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Posted by dragonlvr 3 years ago In:

dragonlvr
dragonlvr Asked:

? about gap insurance....what do you do with your gap insurance after you pay off your car?

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Jerry Weinberg
Jerry Weinberg Answered:

This relates to part d medicare perscripton plans.When the total monies paid out by yourself and the company you enrolled  with equals $2830.00 you go into the gap ( also called the donut hole.)WHEN THAT OCCURS YOU PAY 100% OF THE DISCOUNTED PRICE THE PLAN CHARGES.Exampel celebrex retails for $125.00 the plan discounts it at $100.00 you pay a $40.00 co pay and the plan pays the $60.00.When you hit the gap you will pay $100.00 untill your total for the calendar year totals $4550.00 ,at that time your out of the gap and you would pay 5% or $5.00 for the celebrex.The $2830.00 again represents what you pay plus what the plan paid.Your premium is not counted twards the total.

 

Jerry weinberg

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UClaim_Ron
UClaim_Ron Answered:

My answer relates to Gap coverage on car loans if the car is totaled out and the insurer pays less than the loan amount. If the car is paid off, doesn't it make sense to cancel the insurance? If its like most insurance, the insurer will owe you what is called a "short rate" refund for the unused portion. In any case, cancel it and ask for a refund and see what you get.

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