Could it Happen to You? A Readers Experience Without Gap Insurance.
Here is a recent email questions I received:
"Hi Bobbie,I hit a deer and my car become total loss according to my insurancecompany.I bought the new in 2003 from ford dealership. However I have refinanced it once with them and now they are telling me that I do not have Gapinsurance. I owe more than what the insurance company is offering. Isthere anything that I can do?Thank you S" (name shortened for privacy)
This is an unfortunate situation and
it happens to many. If you owe more on your loan than your car, you may find yourself in a similar situation. This reader, unfortunately, will have to pay the remaining amount on their car loan from their own pocket. Gap insurance would have prevented this situation.
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