Hey guys, quick question!
I’m trying to figure out if I have gap insurance on my car. I’ve heard it’s super important, especially if you’re financing, but I’m not sure if it came with my policy or if I need to add it separately.
Any tips on how to check?
How to Verify If You Have Gap Insurance
Determining whether you have gap coverage depends on its source, whether from the dealership, your insurance provider, or possibly your lease agreement.
If you recall purchasing gap insurance but are unsure if it’s still active, contacting your insurance agent or company is usually the first step. If you’re uncertain where you obtained gap coverage initially, you may need to investigate multiple sources for a clear answer.
Checking for Gap Insurance from the Dealer
Some dealers incorporate gap insurance into your monthly loan payments. Reviewing your sales documents can provide details on what’s included. If you financed through a bank or alternative lender, scrutinize documents from both the dealer and the lender, as either might have automatically included gap coverage.
While many dealers offer gap coverage by default, you have the option to decline their offering if you prefer to obtain coverage through your insurer or if your loan terms don’t necessitate gap coverage.
Verifying Gap Insurance from Your Auto Insurance Policy
Confirming if you have gap insurance through your auto insurance policy is straightforward. Car insurance documents typically feature a page listing the coverages, including optional ones like auto collision and comprehensive coverage. Look for gap coverage within this list.