I'm currently a secondary driver on my parents' auto insurance. I no longer drive their cars however based on guidance from my insurance company's customer service agents, I maintained my status as a secondary driver on my parents' policy (costing hundreds of dollars annually) as they advised that going without any coverage would count as a "gap" or "lapse" and would adversely affects the rates I get when I inevitably need auto insurance in the future.
However, I just came across this regulation from the Financial Services Commission of Ontario. Though dated, it explicitly prohibits the use of lapses in insurance coverage as a rating variable for insurance pricing. Of course, there are some exceptions, but in my case, the gap would simply be caused by me no longer needing a car.
When I brought this up to the insurance company, they simply said "I can only tell you what our company policy is, which is that gaps in coverage mean you're riskier and we therefore have to charge you more".
Am I missing something? Is that regulation toothless? Does anyone have experience with getting coverage following a gap - is it truly more expensive because of the gap?
Hey, I need your suggestion. I factory ordered a new hyundai elantra 2022 and financed with 0% down for 6 years with 2.49% interest. But he charged me 2000 CAD for GAP INSURANCE. I wanted your review if this price is ok ?
I'm buying a new car this week. Prob gonna get a CPO Corolla and put 40 or 50% down at signing. Would it be worth it for me to get gap insurance if the Kelley blue book value of the car is, say, 18k and I owe/finance say 10k on it?
No, right? That should be enough for collision to cover it right?
You only need gap insurance if your loan value exceeds the value of the car, and if my loan is half of the car, I should be good right?
Sorry if that question seems dumb, but I'm a young guy and this is my first car purchase and wasn't sure if there was some loophole where I could be screwed if I totalled the car.
Thanks!!
If you need health insurance, go to healthcare.gov and fill out an application. For most states the process should be straightforward, feel free to ask questions in this thread if you need advice.
Red state Medicaid gap guide starts here
When Obamacare was passed, everyone below the poverty line (currently $12,880/year for a single, childless adult) was supposed to be eligible for Medicaid. As such, the law does not include health insurance subsidies below the poverty line.
The Supreme Court ruled the Medicaid expansion optional for states, however, and several red states have refused to implement it. This has given rise what is known as the "Medicaid gap," where an individual may make too much money to be eligible for Medicaid but not enough money to be eligible for Obamacare subsidies.
Thankfully, there is a workaround. If you overestimate your income on the application as at least the poverty line + $1 ($12,881/year for a single, childless adult), you can receive Obamacare subsidies. Since the law never anticipated that anyone would be able to receive more subsidies by overestimating their income, there are no penalties for doing this. There are penalties for underestimating your income that they could conceivably hit you with if there's a policy change, but they are capped at $300 if you're poor. A policy change to extend this penalty to overestimators is very unlikely under Biden.
The Medicaid gap exists in the following states: Alabama, Florida, Georgia, Kansas, Mississippi, North Carolina, South Carolina, South Dakota, Tennessee, Texas, and Wyoming.
If you fall into the Medicaid gap, you should:
- Go to healthcare.gov and start an application. When it asks for your income, put $12,881 or a slightly higher number for the year.
- Claim all of your subsidy and select a silver plan. This should cost you something like $10-20/month. Do not select a bronze plan, even if it is free - even a single doctor's visit or prescription will make the silver plan more advantageous.
- Pay your insurance bill every month and luxuriate in a truly first world healthcare experience.
- They probably won't ask you for proof of income. If they do, you should be able to provide an attestation in lieu of actual documentation.
- Make sure you file your taxes truthfully - Obamacare can't really punish you for overestimating your income, but the IRS can punish you for lying on your tax return.
I work part-time and don't qualify for health insurance through my job. I used to be on my mom's plan, but I turned 26 this month so that coverage stops today. I signed up for a Massachusetts connectorcare plan but that doesn't start until February 1st.
I work a public-facing job and take public transit so I'm potentially exposed every day. (I actually just found out one of my coworkers has covid. Luckily I tested negative and we weren't in close contact.)
