When a person gets a new vehicle, the majority of us want
that car to run us as long as possible, the last thing we think of is the
possibility of that car being totaled before it is even paid off.
Unfortunately, accidents do happen, and that’s where the importance of gap
insurance comes into play.
If you’re in an accident where your vehicle is totaled and
it is not yet paid off, you could still owe thousands of dollars to the lien
holder even after the total loss check has been cashed. Insurance companies
usually offer the minimum amount of your vehicles value, which is often far
less than what you actually paid for the car. This means that not only do you
no longer have a vehicle, but you also still have to pay off that car.
However, if you have gap insurance, it will likely pay the
difference between whatever the insurance company paid to the lien holder and
what you still owe, in order to pay the vehicle off. If you have been injured
in an auto accident, call the top rated attorneys of Portner & Shure so we
can properly guide you through all the necessary steps and help you fully
utilize all coverage that is available.
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