Car Accident Attorneys

We’ve Recovered Millions for Victims of Vehicle Accidents

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 dog bitesslip and fall accidentswrongful 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.

Request Your Free Case Evaluation

Contact Us

Phone:   (727) 784-8191
Adress: 1275 Nebraska Ave,
Palm Harbor, FL 34683
Fill out the form to get started or give us a call to speak with our legal team directly.
Name