I'm scared shitless, I feel like with the recent surge this has gotta be the worst time to be without insurance. Is there anything I can do to get insurance for this month? Or a way to still get medical care if I get sick even if I'm uninsured?
So I sold my car, and went to the dealership that I had my extended warranty and gap through. They canceled the extended warranty fast & easy. I ask about gap and he acts like I am asking the dumbest question ever. Saying I’ve been here forever never heard of gap being refunded and he didn’t even bother to try to cancel it or look into it further.
Should I call and speak to his manager or can I just call the gap company directly?
Located in Ontario, Canada. At first they said it didn't show up in their system. Car share company was kind enough to provide letters with policy numbers and everything. Car insurance company states that it does not apply but we'll get a loyalty discount in 3 years. We had insurance for many years with this company beforehand going car-owneeship free for a few years.
Has anyone else ever delt with this?
I want to refinance my vehicle (Considering Capital One but they don't offer GAP). Does anyone know of a reputable company that offers GAP insurance?
Background: I switched jobs at the beginning of this year, and just the way that my new employer sets up benefits, there's about a 28 day gap between my last day of coverage with my former employer, and when coverage starts with my new employer. The policies are with different carriers.
Since COBRA for this period will be about $1,200, our plan was to just try to not seek healthcare for this short gap unless absolutely necessary. So far, so good. However, I thought I had read somewhere long ago that preexisting conditions were only covered between policies so long as you consistently kept insurance. Does this gap put me at risk of not having certain claims covered if they're considered a preexisting condition?
Note, we don't really have anything "big" that I'd consider a preexisting condition. At most, ongoing chiropractic visits and allergy shots. I just want to make sure I'm not setting myself up to get screwed by trying to save the $1,200.
Hi Community, I recently moved to different place as part of my job change. I need a car urgently and all the new cars wait times of 4 to 6 weeks minimum depend on the sedan and 3 months waiting for Sedan cars in Honda or Toyota models.
So I bought used Toyota Camry 2014 with 76K miles with $16,500 at dealer. I know I paid at least $3000 premium to this car because of current car market circumstances.
The dealer trying to sell $3000 extended warranty for 60K miles or 5 years and bank trying to sell Gap Insurance and Mechanical breakdown Insurance.
Is these insurances and extended warranty are worth it?
This is my first car and how to effectively handle the car repairs?
I've been paying for full coverage insurance on my car since I bought it a couple years ago. It's been paid off for 18 months, and I fell on hard times when I got laid off from my job. To try to save some money, I switched to just Liability and was going to switch back once I started my new job. Just my luck... I totalled the car while it wasn't covered!
I found a company that buys junk cars and got a couple grand for it (way more than I expected) so I am atleast grateful for that. But now I dont know what to do about the insurance. I always heard that if you have a gap with no insurance, when you try to get insurance again, you get a much higher price for having a gap.
I need some time to save up for another car. What should I do? The insurance company doesnt know about the accident. Should I continue to pay the insurance until I get a new car? Or should I tell them I sold it?
I'm assuming it's going to take Alot of time/work before it's ready to be back on the road which is why I would even consider continuing to pay the insurance as I'm confident it will be awhile before they fix it and sell it to someone new.
I am in Pennsylvania. Any help would be GREATLY appreciated!
What are my options for Health insurance for my wife and I. Will retire in MA and looking for what options are for 3 years
Last month my car was stolen from my apartment complex. A police report was made and the vehicle was marked stolen. Auto theft was able to locate it and I have recovered it from impound. The car is severely damaged/ wrecked (windshield broken, entire front end missing etc). At the time of the theft, I did not have primary car insurance because the vehicle was not in use. Unfortunately, I have learned my lesson to never let your insurance lapse.
I do have GAP insurance that was provided with the auto loan. After contacting them, I was told I can file a claim despite having no primary coverage. I am now waiting on a repair estimate report from mechanic and a total loss valuation from gap.
The vehicle is a Kia Forte 2017. It’s financed and I’m currently making payments. However, my loan is upside down. The original amount was $11,500 with 22.7% interest. My current payoff quote is $12,000.
