If you have recently purchased or are planning to purchase a new or used vehicle you may want to consider purchasing Gap Insurance.
What is Gap Insurance?
When you drive your new or used car off the dealer’s lot your car has most likely lost 20% of its value and you need Gap Insurance.
If you put less than a 20% down payment on your car you need Gap Insurance.
How does Gap Insurance Work?
If your car is stolen or declared a total, your insurance company will pay the actual cash value of the car. The actual cash value can be a lot different from what you still owe on your loan. Without Gap Insurance your lender will hold you responsible for paying the difference between the actual cash value and the amount left on the loan.
Dealers charge between $500 and $600 for this coverage. We can offer it to you for $299 for the life of your loan up to 84 months. Leased vehicles are not eligible.
Not everyone needs Gap Insurance but if you think you should have it and would like more information on how it works, please give us a call and we will be happy to discuss it with you.