Understanding Gap Car Insurance: Motor Discounter and Automotive Automobile Reviews

Understanding Gap Car Insurance

Knowing Its Exclusions is as Important as Understanding Its CoverageIf you are buying or leasing a new car, you may need gap car insurance. Here is what you need to know about gap coverage, including common gap car insurance exclusions.What is Gap car Insurance?Gap car insurance covers the difference between the value of a car and the amount that you own on the
car.Who Needs Gap car InsuranceYou are most likely to need gap auto insurance if you made a very low down payment on your car, bought a vehicle that depreciates rapidly, have a high-interest rate loan (so that a very large percentage of your initial loan payments are interest), or are leasing a vehicle. You probably don’t need gap car insurance coverage if you made a very large down payment on your vehicle and, as a result, the amount that the insurance company would pay you if your vehicle was totaled is more than you owe on it.Gap car Insurance CoverageAs with any insurance product, it is important to understand your gap car insurance policy and what it does and doesn’t cover. Gap auto insurance generally covers a total loss resulting from most causes, including accident, theft, vandalism, fire, flood, tornado, etc. It also may cover your insurance deductible, but read your policy carefully to be sure.Gap car Insurance ExclusionsGap auto insurance usually has significant exclusions, so be sure that you understand your policy’s limitations. Common exclusions in gap car insurance policies include: 1. cars that don’t have both comprehensive and collision auto insurance coverage. 2. Equipment in your car that was not installed at the factory, such as aftermarket sound systems or GPS devices. 3. Costs included in the loan for products other than the car, such as an extended warranty, a security monitoring service, credit life insurance and other insurance. 4. Unpaid or overdue loan or lease payments. 5. Finance penalties and security deposits on leased vehicles. 6. Money that was rolled into an auto loan, for example from a carry-over balance on a prior loan.

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Understanding Gap Car Insurance

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Automotive Automobile Reviews

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