Consumers can benefit greatly from gap insurance on their vehicle purchases as long as they know it exists. According to leaders in the auto industry, though gap insurance may be familiar to individuals who have leased cars in the past, to everyone else, they may not realize the advantages that it can provide when they purchase a new vehicle with financing that includes low monthly payments. Also known as guaranteed auto protection, this coverage is meant for the difference between what is still owed on the loan for the vehicle,…
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Is a loan gap insurance policy voided by a late auto payment
Many loan gap policyholders wonder if their insurance becomes void if they are ever more than thirty days late with an auto payment. The answer to this common question is that a gap insurance policy is not voided by a late car payment. Gap insurance is not automatically cancelled when a policyholder is behind on a payment, but it will matter if the vehicle is ever totaled before the payments are brought up to date, the payouts from your coverage will not include those overdue payments though. What gap coverage…
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