So What Is Gap Insurance and Why Do I Need It?
When the damage to a vehicle from an auto collision (leased or financed) is extensive enough to be declared a total loss, the amount of money still owed on the vehicle may be more than what an insurance company reimburses or pays out to a customer. Gap Insurance, also known as “loan coverage” or “lease coverage”, is coverage that helps pay the remainder of the loan or lease still left on the vehicle if the vehicle becomes a total loss.
Who should get Gap Insurance?
You should consider Gap Insurance if you are financing the purchase of a vehicle via a loan or leasing a vehicle rather than purchasing it outright.
How can I get Gap Insurance?
Call your agent today and they will walk you through the pricing and coverage options for your policy specifically!
If you want a stress-free leasing or financing experience, do yourself a favor and seriously consider purchasing Gap coverage. You can’t put a price on peace of mind!
Check back regularly for more articles about insurance and auto body repair. In the meantime, if you have any questions or inquiries about auto insurance coverage or auto body repairs in general, feel free to call us at (630) 860-0010 or email us at email@example.com. We hope to hear from you soon!