Should I Have "Gap" Insurance On My Vehicle?

by Sidney Weinstein on Dec. 06, 2015

Accident & Injury Car Accident Accident & Injury  Personal Injury Business  Insurance 

Summary: Addresses The Benefits Of "Gap" Insurance When You Are Financing Your Vehicle.

Did you finance the purchase of your car, truck or motorcycle? If so, you may owe a chunk of money to the finance company if your vehicle is totaled in a car accident? This may be the likely outcome even after the insurance company agrees to pay you for the value of your car. In addition, you would owe that money out of your pocket very soon after the accident. The reason this situation is faced by many people is because the value of the vehicle as it ages does not stay at least equal to the loan balance.

The insurance company will require the title to the car at the time it pays for the value of your car as of the time of the accident. Without your payment of any excess still owed the finance company, the insurance company will not be able to obtain the title. Storage costs will continue to add up. Furthermore, the interest on your loan will continue to run and your requirement to make regular payment until the full balance is paid will be required.

So how do you protect yourself from this situation if you are in an accident even if it is not your fault? Buy “GAP Insurance” from your automobile insurance company. GAP Insurance will pay your finance company that remaining balance on your vehicle loan. Ask your automobile, truck or motorcycle accident insurance company if they offer GAP Insurance. If not, you may want to check with other insurance companies.

If you are not certain of what to do after an accident, the safest course is to consult with an Atlanta, Georgia personal injury attorney as soon as possible. The facts need to be nailed down as soon as possible. Contact the Law Office Of Sidney Weinstein, 24/7, for a free accident and personal injury consultation by calling 404-522-3108. We can come to you at your home or any of the Atlanta, Georgia area hospitals including Grady Memorial Hospital and Atlanta Medical Center.

Legal Articles Additional Disclaimer is not a law firm and does not offer legal advice. Content posted on is the sole responsibility of the person from whom such content originated and is not reviewed or commented on by The application of law to any set of facts is a highly specialized skill, practiced by lawyers and often dependent on jurisdiction. Content on the site of a legal nature may or may not be accurate for a particular state or jurisdiction and may largely depend on specific circumstances surrounding individual cases, which may or may not be consistent with your circumstances or may no longer be up-to-date to the extent that laws have changed since posting. Legal articles therefore are for review as general research and for use in helping to gauge a lawyer's expertise on a matter. If you are seeking specific legal advice, recommends that you contact a lawyer to review your specific issues. See's full Terms of Use for more information.

Now Chatting...