Call Us Today For A Quote | 508-222-0794
71 County St.
Attlleboro, MA 02703
 

Actually there are two questions that should be asked:

1. Do I need GAP Insurance
2. Where should I buy GAP Insurance?

GAP insurance covers the difference (the GAP) between the car's Actual Cash Value (often referred to as book value) and how much you owe on a car of your car is totaled.  If you owe more on the car than the Actual Cash Value of the car at the time it is totaled in an accident you will end up owing money to the lender even after the insurance company pays your for the total on your car.  This situation, also known as being upside down, happens more and more often particularly as auto loan terms go as long as 6-7 years and often allow you to put no money down.  If you have a loan longer than 3 years on your car and you didn't put much money down then there's a very good chance you need GAP insurance.

Now, where should you buy GAP Insurance? Most dealers will try and talk you into buying GAP coverage from them if you take out a loan on a car, period.  Dealers will usually charge you between $600 - $900 for GAP coverage however in most cases you can add GAP coverage to your auto policy for around $25-$30 per year per vehicle.  Simple math will tell you that on a six year loan you're looking at around $150 total cost for GAP Insurance buy adding it to your auto policy versus at least $600-$900 to buy it from the dealer.  It should be a pretty simple decision although the dealers will try every trick in the book to get you to buy it from them because that's a profit center for them, it's an extra value added coverage for us.

Please contact us if you have any questions on GAP insurance or any other coverage.
Posted 3:21 PM  View Comments

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Get A Quote
Referrals
We love referrals! And thank you even more for your continued business.
Customer Service
Self policy service any time of the day, directly from our website.
Join Our Newsletter
Stay in touch with the latest events, news and offers we have.
From Our Blog From Our Customers
Read More Read More
Contact Us Today Helpful Site Links Read the News
71 County St.
Attlleboro, MA 02703
508-222-0794
508-222-0794

BBB    Trusted Choice

Stay up-to-date with the latest industry, community and agency news through our newscenter. We also provide handy hints on how to save on your insurance.

Read More
We have the expertise to find you the right coverage at the right price 
Powered by Insurance Website Builder