Guaranteed auto protection (GAP) Insurance covers the difference between the value of a client’s car and the payment that will be made by an insurer when there is an unfortunate incident of a car wreck or car theft. The regular auto insurance only covers what the car is worth at the period of the unfortunate incident not the cost of the vehicle when it was purchased initially. The purchase of GAP insurance covers this gap (i.e. the gap between what is paid for the car and the payout from the insurer). This coverage ensures you don’t end up wallowing in debt. It is risky to assume this type of insurance is a waste of your money, the recent increase in the number of vehicles that that are completely smashed and stolen annually shows that you must have GAP insurance if you purchased your car (new or old) on a loan or lease.
What the benefits of gap insurance?
A major benefit of purchasing GAPassuranceis that payment for