Gap insurance is an optional auto insurance coverage that helps pay your car loan if your car is lost or stolen and you owe more than the vehicle is worth.
Is gap insurance worth it? Gap insurance may be worth the cost if you’re concerned about not getting the original value of your car back if it’s written off by your insurer. You might find gap insurance is particularly valuable if your car is on a finance agreement or you have outstan...
You may be able to purchase gap insurance as an endorsement on your car insurance policy, or buy separate coverage from the dealer. It may be worth comparing the costs of both options to see which one is the best fit for your needs. How Gap Insurance Works It's not unusual to owe mor...
If the car owner has a gap insurance policy, the gap of 5000 USD can be covered easily. How does gap insurance work? As mentioned previously, gap insurance takes care of the gap between your vehicle’s actual worth and the amount you are hooked to after a collision. There is a gap...
How Gap Insurance Works It’s easy for a driver to owe the lender or leasing company more than the car is worth. A small down payment and a long loan or lease period delay equity in the vehicle. The current value of the car, not the price you paid, is what your regular insurance...
» MORE: Why rising car prices make gap insurance worth a look How does gap insurance work? Let’s say someone stole your new car, and at the time it was worth $25,000. Unfortunately, you still owe $30,000 on the car. You have comprehensive insurance, which will pay for the value...
If your car is deemed a total loss, GAP Protection protects you from having to pay the difference between what you owe and what your car is worth. Plus, GAP Protection reimburses your insurance deductible up to $1,000! For Example
Our GAP program may reduce or eliminate the gap between what your vehicle insurance will pay and what you own on your loan. Plus, it helps you get into your next vehicle by reducing your loan at the credit union by $1,000. Contact us today to learn more about adding GAP Plus to your...
Gap insurance is meant for the unexpected, much like all insurance. If your car is totaled or your vehicle is stolen, gap insurance coverage may apply if you owe more than the car is worth at that time. Gap insurance may make sense if: Your down payment was 20% or less Your financin...
wonder how to get a gap refund for the policy. Gap insurance is designed to cover any gap between what your car is worth and the amount of money remaining on your lease or loan. When you sell your vehicle, the policy no longer serves its purpose, so you may be eligible for a refund...