Will I get enough money for my stolen SUV to pay it off?

I have full-coverage insurance for my stolen SUV. I still owe money on it. Will my insurance company offer me enough money to pay off the SUV?

Answer
I am so sorry to hear that your SUV was stolen. You will need to have gap insurance, aka guaranteed asset protection, on your policy for the insurance company to help pay off your SUV. Gap insurance covers the “gap” or the difference between what you owe on the car and what the car is actually worth.
For example, let’s say you get into an accident and your car is totaled. Your insurance will pay actual cash value for your car.
Let’s say it is worth $10,000, but you still owe $2,000 to your bank to pay off your loan. If you do not have gap insurance, you will have to pay the bank out of your own pocket.
Gap insurance is optional; you can buy it from the dealership when you obtain the vehicle or you can purchase the coverage through your auto insurance carrier.
To learn more about gap insurance, check out this article: All About Gap Insurance.
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Jackie Whalen
Answered on Mar 12, 2021
Jackie Whalen has been in the insurance industry for over 7 years, working in sales, service and claims. She has won numerous awards as a top salesperson and customer service agent. She currently lives in New York with her husband. Her 24 year old son recently moved out on his own which has given her more time to travel, write and train her dog Maisy not to chase her cat, Whiskey.
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