Why you should have Auto gap insurance
ByRead this and quickly learn how auto gap insurance can save you a ton of money if you have a accident with a car that is not paid off.
Most people never heard of gap insurance even though a lot of people actually do have it and don’t even know it.
What is gap insurance?
Gap insurance covers the difference between what the insurance company determines your car is worth after you have been in an accident, in which the car has been totaled, verses the amount left on your loan. This is called being upside down in a car, owing more money on the car than it is worth. In other words you would not be able to replace the car with the amount of money that the insurance company would give you. Gap insurance makes up the difference.
The truth of the matter is a new car will be depreciate between 20% and 30% the minute you drive it off the lot and should you have accident on the way home you could be out as much as $4000 or more without gap insurance.
When you do your loan papers on your new car, the finance manager will strongly recommend that you get this insurance in order to keep yourself protected.
Jimmy says Insurance is not necessary, unless of course you have an accident then you will be glad you had it.
Whoa Jimmy?
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Auto gap insurance is a good idea if you’re buying a new car and if you have any suggestions please share with our readers in the comments.
