Do you have GAP insurance? Wait, What is GAP insurance?
Today I was reminded about something that we tell our customers when they ask about what to expect when settling their total loss process; and that is GAP insurance!
It’s an insurance policy, that you typically purchase at the dealership or through your lender at the time you purchase your vehicle, that covers the difference between the value of your vehicle deemed by the insurance company after being declared a total and the balance that you still owe on your auto loan.
So besides making sure you have an idea of the value your vehicle had BEFORE it was in the accident, gathering any major recent auto repair receipts, be sure to check with your lender to see if you purchased GAP.
Helpful hint; sometimes you can purchase GAP insurance through your own insurance company even after the initial purchase. I myself, did so for a much lower cost. I also only carried the GAP rider until the balance of my loan was lower than the actual cash value (ACV) of my car; saving me even more money and giving me piece of mind.