How to Find Out If You Have Gap Insurance [Detailed]6 min read

How To Find Out If You Have Gap Insurance – Over time we have noticed that many drivers in the U.S and other countries as well have been researching to find out if they have gap insurance for their vehicle.

If this has been your question, then you’ve found yourself on the right web page that elucidated how to find out if you have gap insurance for your vehicle.

Meanwhile, several factors will determine if you have gap insurance which we will explain with examples in subsequent sections.

Always visit TheYoungBoss – your sure insurance plug for any insurance-related search that you want to find the legit detailed answer to it.

Let’s get started…

What is GAP insurance?

Let’s start by knowing the meaning of GAP – it stands for Guaranteed Auto Protection.

Gap insurance is the type of insurance that helps you cover the gap between the amount you owe on your vehicle and the worth of your vehicle when it gets stolen or totaled.

To help you understand this grammar, let’s examine an example…

If you request for a loan of $50,000 for your new car and your car’s value at the point when it gets stolen or damaged is $42,000, if you’re covered by any gap insurance company, they will help you pay off the remaining $8,000 – which is meant to come out of your pocket.

From the example above, you can understand what gap insurance is all about.

How to Find Out If You Have Gap Insurance

If you want to find out if you have gap insurance, there are several ways to do that of which some are checking your already existing auto insurance policy and so on.

Moreover, as a driver, you can purchase gap insurance when buying your auto insurance or you can get it separately at your convenient time.

Steps on how to find out if you have gap insurance

1. Verify by going to your auto dealership
2. Inspect with your current car insurance company
3. Examine your vehicle documents

#1. Verify by going to your auto dealership

When you purchased your new vehicle, if you didn’t request gap insurance from your auto insurance company, you may have gotten it through third-party companies such as banks, dealerships, etc.

It isn’t a must that you should buy gap insurance from your insurance company or immediately after purchasing your vehicle.

So verifying with your auto dealership/lender will be of great help to you.

#2. Inspect with your current car insurance company

You can inspect this by going to your auto insurance company and checking your current records with them to know if you have gap insurance.

Moreover, you can achieve this by logging into your auto company’s website and checking from your dashboard if you have existing gap insurance.

#3. Examine your vehicle documents

You can check your vehicle documents to know if you ever purchase gap insurance probably through online bills, checkbooks, etc.

Can I have gap insurance from both my auto insurance company and a dealer?

Yes! You can obtain gap insurance from your dealer and also from your auto insurance company.

Moreover, doing so is a waste of money since you’ll be subscribing to both policies regularly.

We recommend purchasing gap insurance just from one company that you trust and also that is cheap in pricing.

When getting an auto insurance policy for your vehicle ensure that your insurance company did not include gap insurance is one of your regular monthly payments.

If you avoid this, it will be hard for you to have two gap insurance policies from different sources.

How to Check Your Insurance Statement for GAP Coverage

When you’re not sure if you have gap insurance, you can contact your auto insurance company or your dealership to review your purchase agreement. This will enable you to check if you already have a gap insurance policy or not.

How do I contact my gap insurance?

To contact your gap insurance company, use their customer service phone number, email address, or you can make use of their live chat button on their website.

How long is gap insurance valid for?

Most times gap insurance policy usually lasts for 3 years from the time of purchase.

Can I purchase gap insurance at any time?

Unfortunately, you may not be allowed to purchase a gap insurance policy at any time of your choice.

For instance – old vehicles are by default not eligible to purchase gap insurance.

Meanwhile, other requirements for obtaining gap insurance for your vehicle differ from different gap insurance companies.

From research, in the U.S any vehicle that is older than three (3) years is not eligible to have gap insurance coverage.

How do I get my gap refund?

If you want to get your gap insurance refund, all you need to do is to contact your gap insurance issuer with the necessary documents that prove that they are the ones that issued the gap insurance policy to you.

You should note that a gap insurance refund is possible to a policy that was paid in full.

Do I still have to make payments on a totaled car with gap insurance?

Yes! As long as the totaled car belongs to you, you’ll continually make payments until your loan balance comes down to zero.

Can a gap claim be denied?

Your gap insurance claim may be denied for several reasons such as trying to get your old vehicle covered.

Moreover, even when your insurance company denies your gap claim, they may approve it later when you meet certain conditions.

How do you know if you have gap insurance Geico?

To check if you have Geico gap insurance, you may log in to your dashboard from their website or you can contact Geico gap insurance company to get you clarified.

How Does gap insurance work if the car is totaled?

If you have gap insurance and your vehicle gets totaled, your gap insurance company will pay off the difference between the actual cash value (ACV) of your vehicle and the current worth of it on the loan you have with them.

What happens if someone totals your financed car?

If you don’t have gap insurance for your totaled car, you will pay every dine that is in the remaining balance.

What happens if my car is totaled and it’s not my fault?

When your car gets totaled and it’s not your fault, all you need to do at that moment is to report to the police or file a claim with the at-fault driver’s details such as name, address, vehicle plate number, email address, etc. and then report the accident incident to your gap insurance company or the police.

Conclusion

This is the ultimate guide on How to Find out If You Have Gap Insurance for your vehicle.

We covered the most frequently asked questions in this guide.

Always visit TheYoungBoss – your sure insurance plug.