I owed a couple thousand on my car that was stolen last year. I just paid it off last month and got a check today for unused portion of GAP coverage. I was under the impression that GAP would've covered the rest of my loan. Am I able to be reimbursed for all the money I put into paying off my loan?
Location: California
Car was stolen and I was told I didn't have GAP insurance. Today I received a check for unused portion of GAP coverage after loan was paid off
byu/RecoveringPornAdickt inInsurance
Posted by RecoveringPornAdickt
2 Comments
you would have had to file a gap claim at some point. perhaps you still can. contact the gap company and see, but considering you already paid off the remaining loan, it might be difficult.
If the vehicle is totalled the insurance pays out what is left on loan and you get any thing extra if the value was more than what you owe. If you owe more than the value of the vehicle GAP pays the difference to your lender and you walk away. No more loan but also no more vehicle.