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GAP Insurance
What is GAP Coverage and Why Do You Need It?
When you purchase or lease a vehicle, the vehicle's value can depreciate more quickly than the remaining balance on your loan or lease.
In the event of a total loss, the value of the vehicle could be less than the amount owed. Therefore, the customer is left with the responsibility of paying the difference between the insurance company settlement, and what is still due in payment. The difference is the gap in coverage.
If the vehicle is declared a total loss, the customer is still responsible for the financial obligation. GAP insurance assumes the liability, so the customer is not burdened with the financial commitment.
GAP Insurance can:
- Alleviate concern to provide peace of mind.
- Protect credit ratings.
- Be figured into financing for just pennies a day.
Contact Us Regarding GAP Insurance
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