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How will my gap insurance work after my Mustang was stolen?
My 2019 Ford Mustang was stolen recently. I have gap insurance, but will it apply to this? I have full coverage and I still owe more on my loan than my vehicle is worth.
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Having
comprehensive coverage
is extremely important, and it is often required when you are financing your vehicle.Comprehensive insurance provides coverage against certain perils, including theft. If your vehicle is marked a total loss, you’ll receive a payout from your insurance.
How much you receive will depend on the actual cash value of your vehicle. If the actual cash value is less than your loan balance, your
gap insurance
should apply.You should also reach out to your gap insurance provider, assuming they are separate from your regular car insurance company. They will be able to provide you any information regarding your coverage. They’ll also help you submit a claim once your vehicle is marked a total loss.
“
View full answer
- Gregory R.
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