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What Auto Insurance Fills The Gap?
The Gap is Between What You Owe and What Your Car is Worth?
When you drive a car off of a car lot it is likely to lose 20 percent of its value as a used car. Even used cars will depreciate once you buy them. And these days, with people rolling in un-paid off loans for their trade ins, loan payoff amounts are likely to be a lot more than the actual book value of the car.
This is the gap. The difference between what you owe on your auto loan vs. the book value of your car. The problem is, if you total your new or used car, your insurer will only want to settle for the book value of the car, and not the loan amount. This is why people buy auto gap insurance!
You can find direct car gap insurance rates that are likely to be much lower than the price you get at the dealership. That is because you will not be adding a dealer commission to your payment. Go check online for prices and applications.
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