An insurance company may consider the car to be totaled even if it can be fixed. Generally speaking, the company decides tototal a carif the cost to repair it exceeds a certain percentage of its value, anywhere from 51% to 80%, according to Insure.com. Some states mandate or provide gu...
If your car is totaled, your car insurance company will reimburse you based on the current value of the car after this depreciation—not the price you paid for it, the cost of a new one, or the amount you still owe on your loan or lease agreement. That's where gap insurance comes in...
Gap insurance. Gap insurance pays the difference between what you owe on your vehicle and its current market value if it is stolen or totaled in an accident. While add-on coverages will raise your car insurance rates, they can also save you a lot of money on out-of-pocket costs if som...
Liability car insurance is a critical component of your auto insurance policy, providing drivers with third-party coverage when they’re found liable for a car accident. Third-party coverage refers to claims paid out to others, and does not cover damage to the named insured vehicle or the medi...
Liability car insurance coverage is the part of your policy that pays for the injuries and damages you cause to someone else in an at-fault auto accident. Most states require drivers to carry at least a minimum car insurance coverage limit, often called “minimum coverage.” However, you can...
Gap insurance pays for the difference between the remaining balance of your car loan or lease and the current market value of your car if it’s totaled or stolen. Without gap insurance, you’d be responsible for paying that difference. Gap insurance is a smart purchase that can save thousand...
HERE'S HOW TO AVOID STEPPING INTO A FINANCIAL 'GAP' IF YOUR CAR IS TOTALED There might be a gap between the insurance payout - which generally covers the depreciated value of the vehicle - and the amount you owe on your loan. You still have to pay off the loan. Example: You have ...
An auto insurance claim is any request for payment in accordance with your insurance policy. For example, if you get into a car accident and need to ask your insurance company for money to pay for repairs, this is called “making a claim.” If you are lucky enough to have a good, eas...
we take new photos for insurance records (more on insurance below) This process got easier when we signed up for a monthly car wash plan that allowed unlimited washes ($15 per month per car). As a bonus, it happened to be on the route to the airport. ...
Thebest car insurancecompany for your neighbor isn’t necessarily the best option for you, so it pays tocompare car insurance quotesbetween multiple providers. More Auto Insurance Articles Compare Car Insurance Rates Get matched with a top provider and compare instant quotes in just a few clicks ...