I’m still confused how gap insurance works. If my claim is accepted I’m unsure what they would cover. Is it enough to payoff the current loan?
Also, how likely is it that gap will accept my claim without primary insurance? Looking for some knowledge on all this. Any helpful information would be greatly appreciated.
So I'm looking to pickup a truck here in the next 90 days. The deal worked out to $55k for the truck and I'm looking to put $20k down which brings me to $35k to finance. Would gap be worth it in this case or am I already buying out the gap between the loan and the vehicles value? Or can this even be determined?
If it matters the vehicle is a Chevy 2500 HD Midnight edition.
So, I travel for work - while I am a W2 employee, the nature of my work is short-term contracts in various locations. I am a Texas resident, the company I work for is based out of Arkansas. The last contract I worked was in New Mexico.
This causes part of my headache.
My last contract ended in early December. My company allows a 30 day time period "off" with benefits extended throughout... If you already have the next short-term contract in place. I knew I wouldn't meet that requirement. I tried to get COBRA set up before hand, and got a run around of "oh, you'll get it ASAP once you're in the gap" and "someone in benefits will reach out to you."
I went to doctors appointments (which I was assured was okay and covered by the benefits team...) Only to now get full surprise bills because... Surprise, they terminated my coverage on the last date I worked!
I FINALLY got COBRA set up today. But the COBRA team says I wasn't eligible until 1/1/21, because by Texas law (I believe senate bill 51), my coverage HAD to extend to the end of the month.
This hasn't prevented my insurance company from reporting my coverage as inactive on the last date I worked, and refusing to talk to me about the bills.
At this point, I want to report someone. But... Should my insurance have been extended by Texas law, or did they just massively drop the ball on my COBRA? Everyone involved seems to have s different opinion. But which is right, and what should I do?
TL;DR: insurance is claiming I should have coverage dropped early December (last day worked), COBRA rep says I'm not even eligible to pay for COBRA coverage before 1/1/21 because insurance should've been extended by Texas law as I am a resident... But my last work was in NM and the company is based in AR, which muddies the picture. So who is wrong, and how do I put my foot down?
Hey guys, I know this is an odd sub to ask this but I figured it varies state to state so here I am. I am starting a new job on the 20th of Dec. I am not working with my previous employer anymore and my coverage apparently ended on the 1st. I was offered cobra but was told to avoid it because it is really expensive. I do not think my coverage with my new employer starts for a month or two or longer even. What should I do for gap health insurance? I am a young, relatively healthy person but would like a little peace of mind, especially with the covid numbers so high. Any help appreciated!
Putting down 7k for 33k. My dad keeps on telling me to get gap insurance but I don’t know if it would really be worth it in this situation.
So, here's my situation, and sorry for the block-of-textness:
Age: 37
State: Illinois (I'd rather not give my Zipcode online)
Income: ~$30k total across 2 jobs (I'm a teacher, but not at the point of selling blood... yet...)
I have VA health care (Service Connected Veteran at 60%). The VA system is absolute shit tier. I see a doctor about once a year. I suffer from several mental health problems that are service connected (Anxiety, MDD, PTSD) and the VA can only get me to see a therapist pretty much like once every 2 months. They had me re-evaluated (to try to decrease the Service Connected payments) and the doctor who did the re-evaluation was appalled at the treatment I received and told me I should be seeing a therapist at least once a week. He then increased my rating and moved me to the "Orange" category (whatever that means). So, I'm trying to see a doctor outside of the VA, but I need insurance.
Here's my problem: Apparently, service connected VA health care actually disqualifies me from receiving any tax credits and the cost of even the cheapest plan is pretty crippling (looking at ~$400 a month). I am already paying out-of-pocket for treatment for my ADHD (not covered by the VA) and I can't afford to pay even more for one of these marketplace plans, but I need insurance as I recently left the one of my 3 jobs that was providing me insurance because I could not work it anymore with my other 2 jobs (I was frequently pulling 13-15 hour days every day) while also taking college classes.
