GAP Insurance as its called.?

Question

GAP Insurance as its called. We refinance the loan and thought we still was under the coverage now they say no. So we are out the 10,000 HELP

Answer 1

Did you have a wreck and need to use the GAP insurance, or have they just cancelled your GAP policy because you switched lienholders?? Not enough info given. Repost question and give more details.

EDIT-Check your policy. They should've given you one when you signed up for it. Check for specific policy language that states your policy is voided if you switch lienholders. I wish I could be of more help, but your policy is the only thing that can tell you if they're correct in voiding it.

Answer 2

They are right. If you purchased gap insurance from the dealership, it becomes void for a number of reasons including refinancing your vehicle. The clause is buried somewhere in the fine print in your gap insurance addenum. pull it out and reread it. That's why it is not wise to purchase gap unless you have no plans whatsoever to refinance.

Buy it online instead. Also take a look at your auto insurance policy, gap may be offered through them for as little as $20 to $100 a term. I know for a fact esurance offers it.

Sorry to say, but you will have to physically fork out the difference for the wreck, there is no recourse.