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Should I Get Gap Insurance?

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I bought a new car recently. Should I consider getting GAP insurance? How does it work?

Gap insurance is something you might want to consider if you have financed or leased your vehicle, and will provide you with very valuable protection by bridging the gap between what your regular auto insurance company will pay you for your vehicle and what you owe on the vehicle loan in the case of an accident or theft. This type of insurance will provide you protection against accident, theft, flood, tornado, fire, vandalism, or hurricanes. Typically, insurance companies will only offer the cash value of your car not the retail value which can cause problems if you owe more money on the loan than the insurance company is willing to give you.

Let’s say for example that you buy a new car for $30,000 with no down payment, and 9 months later you get in to a car accident and total your car. At this point you owe $27,000 on the car but your insurance company only wants to give you $25,000. Gap insurance would pay that additional $2,000 for you so you don’t suffer any losses. Some gap insurance policies will even pay the deductible for your regular auto insurance so you don’t have to.

Gap insurance is definitely something you should consider to protect yourself financially. Most auto insurance companies do provide gap insurance, so you might want to ask your current insurance provider about getting a gap insurance policy set up.

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Gap Auto Insurance

Gap Auto Insurance No Comments »

Can you please explain to me what GAP auto insurance is, and if I really need it or not?

Gap auto insurance protects your vehicle and protects you financial gap that your auto insurance company does not make up for. Gap is extremely valuable to the auto industry because cars always depreciate; however, when buying a new or used car, finance companies tend to make longer loans now days. Even though you are paying off your loan, you car is still depreciating.Gap insurance does not replace your motor vehicle, but will help you when it is needed.

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