My wife was at fault in a car accident last October and we had some trouble with Belair Direct (the insurance company). They informed us that collision and comprehensive coverage had been removed from a financed car loan through CIBC, which was the lien holder.
They also said the car was a total loss and will not be paid out. I also have gap insurance through Millennium Asset Protection as part of car loan deal, which expires in 2028.
Would that still benefit me if my total payout from Belair Direct is $0?
Posted by m5iveakh
4 Comments
This seems complex enough that you may need a lawyer on this once. If it’s a total loss, you had comprehensive and GAP, the cost may be worth the squeeze.
At least see if you can get a consult. They usually work off of contingency.
Edit: whoops way wrong on contingency
Who authorized the removal of the comp and collision?
Typically gap only pays out if the insurance company does.
GAP doesn’t come in to play here since you don’t have collision coverage. Did you cancel your insurance coverage?
What province? Assuming this is Canada as you mention CIBC.