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What Is GAP Insurance and Do You Need It?

What Is GAP Insurance and Do You Need It?

If damages to a motorcycle or vehicle are approximately 80% of the value of the motorcycle or vehicle the insurance company is allowed, under Florida Law, to declare that motorcycle or vehicle a total loss. Insurance companies pay book value, not necessarily replacement value or what you might owe to your lien holder. What can you do to protect yourself in this situation if you owe more than the bike is worth? Gap Insurance, which will be the topic this exciting web video.

What Is Gap Insurance?

GAP Insurance is an important part of the buying process when you purchase your new motorcycle or vehicle. This type of insurance coverage is usually offered through the dealership where you are making your purchase. GAP Insurance is a separate policy than your bike or vehicle policy. In the event your bike or vehicle is deemed a total loss by an insurance company, either by accident or theft, GAP coverage will pay the balance of your loan after the insurance company has paid their part. If you owe more than the “fair market” or “book value,” you might be held responsible for the difference even if you are not at fault for a motorcycle or car that you no longer own. Again, insurance companies will usually consider a motorcycle or vehicle a total loss if the property damage to the motorcycle or vehicle exceeds 80% of the book value, not the amount that you might still owe on the motorcycle or vehicle.

Contact Your Tampa Bay Car Accident Attorneys Today!

If you have any questions about your insurance coverage or need any additional information regarding a motorcycle accidentcar accidenttruck accident, or other areas including wrongful death situations or even bicycle accidents, please contact our office at (727) 784-8191. We will be happy to answer your questions free of charge.

Don’t wait to get help.

Schedule your initial evaluation with our legal team when you call (727) 784-8191 or contact us online.

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At The Fran Haasch Law Group, we understand that no amount of financial recovery can undo what you have been through. However, a fair settlement or jury verdict can ease the financial burden of unexpected medical bills, lost income, and other damages associated with your accident.

We have obtained multi-million-dollar jury verdicts and settlements in cases involving auto accidents and claims concerning wrongful death and catastrophic injuries.

Founding personal injury attorney, Fran Haasch, is a lifetime member of the Multimillion Dollar Advocates Forum and a member of the American Association for Justice, the Florida Justice Association, and the Tampa Bay Trial Lawyers Association.

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Our Motorcycle Accident Attorneys Are Ready to Fight For You

At the Fran Haasch Law Group, we understand how devastating a motorcycle accident can be. We know what it’s like to share the road with negligent drivers because we’re avid bikers ourselves. As proud sponsors of local clubs, active participants in local biking events, and partners with several motorcycle-based magazines, our attorneys are committed to helping fellow motorcyclists.

We understand personal injury law for motorcyclists and are dedicated to protecting motorcycle rider rights. We take getting justice for our clients seriously, and we back down from no insurance company.

If you feel you have been the victim of a motorcycle accident through no fault of your own. Our motorcycle accident attorneys are prepared to help you navigate the legal process and work toward securing the maximum payment you are owed. Call (727) 784-8191 or contact our motorcycle accident lawyers today for a free case evaluation to get started on receiving the compensation you deserve for your motorcycle injury case.

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