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Gap Insurance

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Gap Insurance

What is GAP insurance?

GAP Insurance stands for Guaranteed Asset Protection Insurance.

This is insurance that can be purchased at the time you buy an automobile. which provides you with protection in the event your vehicle is totaled out in an accident. It pays any additional difference that is owed between the actual cash value of the vehicle and the balance of your loan.

This is important coverage to consider when buying a vehicle since most vehicles depreciate in value faster than the loan is paid off. New cars lose value the moment they are driven off of the sales lot, 20-30% in the first year.

Why should I have GAP insurance?

When you are in an accident and your vehicle is totaled, insurance companies value your vehicle on the actual cash value, or market value, at the time of the loss.

Insurance companies only owe what the market value of your vehicle is, not what the loan payoff amount is.

Based on the financing arrangements you made when you purchased your vehicle, the amount owed and the value of your vehicle can be very different.

In order for your gap insurance to pay the difference in full, you must make sure that you receive the full market value of your vehicle from the settlement with the insurance company.

If you accept an amount lower than the market value, GAP may not pay the difference and only payoff any amount over market value leaving you responsible for the difference. It should also be noted that if you are behind on payments and or have interest penalties on your loan, GAP will not pay those amounts.

Carr and Carr Attorneys

At Carr and Carr Attorneys we have professionals that understand how GAP insurance works and can assist you in not only making sure you receive the correct value of your vehicle but also with the GAP insurance claim.   

Were You Hit By A Drowsy Driver?

According to the National Highway Traffic Safety Administration (NHTSA), every year about 100,000 police-reported crashes involve drowsy driving.

This has resulted in more than 1,550 fatalities and 71,000 injuries per year.

According to a 2018 study published in SLEEP magazine, not only are drowsy drivers facing much higher crash risks than their well-rested counterparts, their risk is comparable to drivers with a blood alcohol concentration of 1.5 times the legal limit.

If you were hit by a drowsy driver and insurance isn’t giving you a fair shake, call our car accident lawyers today at 844-210-7917 for your free consultation.

Continue reading “Were You Hit By A Drowsy Driver?”

Everything You Need to Know About Rideshare Accidents

When you need to get somewhere but don’t want to drive or take public transit, “taking an Uber” or “taking a Lyft” is probably your go-to option.

Many people use ridesharing services to get where they need to go. About 36 percent of American adults say they used a ridesharing service at least once, as of 2018. That’s more than double the number of Americans who said the same in 2015.

However, there’s an area of ridesharing services that seem vague and obscured: rideshare accidents.

How are drivers and passengers protected if an accident occurs? Who’s at fault, or responsible for insurance coverage?

Continue reading “Everything You Need to Know About Rideshare Accidents”

Hit and Run Accidents

According to research conducted by AAA Foundation for Traffic Safety, the prevalence of hit-and-run crashes in the U.S. has steadily increased since 2006. In 2016, there were 1,980 fatal hit-and-run crashes resulting in 2,049 fatalities. Of these, 1,398 crashes involved pedestrians and bicyclists.

It’s important that pedestrians, bicyclists, and drivers alike understand their rights and what to do if a driver flees the scene. Continue reading “Hit and Run Accidents”

Tire Tread, Pressure, Alignment and Rotation Tips

What is tire tread?

Tires need traction to grip the road in dangerous weather conditions, such as rain, snow, ice, or mud.

If we only drove on dry, non-weather effected roads, treads wouldn’t be necessary because smooth tires are best for gripping dry surfaces.

But most of us drive in all kinds of weather conditions, and we need good treads to drive safely.

These weather conditions can change from hour to hour in Oklahoma. Without safe treads, the cars we drive would be almost impossible to control on wet, icy, or slick roads.

Continue reading “Tire Tread, Pressure, Alignment and Rotation Tips”

Oklahoma Uninsured Motorists: New Technology

Tulsa World reports – A program designed to crack down on uninsured drivers through the use of automatic license plate scanning technology has located thousands of violations in the first weeks of its deployment.

About 2,100 uninsured vehicle violation notice letters will be sent to registered owners in the coming days, said Amanda Arnall Couch, prosecutor for the Uninsured Vehicle Enforcement Diversion Program, a unit of the Oklahoma District Attorneys Council.

Continue reading “Oklahoma Uninsured Motorists: New Technology”

Dealing with Insurance Companies After an Injury Accident

If you were hurt in a car accident caused by another driver, it’s natural to assume that insurance will pay for the medical expenses and other damages to help restore your life.

But insurance companies are motivated by profits, not by helping consumers who pay for their services. In fact, insurance adjusters are trained to look for ways to limit potential payouts or deny claims altogether.

Continue reading “Dealing with Insurance Companies After an Injury Accident”
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Oklahoma City, OK 73159
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