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.
May 03, 2021
Answer provided by
Answered at May 03, 2021
Gap InsuranceFordCar Insurance
“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.
If you haven’t already, you should inform your car insurance company of the theft.
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. “
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Can you walk me through the process of getting a car loan step-by-step?
I need to borrow money to get a car, but I've never applied for a car loan before. How does the application process work?
Mar 12, 2021
Am I paying too much for car insurance in Kansas?
I have a Chevy S10 that I currently pay about $60 a month to insure for liability only. I had a minor fender bender recently, but I wasn't at fault. Am I paying too much for car insurance?
Apr 13, 2021