Question:

Does your gap cover loss of employment?

by  |  earlier

0 LIKES UnLike

I have gap ins on my car and recently lost my job. Does the gap cover the car payments?

 Tags:

   Report

4 ANSWERS


  1. No.  There are payment protection plans, I have them on my credit cards, that cover injury, loss of employment, etc, but you would pay a separate premium for such a plan.

    Gap insurance is loan balance insurance which comes in to play in the event a total loss payout on insurance is less than the amount owing on the loan.


  2. No. Gap insurance pays for the amount between how much the insurance company pays you for your car when it is a total loss and how much you owe on the loan. It has nothing to do with your current employment status.

  3. No it does not. GAP insurance is only if your vehicle is considered a total loss and the insurance company doesn't pay the full value of the loan.

  4. No. It is for your vehicle.

Question Stats

Latest activity: earlier.
This question has 4 answers.

BECOME A GUIDE

Share your knowledge and help people by answering questions.