How Do I Know If I Have Gap Insurance?

car insurance paperwork with car key
What is gap insurance? Gap insurance helps cover the “gap” between what you owe on your car and what it will be worth if it gets totalled, and you get paid out on its present value. That means if you have that gap, you might be on the hook for the rest of your car payment. If you’re asking “do I have gap insurance” or “how do you know if you have gap insurance,” the answer might not be as clear-cut as you think. Let Virden Mainline Motors walk you through it and help out drivers in Virden, and consider financing with us as well.

Do You Have GAP Insurance?

So you’re asking, “how do I know if I have gap insurance?” Generally, if you don’t know you have it, you probably don’t have it. In contrast to liability insurance, Birtle drivers generally aren’t required to get gap insurance from your province or territory. However, if you’re leasing a vehicle, you might be required to have gap insurance in case you total your car and get reimbursed by your insurer. In most cases, however, you’ll need to ask for gap insurance and seek it out if you want it.

Important Gap Waiver Info for Those Who Lease

If you’re financing or leasing a new car, don’t presume right off the bat that you have to buy gap insurance. In certain instances, but not all instances, your Oak Lake lease will have a gap waiver provision in the agreement you sign. This provision will pay the gap between your outstanding principal and the actual value of the car without you having to do anything. However, if you’re unsure and asking “how do I know if I have gap insurance?” you’ll want to talk to your lender or leasing company to check.

How to Purchase Gap Insurance

If you want gap insurance, you’ll be able to get it by way of a few routes. You can get it from your insurance provider, from a dedicated online insurer that specializes in gap coverage, or from your dealership like at Virden Mainline Motors. There are some things to consider, though.

  • Check with your insurance company to see if you’ve got gap coverage.
  • Some finance and lease companies will include gap insurance with your lease. If you don’t want this, be sure to talk about it upfront.
  • Check your financing or leasing agreement to see if you’ve got gap insurance already.

Virden Mainline Motors: Your Financing Team, All in One Place

Ready to get your financing and insurance in place? Look no further than Virden Mainline Motors! We can help you out with any question you may have about the money side of the car buying equation. Contact us today to learn more!

 

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