Gap insurance guidelines

Jun 5, 2019

  1. Talus
    Offline

    Talus New Member

    Posts:
    4
    Likes Received:
    0
    State:
    Colorado
    I am financing a 3 tear old vehicle which I've owned for two years. Just last Wednesday, I was involved in an accident where the other driver was 100% at fault, and issued a citation by the police. I currently do not have gap insurance. My question is, can I purchase gap insurance after the fact to protect myself if my car is declared a total loss. Thank you for your answers. Really stressful time for me.
     
    Talus, Jun 5, 2019
    #1
  2. Talus
    Offline

    Talus New Member

    Posts:
    4
    Likes Received:
    0
    State:
    Colorado
    Sorry, 3 YEAR old vehicle.
     
    Talus, Jun 5, 2019
    #2
  3. somarco
    Offline

    somarco GA Medicare Expert

    Posts:
    29,819
    Likes Received:
    3,805
    State:
    Georgia
    No . . . . . .
     
    somarco, Jun 5, 2019
    #3
  4. Talus
    Offline

    Talus New Member

    Posts:
    4
    Likes Received:
    0
    State:
    Colorado
    Can you please eloborate?
     
    Talus, Jun 5, 2019
    #4
  5. LostDollar
    Offline

    LostDollar Guru

    Posts:
    2,980
    Likes Received:
    649
    State:
    Kansas
    Caveat: Not an insurance agent.

    I don't know much about insurance but I think the general idea is that you buy it to give you the possibility of some financial recovery against an uncertain future loss.

    AFTER THE FACT are the key words in your question above. I don't think insurance companies insure known past events.
     
  6. Talus
    Offline

    Talus New Member

    Posts:
    4
    Likes Received:
    0
    State:
    Colorado
    Thank you. Didn't think so, but wanted to cover my bases.
     
    Talus, Jun 5, 2019
    #6
  7. adjusterjack
    Offline

    adjusterjack Guru

    Posts:
    1,111
    Likes Received:
    394
    State:
    Arizona
    I spent 35 years in the P&C business (agent, underwriter, claims) and I can guarantee that no insurance company will write you a GAP policy after a wreck.
     
  8. somarco
    Offline

    somarco GA Medicare Expert

    Posts:
    29,819
    Likes Received:
    3,805
    State:
    Georgia
    No way in hell you will get a gap plan
     
    somarco, Jun 5, 2019
    #8
  9. fed up
    Offline

    fed up Guru

    Posts:
    493
    Likes Received:
    294
    State:
    Virginia
    I can't think of any insurer adding gap coverage for a 3 year old vehicle. the finance company or dealership might have an expensive option at time of sale but not 2 years after the fact
     
    fed up, Jun 6, 2019
    #9
Loading...