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.

“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. “
Emily Maracle
Answered on May 03, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.

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