Chris Duff in Business » Insurance http://chrisduff.com Investing, Finance and Business Thu, 17 May 2012 14:12:24 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 Educate Yourself on Gap Insurance http://chrisduff.com/educate-yourself-on-gap-insurance/ http://chrisduff.com/educate-yourself-on-gap-insurance/#comments Thu, 20 Oct 2011 14:15:44 +0000 admin http://chrisduff.com/?p=120 Almost everything has insurance nowadays – life, health, car, home and so much more. It really pays to be ensured because truly, nothing is certain in this world. For those with families and those who are working, car insurance is very important. First of all, a car costs a fortune so in case you run into an accident; you should be able to cover for the expenses without draining your pocket. When you buy a new car on installment, at one point in time, you’ll be paying for more than what the car is really worth. If you miss some payments, you’ll even incur interest rates that can make the car’s value way higher. By the time that you finish paying for your car, its value shall have depreciated. And when it comes to insurance claims, the present value of your car is one factor in determining how much you will get. With the quick depreciation of your car value, it is very likely that you get an unsubstantial amount from the insurance company. This is where Gap Insurance comes in. What is Gap Insurance?

GAP is short for Guaranteed Auto Protection. This type of insurance is needed by persons who bought a new car without enough money for down payment; those who are leasing a car and those who financed their car for more than 4 years. Gap insurance takes care of the difference between the car’s worth and how much you owe on it (the car).

Just like regular car insurance, Gap insurance is utilized when the car is wrecked, stolen or totaled while the payments are still being made by the owner. Take note that the damage should result to a cost of repair that is higher than the car’s actual worth. Gap insurance complements the existing car insurance that a car owner already has.

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