Can someone please advise me on Gap Insurance…UK?
my car was worth 10,700 when i bought here (in the good times) and has been wrote off, the insurance company is only giving me 5000 (current market value) so does gap pay the rest ie 5700? also i sill own about 8000 because took a personal loan for car and to pay off old car loan,,,how does this work will they need my personal loan account details?it’s doin my head in advice would be great thanks!
depends on the type of gap insurance you have. Finance GAP will cover the shortfall between insurance payout and outstanding balance on the loan. Return to Invoice GAP will pay the difference between the insurance payout and what you originally paid for the car. It’s also VERY important that you don’t accept the insurance payout before talking to the gap company as insurance companies will try to pay as little as possible and if you accept an offer lower than what the gap company thinks was acceptable they would pay the difference.
depends on the type of gap insurance you have. Finance GAP will cover the shortfall between insurance payout and outstanding balance on the loan. Return to Invoice GAP will pay the difference between the insurance payout and what you originally paid for the car. It’s also VERY important that you don’t accept the insurance payout before talking to the gap company as insurance companies will try to pay as little as possible and if you accept an offer lower than what the gap company thinks was acceptable they would pay the difference.
References :
Work in car finance