Cran Berry
New Member
- 3
Will gap still cover the difference if the vehicle only has liability?
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GAP Amount means the difference between the primary insurance carrier’s physical damage insurance payment for a Loss or Unrecovered Theft or, if uninsured, the Vehicle’s Actual Cash Value, and the Unpaid Net Balance of the installment loan.
Depends on the terms and conditions of the GAP policy.
However, it would appear that the answer is yes for THIS policy:
Emphasis mine.
https://www.navyfederal.org/pdf/publications/NFCU_23A.pdf
I'm guessing that the way it works is if your car's ACV is $5000 and your loan balance is $6000, the GAP insurance would pay $1000 and you'd still be on the hook for the $5000.
Read your GAP policy to see if it says the same.[/QUOTE
Thank you. I will look at, it's just packed away in storage.