Why Do I Need Gap Insurance?
Allstate Insurance says... If you're leasing or financing a new car, many lenders require you to have collision and comprehensive coverage on your car insurance policy until your car is paid off.
Gap insurance is meant to be used in conjunction with collision coverage or comprehensive coverage. If you have a covered claim, your collision coverage or comprehensive coverage would help pay for your totaled or stolen vehicle up to its depreciated value. According to the Insurance Information Institute (III), when you drive a brand-new vehicle off the lot, its value immediately decreases. And, most vehicles' value depreciates about 20 percent in the first year of ownership.
But, what if you still owe more on your loan or lease than the vehicle's depreciated value? That's where gap insurance may help.
When You Might Need Gap Insurance
Allstate Insurance goes on to say... Gap insurance coverage may apply if you're underwater on your auto loan (meaning, you owe more than the car is worth) when your vehicle is stolen or totaled. "Totaled" means that repair costs exceed the value of the vehicle. Whether a vehicle is declared totaled depends on state laws and your insurer's discretion.
Call us for additional information GAP insurance 214-771-3011 or use our contact form
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