GAP Insurance And Why You Need It

When you need insurance for your vehicle to cover the space between what the actual worth of your car, truck, or SUV is and the amount of what you owe on the vehicle, this is considered to be GAP insurance. If your vehicle is totaled in an accident or it is stolen, this is when this type of insurance is most helpful. If your car is involved in an accident, the insurance company will decide what your vehicle is worth and that amount is applied towards the loan. GAP insurance, or Guaranteed Auto Protection, will cover the difference between what the collision coverage is and the owed amount.

Keep in mind that if you opt not to purchase GAP insurance you will lose that additional amount and it will come out of your pocket. This is also in addition to the set deductible that is detailed on your insurance agreement. Every plan is different and our team is ready to help guide you through selecting the right one the next time you are here taking a test drive.

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