So you just bought a beautiful brand new car and you are still feeling pretty smart about your purchase as you drive it to work one day. Unfortunately, due to either your unfamiliarity with its handling or bad weather or just a bad day you end up totaling the vehicle. Did you include GAP coverage under your insurance coverage? If you finance a car you should have this coverage. GAP stands for Guaranteed Asset Protection. You can include this in your contract at the dealership or include it with your auto insurance.
If you do not have GAP coverage your insurance carrier may very likely not give you enough money to pay off what you still owe on your car, leaving you with potentially thousands of dollars to continue to make your in payments, while your car is scrap. The difference is depreciation, new cars are infamous for losing value like a dropped rock, so don’t go without!
GAP coverage is available from the dealership when you purchase your car and easily available and affordable from most insurance carriers, so don’t be left without.
If you do not have GAP coverage your insurance carrier may very likely not give you enough money to pay off what you still owe on your car, leaving you with potentially thousands of dollars to continue to make your in payments, while your car is scrap. The difference is depreciation, new cars are infamous for losing value like a dropped rock, so don’t go without!
GAP coverage is available from the dealership when you purchase your car and easily available and affordable from most insurance carriers, so don’t be left without.
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