Buying a New Car? Don’t get caught in the Gap!

February 24, 2011 at 2:56 PM | Posted in Auto | Leave a comment
Tags: auto, gap coverage, lease, loan

When purchasing a new car, most of us obtain a car loan and make payments over a number of years.  Do you know what would happen if you got in a serious car accident before the car is paid off?  Depending on the value of your vehicle at the time of a loss, you might still need to make that car payment…even if your car is totaled.

Loan/Lease Gap Coverage pays the difference between the balance of your loan and the actual cash value of the vehicle at the time of a loss, making sure you are not left with a loan payment and no vehicle.  While most car dealers charge an average of $350 for this coverage when you purchase or lease your new vehicle, most insurance companies now offer this coverage at a fraction of the cost.

So, the next time you are considering purchasing a vehicle, give us a call at 888-850-9400 and we can review your options.