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Need New GAP Coverage

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 09/03/2018

Q: im looking for gap insurance for my loan I have a 22600 bal due I currantly have gap Im switching insurance company I want to continue covering my loan or if you can refer me to someone who can thank you.

A: That is actually harder done than you would think. Because of the nature of GAP coverage, there are a lot of restrictions on the availability of it. The biggest criteria is that your vehicle has to be under a certain age.

So, if your vehicle is older than a year or two, you are going to be better off staying where you are at if GAP coverage is that important to you.

Also, GAP is never a stand-alone product unless you purchase it through your finance company when you take out your loan. You will need to ask the carrier you are switching to if new GAP coverage is available to you.

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Michele Wilmonen

Michele's first introduction to insurance was working for a major insurance company as a file clerk and a mailroom supervisor in a regional office. She learned insurance directly from underwriters and claims adjusters from questions and also watching them do their job. Since then, she's earned a number of insurance certifications from the Insurance Institute of America and also a Bachelor’s degree from the University of Idaho. She blogs at Car Insurance Guidebook.

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