I'm just looking for any help navigating this shitstorm of a system because I can't afford to pay $400 a month for insurance that won't kick in till I've paid $7k on top of the $300 per month I already pay for meds and doctors.
I'm looking for any suggestions or directions anyone can give me. I'm a computer science/math teacher and calculus/C++ are nowhere near as complex as a veteran looking for supplementary insurance in the US health care system.
My old employer-sponsored insurance runs out today. After briefly looking at the super high monthly cost of insurance through the marketplace (I’m in NYC and saw figures of $450/month), I plan to sit on the incoming COBRA offer and only enroll in it to be covered retroactively if I have significant medical expenses that make the cost worth it. Otherwise I’d pay out of pocket for any appointments, etc. However, that COBRA offer will only be good for 60 days (so until January 30, 2022). My new employer has a waiting period for eligibility of benefits, and it is “the 1st of the month after 60 days of employment”, which for me means March 1, 2022 (I start work this coming Dec. 6) I’m very, very frustrated because that is essentially 90 days. What are my best options for that period between January 30 and March 1?
My only recurring medical expense is birth control, and I just received an 84 day supply (so I’ll need to buy another pack on Feb. 20, 2022). I’m 30 with no medical issues.
So I am a 26 yo single male who recently resigned one job in December 2021 and accepted a new job in NYC with salary around 90K starting January 2022. My former employer's health benefits end at the end of December 2021 and the health benefits for my new job don't start until 3 months after my start date (its an 1199 union position so health benefits kick in after a certain period) which is April 3rd 2022. I am a healthy individual with no chronic conditions and rarely go to the doctor besides regular checkups. I am also in the process of moving into a new apartment in January 2022 which includes furnishing, etc. My question is whether it's worth it to do COBRA for 3 months (which I heard is expensive) or just pick a cheap marketplace insurance (which I've read doesn't have good coverage)? I am leaning towards picking a cheap marketplace insurance, but I'm not even sure what option is best for me.
If I get a new/Toyota-certified-used car, and purchase Toyota Financial's GAP coverage, does anyone know if it works while still doing rideshare? I can't find anything about commercial vehicles or rideshare mentioned as an exclusion, but don't trust that entirely either lol.
I’m buying a Nissan Maxima 2018 SL with 17k miles for 26,000. I’m putting 9 gs down and have 4% interest rate. Is it worth it for me to buy gap insurance ?
I've been on Aimovig for six months now. It hasn't been a magic bullet but it's helping and I don't want to stop now. But I'm changing jobs soon and because the US sucks I will have a gap in insurance. Have any of you been able to get doses in advance to cover a gap like this? What about if you're traveling for an extended period?
So my motorcycle was stolen and deemed a total loss. I’m in the midst of the claim. And my friend is telling me that may not get any money cause I’ll have to use use the insurance money to pay off some other stuff or something. I’m just not sure how this all works.
I’ve paid off about 40% of my loan for my 2018 triumph and there were no accessories or anything like that, just stock.
I’m just wondering if I’m going to end up even with no payments and no money or will I have extra in my pocket?
Let me know if you need more info to help answer
Thanks in advance!
I got my Tacoma in May of 2020 (new) and have been paying for Gap insurance ($18/month) on it ever since. They recommended it for 12-18 months which is right about now. But with the value staying so high I’m wondering if it’s worth keeping for another 6 months or so. Do y’all have or recommend gap insurance, and why or why not?
I work part-time and don't qualify for health insurance through my job. I used to be on my mom's plan, but I turned 26 this month so that coverage stops today. I signed up for a Massachusetts connectorcare plan but that doesn't start until February 1st.
I work a public-facing job and take public transit so I'm potentially exposed every day. (I actually just found out one of my coworkers has covid. Luckily I tested negative and we weren't in close contact.)
I'm scared shitless, I feel like with the recent surge this has gotta be the worst time to be without insurance. Is there anything I can do to get insurance for this month? Or a way to still get medical care if I get sick even if I'm uninsured?
