How does GAP Insurance work with automotive collisions?

Planet_Leasing_GAP_Insurance

 

Most of us think our Comprehensive Motor Insurance covers us for any financial shortfall if your vehicle is written off or stolen.. unfortunately, you are wrong.

GAP Insurance will protect you in the event of your vehicle being deemed a Total Loss by your comprehensive insurance company. Your motor insurer may not pay you enough either to settle any finance outstanding on your vehicle or purchase a replacement vehicle. GAP Insurance will ensure that you are not left out of pocket in the event of a Total Loss by covering any shortfall betwen your insurance pay out and the amount outstanding on the finance agreement, invoice price, replacement cost or outstanding rentals.

Over half a million cars are stolen each year, most of these are written off. Add to that the large number of accidents each year and you could be the next unfortunate person to suffer a vehicle write off or theft. A GAP Insurance policy will cover you against finacial loss should your car be stolen and/or written off.

So when nickel and diming the sales guy at the dealership, make sure you squeeze in some sort of deal with GAP,  It does not cost much upfront, but the long term benefits could reap much reward.

Advertisements