance. This is the purpose of gap insurance..
Gap insurance pays for the difference in the insurance settlement and the loan amount when there is an accident or a misfortunate event that leads to a claim like theft of the vehicle..
The purpose of insurance is to save a person from financial problems.
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 private injury & liability, orcollision.
What happens if you total your car and have gap insurance?
if your car is worth 10k and u own 20k and your car gets totaled, your car insurance will cover 10k for what your car is worth and cap will cover the rest. you wont get any money but you also wont have anymonthly payments anymore.
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 plain: 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.
Does gap insurance cover if your behind on car payments?
Unluckily, no. What gap coverage does is pay the balance on your car loan if your car is totaled and the insurance payment is not enough to pay off the balance of your loan. Fairly often our vehicles depreciate swifter than we can pay them off. Insurance only pays the depreciated (blue book) value, so sometimes what you will get from your insusrance company doesn’t pay off the loan.
Can you request reimbursement of unearned premium on a GAP insurance on your car one year after expiration because you left behind you had that coverage?
i recently traded in two cars with gap threw dealership can i getrefund o unused gap
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.
Can you drive a car if the car insurance expired but payment is in the mail to renew it?
If you are pulled over, the officer will need to see your proof of insurance. If he sees that it is expired, he will likely do one of three things 1) he may call the insurance company and ask if it has been renewed, Two) he may take you to jail for driving without insurance and then find someone else to confirm the validity of your insurance, or Trio) he may simply stick a large fine on you. Ultimately, if you can be certain that your policy is active at the time you are driving, you can fight any fine or other penalty that may be imposed on you. Otherwise, don’t do it.
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.
What is the penalty of driving with expired insurance but my car is still insured and it was just the card that is expired?
It is same as driving without the insurance, need to renew the policy before it’s expiry date.There shouldn’t be lapse in the current policy,has to be renewed when it’s about to expire to maintain its continued validity as current policy.
Does gap insurance still apply if your car is paid off?
It will depend on the type of gap insurance you have. Finance gap insurance would expire as there is no finance to cover but comeback to invoice and vehicle replacement would still carry on until the end of the policy or a claim is made.
Will gap insurance pay anything if you owe less than the cars worth?
No it will not pay anything in that case. GAP only covers the difference if the value is less than amount owed.
Can car insurance expire in the middle of the day?
Look at your insurance card. All insurance will expire or cancel at 1 minute before or 1 minute after midnight.
What are some common gap car insurance coverage exclusions?
Gap car insurance excludes any equipment that was not factory installed on the car, unpaid or overdue lease or loan payments, and money that was “spinned” into the car such as trade in vehicles.
How can one acquire GAP insurance for their car?
If you are looking to get gap insurance for your car go onto Esurance. They have lots of deals right to fit you and they wont leave you empty pocketed.
Is there a fine or can your car be impounded if driving with expired tags but registration and insurance is current in AZ?
Seems like your registration being current would have provided youwith a tag to put on your license plate. You would very likely get aticket that would be rescinded if you obtain current licensetags–fill out the correct form and bring in five dollars.
Can you get gap insurance in Georgia after you buy your car?
Sure. You are much better off to get GAP insurance from your insurance company than by buying it from the dealer. If you buy from the dealer you will pay lots of money for the insurance plus you pay for GAP insurance for the life of the loan in advance then pay interest on it as it is financed in your loan. GAP insurance is coverage for the difference in the actual cash value of the vehicle and the amount owed on the vehicle. Reason shows that you will only be upside down in your loan when you very first buy a fresh car because the value decrease rapid the very first year while the loan doesn’t reduce as quick. You can purchase GAP coverage from your insurance company for a few dollars ($5-10) for a policy period and when the loan balance drops below the value of the car you can drop it. Say the very first two years of a five year loan you owe more than the value tho’ it is most likely less. For two years you may pay $40 for the coverage from an insurance company then drop the coverage. From the dealer you paid $850 plus interest and you can’t cancel it even however it will not pay off anything after the very first two years. To response your question, most insurance companies will let you add GAP coverage for the very first 6 months after you add the car to your policy.
What happens to your car insurance if your drivers license expires?
You need to know how your policy reads. A standard policy willcontinue your coverage, but will most likely cancel your coverageat the next renewal date if you don’t take care of it soon.
What if my current car insurance policy is already expired?
No worries! You can renew your car insurance policy. But insurancecompany will add more premium on your policy if its expired 45 daysbefore. The insurance company maybe report loss of insurance to your statemotor vehicle department. and they may revoke your drivers license. In an accident, you will not be covered by your insurance and ifyou are responsible for the accident, you may be financiallyresponsible for any damages. If stopped by police they may ask to see proof of insurance,without it you will be ticketed, fined, be incapable to drive your carand it would be towed at your expense.