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Is it ever possible to buy retroactive car insurance?

I have a 2016 Honda Accord, bought it new when I was 19, with a co-signer but I have made every single payment. When my full coverage policy expired, the insurance told me I could save 150/month by getting liability only. Apparently, Honda Financial was supposed to not let this happen but somehow it did. I got into a car accident with extensive damage. $9300+ for repairs, and I still owe $11300 on the Accord. The car fixing people recommend I total the car and get 1-2k for parts, because they say that major support beams would have to be cut out and new ones welded in, making it extremely unsafe if I got into another accident. I do also have gap insurance through Honda, but that only covers the difference from what I owe to what the car is worth, right? Can I still get the value on that insurance?

Dec 27, 2018 Chandler, AZ

Answer
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Ava Lynch

Insurance Analyst

Credentials
  • 7+ years of Experience in the Insurance Industry

Ava joined The Zebra as a writer and licensed insurance agent in 2016. She now works as a senior insurance contributor, providing insights and data a…

Unfortunately, if you did not have collisioncoverage on the vehicle at the time of the accident, your damages will not be covered. Insurance cannot be backdated. Liabilitycoverage will only cover the damages you cause to others. You will be responsible for the loan. I would contact the finance company to find out what your options will be. Typically, your gap coverage only covers the difference between what your insurance company pays based on the value of the vehicle and what you owe. Since the insurance company will not be making a payment, your gap coverage does not take effect. Good luck and if you have any questions, don't hesitate to ask.

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