Question

Car got stolen and only have gap insurance

My insurance lapsed. The only coverage I currently have is Gap insurance put on by my bank. What do I do?

May 4, 2018 North Charleston, SC

Answer
Ava Lynch

May 4, 2018

Gap insurance only covers difference between what an insurance company paid out and what remains on your loan. If you did not have insurance at the time of the claim they likely will not honor anything. Without insurance you may find yourself responsible for the total value of the vehicle if you can not recover it. I would check to make sure the policy was active the day the vehicle was stolen.

Compare auto insurance rates and save up to $670 per year!

Location pin icon