GAP Insurance and Its Benefits

While it's something you definitely want to avoid, sometimes a car accident can be unavoidable, and your car may end up totaled. However, unless you already have GAP coverage through them, your insurance company will only be willing to pay the current value of your car on the fair-market, regardless of how much is left on your car loan. In the case that you still owe more than the current fair-market value, you're entirely out of luck. This is where Guaranteed Asset Protection insurance, or, GAP insurance comes in.

GAP insurance can be purchased from the dealership or as an add-on to existing insurance coverage, and it serves to cover the difference between the fair-market value of your vehicle and what you'll owe if it's totaled.

If you're looking to hear more about how GAP insurance can save you money, we'd be happy to have you visit us today at B & B Chrysler Dodge Jeep Ram in Honesdale.
Categories: Finance