What Is Gap Insurance
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Understanding Gap Insurance
What Is Gap Insurance?
Before buying a new car, it's important to explore whether gap insurance is included in your auto insurance policy. If it isn't, you should consider purchasing it at a reasonable cost.
Some insurance providers might not offer gap insurance, so it’s wise to find a company that does, rather than buying it through the dealership.
What Is Gap Insurance?
Gap insurance covers the difference between what you owe on your vehicle and its current market value as determined by your insurer. This insurance is particularly beneficial for new car buyers since vehicles tend to depreciate quickly once they leave the dealership. It proves invaluable if you’re involved in an accident while still owing money on your car.
Is Gap Insurance Included?
Often, gap insurance is part of a lease agreement, but you shouldn’t assume it is. Always ask questions and gather the necessary information to confirm you have coverage in case of an accident. Ensuring you’re covered provides peace of mind.
Cost of Gap Insurance
Gap insurance premiums are generally affordable and can often be added to your monthly car payments for new purchases, making it convenient and easy to manage. This ensures you have the protection you need without straining your budget, helping you feel secure every time you get behind the wheel.
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