Should I Have GAP Insurance On My Vehicle?
This may be the likely outcome even after the insurance company agrees to pay you for the value of your car. In addition, you would owe that money out of your pocket very soon after the accident. The reason this situation is faced by many people is because the value of the vehicle as it ages does not stay at least equal to the loan balance.
The insurance company will require the title to the car at the time it pays for the value of your car as of the time of the accident. Without your payment of any excess still owed the finance company, the insurance company will not be able to obtain the title. Storage costs will continue to add up. Furthermore, the interest on your loan will continue to run and your requirement to make regular payment until the full balance is paid will be required.
So how do you protect yourself from this situation if you are in an accident even if it is not your fault? Buy "GAP Insurance" from your automobile insurance company. GAP Insurance will pay your finance company that remaining balance on your vehicle loan. Ask your automobile, truck or motorcycle accident insurance company if they offer GAP Insurance. If not, you may want to check with other insurance companies.
If you are not certain of what to do after an accident, the safest course is to consult with an Atlanta, Georgia personal injury attorney as soon as possible. The facts need to be nailed down as soon as possible. Contact the Law Office Of Sidney Weinstein, 24/7, for a free accident and personal injury consultation by calling 404-522-3108. We can come to you at your home or any of the Atlanta, Georgia area hospitals including Grady Memorial Hospital and Atlanta Medical Center.