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 [...]

By |2017-01-01T11:23:07+00:00October 3rd, 2016|Santa Barbara Auto Group|Comments Off on Four Reasons You Need Gap Insurance

Gap Insurance Covers Negative Equity for Santa Barbara Drivers

Santa Barbara drivers can protect themselves by purchasing gap auto insurance.  Wondering about gap insurance?  What is it?  What does it cover?  These are excellent questions.  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.  Depending on your situation, it can be a very important protection. What is Gap Insurance? 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 funds for any amount they own in excess of the value of the car. Why would I need Gap Insurance? Gap insurance is something important to consider during the purchase of a car if you are financing a loan and there is a chance that at some point during your loan you will owe more money than the car is worth.  When this occurs it is called “negative equity”.  There can be many different causes for a situation like this which include: [...]

By |2017-01-01T11:26:43+00:00November 25th, 2014|Santa Barbara Auto Group|Comments Off on Gap Insurance Covers Negative Equity for Santa Barbara Drivers
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