Four Reasons You Need Gap Insurance

Gap insurance helps protect drivers in case of an accident or collision when they owe more on a car than the vehicle is actually worth. If you are purchasing a new car and want to roll in any negative equity from your trade-in vehicle, it is important to consider gap insurance. What is it? What does it cover? Gap insurance is also known as gap protection and it covers the difference between what you owe on a car and what the car is worth. This discrepancy can occur in a number of situations and by having gap insurance you can prevent a lot of frustration, hassle, and expense if you do happen to get into an accident. Depending on your circumstances, it can be a very important protection. Understanding Gap Insurance? Gap insurance can be a mysterious concept to many drivers, but it is really very simple. Basically, gap insurance protects car owners in case something happens to a car but the owner owes more money on the car loan than the vehicle is worth. In this case, if a car is totaled, the owner will receive the value of the car from the insurance company and then receives additional [...]