Gap Insurance and Refinancing?

Question

I bought my car through the dealership, was financed through Mazda American Credit. However, I refinanced after about a year.

I bought GAP when I bought the vehicle. So do I still have GAP now, after refinancing?

If I don't have GAP, can I buy it through my regular insurance carrier? If not, who do you buy GAP from?

PLEASE don't respond trying to sell me GAP. Although I do need to know how to go about buying it if I no longer have it, I am not interested in your spam ads.

Thanks.

Answer 1

Who did you buy the GAP coverage through, the dealer, or your car insurance company?  

Most likely, you still have gap coverage.  But you'll have to go back to them and ask.  If it was through Mazda, as an add on to the loan, then likely you don't.

Most of the time, you CAN buy it from your regular car insurance, BUT, you have to add it to the policy within 30 days of buying the car.  So, it's too late now.

Also, keep in mind, that gap only covers the difference between ACV of the car, and the payoff balance for that car.  It doesn't cover any negative equity rolled into the loan, it doesn't cover any late payments or other fees like forced placement coverage.  So, if you've had this car more than a couple years, (you don't say), it might be that you don't have any "gap" that would be covered by gap insurance.

So, first figure out if you have a gap, then get the original papers and see who your coverage is through, then call them and see if it's still in force, then call your car insurance agent, and see if they can do it at this late date.  And if they can't, I think you're out of luck.