What is gap insurance?

If you lease a vehicle, you’re required to get Gap Insurance. But if you buy a vehicle, you’re not, and very few car dealers or insurers will try to sell it to you. This can really leave you holding the bag. 😢

If your vehicle is damaged in an accident, insurance will only cover the actual value of the car (if you’re lucky). But what if you owe $22,000.00 on the loan, and your car is only worth $17,000.00? Well, insurance covers the $17,000.00, and you have to pay the $5,000.00 balance out of pocket!

Gap Insurance covers the difference between the vehicle value and your loan. So if you owe $22,000.00 and your car is only worth $17,000.00, gap Insurance will pay the $5,000.00!

To truly have full coverage auto insurance, this is one of the coverages you need if you have an open loan.

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