Yes, The Hartford offers gap insurance as an optional policy add-on. The Hartford gap insurance pays the difference between a totaled car’s actual cash value and the policyholder’s loan or lease balance, though it’s worth noting that The Hartford gap coverage does not pay the policyholder’s deductible.
The cost of The Hartford gap insurance depends on factors like your state and your vehicle’s value. Regardless, purchasing gap insurance from an insurance company is usually a better investment than purchasing this coverage from a dealership, where the cost is often rolled into your loan and charged interest. Plus, you can cancel The Hartford gap insurance once your car is worth more than your loan or lease balance.
For more information, check out WalletHub’s complete guide to gap insurance.
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.… read full answer
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 log in 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.
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.
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.
The Hartford Insurance is cheap for responsible drivers because it offers discounts like discounts for good students, defensive drivers, and people who take driver training classes. But there are other insurance companies that might be cheaper than The Hartford overall.
The Hartford wasn’t among the 10 cheapest car insurance companiesin our review, but it does offer a variety of discounts, like discounts for vehicles using alternative fuel and paying in full upfront. Plus, The Hartford Insurance rewards customer loyalty with discounts for insuring more than one car or bundling multiple policies, To get a personalized quote from The Hartford, you can speak to a representative by calling 1 (860) 547-5000.… read full answer
Although some drivers can find cheap auto insurance from The Hartford, the only way to confirm you’ve found the lowest price is to compare quotes from multiple insurance companies. Your final premium is based on a variety of factors, like your driving record, insurance history, the type of car you drive, and more, and all insurance companies can’t offer the same rates.
Gap insurance takes 5-45 days to pay the policyholder after a claim is filed. For drivers to receive a gap insurance payout, the car first needs to be declared a total loss, and the insurance company needs to accept the claim.
State laws also dictate how long an insurance company has to pay for a claim. For example, insurers in Texas must pay within five days after accepting a claim. Some other states, like Massachusetts, do not have a specific limit, saying only that an insurer must pay within a “reasonable” amount of time.… read full answer
Factors That Affect How Long it Takes for Gap Insurance to Pay
Insurance companies will generally declare a car a total loss within 30 days of the initial claim being filed. However, more complicated situations take longer to settle, such as:
Accidents involving multiple drivers
Unclear fault determination
Once the car has been officially established as a total loss and the insurer agrees to pay for gap coverage, the company will begin to process the gap payment. Since gap insurance pays for the difference between a car’s actual cash value (ACV) and the balance on its loan or lease, gap insurance payments are usually sent straight to the lessor or lender.
How To Speed Up Gap Insurance Payout
To get the fastest possible gap insurance payout, be sure to check your policy details and follow any instructions from your insurance company. For example, some insurers require you to keep making payments to your lender or lessor while the claim is being investigated.
Also make sure to send the insurance company any necessary documents, like a copy of the police report, and promptly sign and return all paperwork. And if needed, check your state’s laws to see if there’s a specific window during which your gap insurer is required to pay.
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