Coverage of the Month – Gap Insurance
Presented by Brittney Oliver
What is Gap Insurance? Gap insurance covers any difference in the actual cash value of your vehicle and the amount it would take to replace your vehicle. I am sure you have heard how your car loses significant value as soon as you drive it off the lot. What happens if you total your car the first week you own your car??? Most people assume the insurance company will cover the amount that they paid for the vehicle but that isn’t always the case. Gap insurance covers that gap in the vehicle’s value in the event of a loss.
Things to know
– Gap insurance is not usually available on used vehicles.
– Gap insurance can be available through the dealership where you purchase a vehicle
– Not every insurance carrier offers Gap insurance