To find out if you have gap insurance, you should check both your existing car insurance policy and the terms of your loan or lease. Drivers can get gap insurance through their insurance company as an add on or separately through their auto lender, so it’s important for drivers to check both places.
Gap insurance, which covers the difference between your loan balance and the car’s actual value, can come from a dealership, bank, credit union, or car insurance company. It’s unlikely that you bought a stand-alone gap insurance policy without realizing it, so your first step should be to check with the obvious candidates.
How To Know If You Have Gap Insurance
1. Check with your car insurance company.
You can look through records such as your recent bills, or you can login to your account on the company’s website. If this fails, you should call to ask about your coverage.
2. Check with your auto lender.
If you didn’t buy gap insurance from your normal insurance company, you could have purchased it from the dealership, bank, or credit union that supplied you with a loan or lease. It can be easy to overlook gap insurance from one of these sources, since it’s sometimes included in your contract automatically. Again, your contract and any itemized receipts are worth checking, and you can always call, email, or visit in person to ask if you have gap insurance.
3. Check your financial documents.
If you do not have gap insurance through your dealership, lender, or car insurance company, you probably are not covered. But as a last resort, you can look through your financial records – such as your online bills, credit card statements, and checkbook – to try to find some clues.
Finally, if you realize you don’t have coverage, check out WalletHub’s recommendations on when gap insurance is worth it and where to buy gap insurance.
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