What happens if you don’t use your gap insurance?
What happens if you don’t use your gap insurance?
Your collision coverage would pay your lender up to the totaled car’s depreciated value — say it’s worth $19,000. If you don’t have gap insurance, you would have to pay $1,000 out of your own pocket to settle your auto loan on the totaled car.
Does Wells Fargo offer gap insurance?
Wells Fargo offers a Guaranteed Asset Protection(GAP) program through which they offer gap insurance. According to the bank’s website, the program covers the “gap” between the amount owed on the loan and the vehicle’s value.” Jul 22, 2019
What happens if you never use your gap insurance?
You are entitled to a partial refund for the GAP coverage that you do not use if you pay your vehicle off early. If financing your vehicle, the premiums for your GAP insurance coverage are determined based on both the purchase price of your car and the term of the loan.
