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What is Gap Insurance ?

Gap insurance will cover the exceeding amount value of your vehicle. As soon as your vehicle leaves the dealership lot, your car will depreciate 20%, and in the next 5 year up to 15% more.
So if you are involved in an accident and your vehicle is Totaled, or your car is Stolen. If you are financing or leasing the vehicle you are required to have Comprehensive and Collision coverage. The insurance company will write a check for the current Market Value or the Kelly Blue Book depreciated value of the vehicle . So the extra $$$ amount you owe the finance company if you don’t have Gap insurance , you will Pay Out of Pocket!!! Gap insurance is a bridge between the claim payout and the balance owed to the finance or leasing company.
Gap insurance is only worth purchasing if you owe significantly more on your auto loan or lease than the vehicles worth. In that case you can decide you don’t need gap insurance. Also, gap insurance doesn’t apply if you want to trade in a vehicle for another one . It only applies if your vehicles was a Total Loss or Stolen.

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