TOTAL YOUR CAR | WRECK OR STOLEN WITH A LOAN OUTSTANDING | YOU WILL BE GLAD YOU HAD GAP INSURANCE!!!

Let me just clarify what gap is. So when someone takes delivery of a new car or new lease, especially in leasing, I believe the manufacturers are the least companies include gap insurance. Now, it used to be a policy that you always needed to buy. But I would always have gap insurance. If I'm either rolling a lot of negative equity or not making a good down payment, onto a used car and 100% of the time on a new car, you should have gap insurance. And what this means is, is if you leave the dealership Five minutes later, five weeks later, five months later, the car is totaled, meaning wrecked, unrepairable or stolen, unrecoverable. That's what we call a total, they want to pay only what it's worth, which might be 5000 less than you or it might be 15,000 less than you owe, if you financed in tax tag title, maybe a little bit of negative equity from your last car, there's a very good chance so now, you have nothing you have no car and you owe money to pay off the car that's total. This is what gap insurance protects you against. Did I word that right?
Absolutely. That's that's 100 100% and, you know, that's a big hole in the insurance world. You buy insurance to replace the value of the car. At the time. It's it'd be it's deemed a total loss. So that's exactly right, Jeff, it's it's a total it's a total loss scenario

#gapinsurance #negativeequity #totalloss #walkaway #nobalance #caradvice #automotiveexpert #Vinceberretta #walkaway

[godswarrior]

Gap paid my dealership and I was to get my balance, but the dealership sent back the check to gap

[Soul-wyxo]

Hello sir, please reply. I live in Colorado someone stole my car and do the accident. We don't find the person but my insurance said to me my car is total my car worth $25, 000 and they only giving me 19, 000 but I have to pay my loan 25, 000 now I don't have car and I don't have money to buy other one. I need car because I have to go work every day and it's really far I just want to know I can keep that 19, 000 and buy other car for cash and not give to my loan but just paying them monthly. There will be okay just I'm wondering

[nosenceboi]

What if my car get stolen and I still needed pay 10k loan and I decide not to pay because I don’t have that car no more. Then I get new private seller car. Can they repo my private seller car ?

[yatubane]

Jeu what should I do if I totaled my car and didn’t have car insurance at the time I only have GAP and warranty on it

[jasminemoore]

What if you just have full coverage car insurance for one month but your car was stolen three days ago?

[DavidCastillo-rejf]

What if my insurance lapsed before it was stolen cause I’m an idiot but had gap