GAP insurance

How Does Guaranteed asset protection insurance Work?

GAP insurance primarily covers the "gap" or difference between the amount you owe on your car loan or lease and the actual cash value of your vehicle at the time of a total loss. This coverage is especially relevant for individuals who have financed their vehicle, as cars typically depreciate rapidly in the early years of ownership. If your car is declared a total loss, the insurance company will typically only pay the actual cash value, which may be lower than what you owe. GAP insurance can help cover the remaining balance, preventing you from being financially responsible for the gap.

What Should I Do If I Don’t Have GAP Coverage?

Without GAP insurance, you may find yourself in a difficult financial situation if your car is deemed a total loss. In such cases, you would still be obligated to pay off the remaining loan or lease balance even though you no longer have the vehicle. This could leave you burdened with significant debt. GAP insurance acts as a safety net, ensuring that you are not left with a financial burden in the event of a total loss.

Dealing with insurance companies can be complex and challenging. When it comes to filing a claim for a total loss, the insurance company may try to minimize their payout or undervalue your vehicle. This is where a car accident lawyer can be invaluable. An attorney understands the tactics used by insurance companies and can negotiate on your behalf to ensure that you receive fair compensation for your total loss, including the gap amount covered by your GAP insurance policy.

Can an Attorney Help Me Recover Other Accident Related Damages?

Yes. In addition to handling the GAP insurance aspect, a car accident lawyer can help you maximize your overall compensation for all accident-related damages.

They can assess the full extent of your losses, including:

• Medical costs
• Property damage
• Lost wages
• Loss of consortium
• Pain and suffering
• Loss of earning capacity
• Emotional distress

And more.

By thoroughly evaluating your case, an car accident attorney can build a strong claim and fight for the maximum settlement you deserve.

What If I Don’t Have Knowledge of Insurance laws?

Insurance policies, claim procedures, and legal regulations can be complex and overwhelming for individuals without legal experience. An experienced car accident attorney at MVP Accident Attorneys has extensive knowledge of insurance law. By working with a car accident lawyer, you gain access to their knowledge and expertise in insurance law. They can guide you through the entire process, ensuring that you understand your rights, assisting you in navigating the complexities of your policy, and advocating for your best interests.

Contact Us Today!

At MVP Accident Attorneys, our team of experienced car accident lawyers are dedicated to protecting the rights of accident victims. We understand the intricacies of insurance claims and have a proven track record of successfully negotiating with insurance companies. By working with MVP Accident Attorneys, you can feel confident that your case will be handled with utmost professionalism and skill.

If you have been involved in an auto accident and need assistance with negotiating with insurance companies and obtaining full compensation for your damages, contact MVP Accident Attorneys to schedule a free consultation. Our knowledgeable lawyers will evaluate your case, provide personalized guidance, and work tirelessly on your behalf. Contact us today to learn more.

Author

Brett Sachs

Founder

Brett S. Sachs graduated from Michigan State University College of Law with Cum Laude Honors. While attending Michigan State, Brett was awarded for his service in the Michigan State University College of Law Civil Rights Clinic, where he represented prisoners of the Michigan Department of Corrections from injustices brought upon them. Learn more.