It’s common that accidents take your assets away, mostly your vehicles or conveyances.
While driving, no one knows that there may be a big accident waiting for him. It can also be natural disaster like tornados, earth quakes, flood etc. most of the times you may become a victim of theft. So to avoid all this loss, a gap insurance is a good choice.
Most of the times it happens that you buy a car and then it get totaled due to any reason, now if you have the gap insurance policy then you can claim for the loss. The most popular company among gap insurance providing companies is GMAC gap insurance company.
GMAC gap insurance company
If loss occurs, and your vehicle is on loan or lease, then the company will pay you the difference of the actual cash value of the vehicle and the current outstanding or remaining balance of your lease. The paid amount by the company to you may be less than the actual value of the vehicle.
Gap insurance is mostly favorable for vehicles which are bought from loans or lease. It’s not much helpful for the buyers who have already paid their down or monthly payments. If you are still having payments to make and the car is crashed or stole and the damage is more than the worth of the car then the company will pay you for it.
Gap Insurance Refund
Now come the question of a gap insurance refund. The insurance premium which you pay every month is being used that month. If you have paid the full amount of your gap insurance, and now your car is totaled then you need to contact the company from which you bought the gap insurance policy.
The company will entertain you if there would be any premiums still unused by that. GMAC gap insurance company is very responsive towards its customers. If you have faced any disaster regarding your vehicle then first check if you have paid your full insurance and received a “paid in full letter” from the company then you must take the “paid in full” letter to the specific dealer who was involve in financing you in the gap insurance company and submit an application. you will surely get your refund.