Are you looking for a lawyer who will fight for you against insurance companies? Do you want someone who will get you the most money possible from your insurance company?
There are many lawyers in Atlanta who specialize in gap insurance claims. However, not every lawyer has the experience necessary to win these types of cases. In fact, only 1% of attorneys nationwide even specialize in gap insurance law.
If you’ve had a claim denied by an insurance company, then you need to hire a lawyer who specializes in gap insurance claims. This type of personal injury attorney knows how to negotiate with insurance companies and get you the insurance payment you deserve.
We’re going to tell you exactly where to find the best gap insurance lawyers in Atlanta, Georgia. And once you find them, we’ll help you choose the right lawyer for your case.
What is gap insurance?
Gap insurance is optional insurance covering the difference between what you owe on your car and the car’s actual cash value. If your car is totaled, it could mean losing thousands of dollars. The term gap insurance can also refer to loan or lease gap coverage.
If you don’t already have auto insurance, you might think you’re protected since most states require you to carry liability insurance. But that doesn’t apply to vehicles purchased within the last three years.
Insurance companies often offer “gap insurance,” which covers the difference between the amount owed on your car and the value of the vehicle, up to $50,000 per person and $100,000 per incident. In some cases, the insurance agent will even waive your deductible.
The National Association of Insurance Commissioners says that gap insurance is optional in every state except Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, Texas, Virginia, and Wyoming.
Do I need gap insurance?
If you finance a vehicle with the intention of selling it within 12 months, there’s no need for gap insurance. But what happens if you keep driving it longer than that? Gap insurance protects against unexpected events like a car accident or theft. In those scenarios, you won’t lose money because the full cost of the car isn’t deducted from your loan balance.
You might think that once you sell the car, your loan payment will decrease accordingly. However, that’s not always true. You could find yourself owing more than the car is worth. This situation occurs when you finance a vehicle with less than the actual purchase price and you don’t take into account depreciation.
The best way to avoid this scenario is by purchasing gap insurance. Some lenders offer gap insurance coverage directly on their original loans while others require that you buy it separately. Either way, it’s important to know whether you need gap insurance. Here’s what you need to know about financing a vehicle with an auto loan.
Should I buy gap insurance?
You may want to consider purchasing “gap insurance” if you are buying or leasing a vehicle of significant value. A gap insurance policy protects against depreciation while you finance the purchase. Gap insurance usually covers the difference between what you owe on the vehicle and what it actually sells for. So, if you financed $20,000 on a $25,000 car and sold it for $15,000, you’d likely pay off the remaining balance ($5,000). But if you didn’t have gap coverage, you might find yourself upside down on the deal – owing more than the car is worth. In addition to protecting against depreciation, gap policies often provide benefits such as extended warranties, roadside assistance, and rental cars during repairs.
If you’re planning on taking out a long-term auto loan, there are ways to protect yourself even further. Many lenders offer gap protection as part of the loan package. This way, you don’t have to worry about paying for gap insurance separately.
If you’re financing a new or used car without a large down payment and creating a “gap,” chances are you’ll end up “upside down” on the value. For example, say you financed a $10,000 car with a 10% down payment. If the car depreciated 20%, you could end up owing more than the car itself is worth. To avoid this risk, many people opt to purchase gap insurance.
Finally, if you think you would have trouble covering the “gap“ in case of a motor vehicle accident, you may want to look into gap insurance. After all, most states require drivers to carry liability insurance, regardless of whether they own a vehicle or not. If you do hit someone else, your financial situation wouldn’t matter. Your personal assets won’t help you come up with the gap insurance money to repair or replace damaged property. However, if you don’t have enough cash on hand, you might find yourself facing serious consequences.
In conclusion, if you find yourself facing legal issues after being injured in an accident, contact us today. We understand how important it is to protect one’s assets during times of unexpected loss, especially when you don’t have access to full coverage. If you find yourself in such a situation, we encourage you to reach out to us immediately. We have years of experience helping clients as they navigate through the complex world of personal injury law. Contact us now for a free consultation.