covered or not?

[meemaw3]

What is the name of your state?What is the name of your state?What is the name of your state? Missouri

When your auto finance company charges you extra on each monthly payment for "GAP" insurance when your personal insurance has lapsed, what does this mean in case of an accident?

 

[Some Random Guy]

Theres this new thing out there called google

http://www.google.com/search?hl=en&q=auto+gap+insurance
http://www.edmunds.com/apps/vdpcontainers/do/vdp/articleId=105266/pageNumber=1

 

[racer72]

There are different kinds of gap insurance. In your case, it means you are driving uninsured and will be cited if you are pulled over or in an accident. The insurance your lender bought is to strictly cover the loan to you, nothing more. It also means if you are in an accident, besides being sued by the other party, the insurance company will also sue you to cover what they pay out to your lender. I know someone that thought they were covered by this insurance and after a minor fender bender, ended up owing over $20,000, lost her license and had a $1300 ticket to pay. Get youself insured and tell the lender to get rid of the gap insurance, you are playing with fire and will lose.