Gap insurance

Your guide to GAP insurance, Dial Direct

What is GAP insurance? If your car is written-off or stolen and you make an insurance claim it’s likely your vehicle has depreciated since the time you purchased it and insurers will only pay-out based on their estimate of the car’s current price. This gap between how much you paid and what you’ll receive from the insurer, is what the appropriately abbreviated GAP insurance covers. GAP stands for Guaranteed Asset Protection and is typically an optional add-on with main car insurance policies. It’s an unfortunate reality that cars depreciate as soon as you drive them out of the forecourt and continue to fall in value significantly throughout their lifetime. GAP insurance essentially protects...

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Benefits of Buying GAP Insurance, Hamden, CT

Most people take out a loan when they buy a car. Unfortunately, cars depreciate rapidly, especially when purchased new. However, if your car is lost, totaled, or stolen, you could end up owing more than your car is worth. You’d still have to pay off the difference between what your insurance company says the car is worth and how much is left on your loan. That is unless you have GAP insurance. GAP insurance will cover that difference for you, so you don’t end up with two car payments. Here are a few more benefits to buying GAP insurance from the dealership. No Deductible If you purchase GAP insurance from us at the dealership, there will be no deductible. If you purchase it...

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What You Should Know About Gap Insurance

Congratulations on your recent car purchase or lease! You’re probably thinking about driving your vehicle and not about the auto loan you took out to finance it. But what would happen if you totaled your car? Would you have enough money to pay off the loan? In many cases, the answer is yes. Standard auto insurance can pay for covered repairs and even the cost to replace the vehicle if it is badly damaged or stolen. But sometimes the insurance money isn’t enough to pay off the loan. That’s because you can owe more than what your car is worth. Why Is My Car Worth Less Than What I Owe? The idea that you can owe more than what your car is worth may be difficult to wrap your head...

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Should You Buy GAP Insurance, Finance Blog, Generations FCU

One of the first follow-up questions you’ll receive after securing an auto loan will be: Do you want to purchase GAP insurance? GAP insurance is a supplemental product that serves in addition to your regular auto insurance. In a best-case scenario, you’ll never have to use it. But if the worst should happen, it can help offset thousands of dollars you would otherwise have to pay out of pocket. What is GAP insurance? GAP stands for Guaranteed Asset Protection. Its purpose is to protect you from having to pay the “gap” between your vehicle’s value and the amount you still owe on your auto loan in the event your vehicle is totaled or considered a complete loss. GAP insurance is helpful because...

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Does Gap Coverage Pay If Insurance Denies the Claim?, Finance - Zacks

The more expensive a vehicle and the less equity you have in it the more you can benefit from guaranteed asset protection insurance. Although the focus of GAP insurance is on your vehicle and not you, its overall objective — paying off your loan — makes it similar in some respects to credit life and credit accident and health insurance. Because the intent of GAP insurance is to work with traditional liability coverage, it will not pay if your primary insurance company denies a claim. Exploring GAP Basics GAP insurance kicks in when your primary insurer determines your vehicle is a total loss due to an accident or theft. After subtracting amounts for exclusions that may apply, GAP then pays...

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Why to buy gap coverage if you have a new car

Why to buy gap coverage if you have a new car The dramatic plummet of your new car's value as soon as you drive it off the dealer's lot can put significant strain on your finances if your car is totaled. That's why when insuring a new car, you need to know the role gap insurance plays in protecting your investment. If you're entitled to an insurance payout for a totaled car, your car insurance company pays you the actual cash value of the vehicle. And the amount your insurance company calculates as your car's actual cash value can be thousands of dollars away from what you still owe on your car lease or loan, especially within the car's first few years of ownership. Since you're responsible...

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Get Gap Insurance for New and Leased Cars -

Gap insurance: everything you need to know This gap insurance guide explains gap insurance thoroughly and should help you answer the question: Is gap insurance worth it? Scroll down to read this important guide in its entirety, or skip directly to the sections you need: What is gap insurance? Gap covers the difference between your auto loan balance and the car's cash value in the event of a total loss. It's not uncommon today for consumers to buy cars with little or no down payment, then drive off in a vehicle that's worth less than its loan balance. However, if your car meets its maker prematurely, your comprehensive or collision insurance reimbursement is based on the vehicle's cash...

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What You Should Know About Gap Insurance

Congratulations on your recent car purchase or lease! You’re probably thinking about driving your vehicle and not about the auto loan you took out to finance it. But what would happen if you totaled your car? Would you have enough money to pay off the loan? In many cases, the answer is yes. Standard auto insurance can pay for covered repairs and even the cost to replace the vehicle if it is badly damaged or stolen. But sometimes the insurance money isn’t enough to pay off the loan. That’s because you can owe more than what your car is worth. Why Is My Car Worth Less Than What I Owe? The idea that you can owe more than what your car is worth may be difficult to wrap your head...

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What Does Gap Insurance Cover: The Facts - Truly Insurance

Every auto insurance company has its specific policies, but there are a lot of commonalities between the insurance types that they offer. A kind of insurance offered by many different auto insurance companies is known as GAP insurance. In addition to being offered by many companies, this is also an insurance type that is confusing to many people. What does GAP insurance cover? What is the gap? How do you know if you would be eligible for gap coverage? All of these questions come up time and time again. Today, we will untangle the web of confusion that surrounds gap coverage. By learning more about this insurance type, you will quickly realize whether or not you need this type of coverage...

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A Guide to Guaranteed Asset Protection Insurance

GAP Insurance Having your car written off or stolen is bad enough but just to make matters worse, when you’re insurance pays off, there’s likely to be a potentially drastic shortfall between what you get and what you actually paid for your vehicle in the first place. Guaranteed Asset Protection (Gap) insurance protects you against this shortfall so while you may have to let go of your pride and joy, you should be able to afford a replacement without being out of pocket. How does Gap insurance work? As stated above, a Gap insurance policy will cover you for the shortfall between what your car insurance policy pays off and what you initially paid for your vehicle in the event of a...

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