iCam asked in Business & FinanceInsurance · 1 month ago

So I do have GAP INSURANCE. Will they really Pay off $10k if my Denali is Totaled ?

I called Credit union of Co and they Said I do have Gap. How does this Work? I want to keep the Truck weather if it's a Total Lose or Not. I put to much time and Money into this thing. she only 900 Miles away from 300,000! Miles!

Just waiting on Allstate to call, or email me with what they are going to do!

So how does this Work if they total it? will GAP really Pay 10k?

Update:

2007 YUKON DENALI XL I OWE $13K AND SHE IS WORTH $5K FROM KBB

8 Answers

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  • 4 weeks ago

    If they total it & pay, they take the vehicle.

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  • 1 month ago

    Do you owe $10k? Gap policies pay when the amount you owe on a loan exceeds the market value of the vehicle at the time of the loss. If the truck is worth $3k and you still owe $6k, the $6k will be paid off. You do NOT get the other $4k if the policy covers up to $10k.

    It will be up to the lender or the insurance company is you can buy back the wreck. But you'll be buying it with your own money. Gap insurance doesn't put cash in your hands, it is there only to protect you when you are upside down on the loan at the time the vehicle is totaled.

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  • 1 month ago

    I honestly do not believe you have gap insurance on a 12+ year old vehicle with 300k miles....is the gap extended from the loan of from your insurance policy?  Check on that...

    The CU might be charging you an additional fee for the gap coverage, check your bill.

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  • Anonymous
    1 month ago

    Gap insurance pays of the difference between what you owe and the actual value of the car

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  • NONAME
    Lv 7
    1 month ago

    You have gap?  take it off...you are being scammed and apparently you have been getting scammed the whole time you've had your truck...gap insurance is a scam...period

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  • Anonymous
    1 month ago

    No clue how much they will pay you because you didn't bother to tell us how much you owe on the car or how much the car is worth.

    Gap insurance pays for the difference between the value of the car and the balance of your loan.   Meaning if you owe 14k on the car and the insurance company totals it for 4k, the gap is 10k.   

    Pretty uncommon to find a car old enough to have 300k miles and still have a significant loan on it.

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  • 1 month ago

    They will pay off the $10K if that is the outstanding loan amount and you have gap coverage. 

    You may be able to purchase the truck back from them.  This will be be paid out of your pocket. 

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    • iCam1 month agoReport

      If that's the Case ion want them to total it.  I need my bae. She's my Everything 

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  • danxp2
    Lv 6
    1 month ago

    When the vehicle is totalled the main insurance All State will pay you (or the company that has an outstanding loan) the current value of the car pre accident. (General kelly blue book estimate.) 

    As cars depreciate quickly this value is often less then the outstanding balance of the car loan. The gap insurance covers the difference between what the All State will pay and what the remaining balance of the loan is. You may have to pay a deductible but gap will cover the rest. 

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