The Benefits To Having GAP Insurance

GAP insurance can save you a lot of money if you get into a major accident that leaves your car totaled. This kind of insurance will cover the gap between what you owe on your loan and the amount of money you get from your car insurance.

For example, if you took out a loan for $30,000 to buy a vehicle now worth $22,000, your insurance company will probably only pay you out the $22,000 your vehicle is currently worth. This will leave you responsible for paying off the remaining $8,000 on your loan.

If you had GAP insurance on your vehicle, then the GAP insurance policy would cover the $8,000 difference between what you owe and how much you got compensated from your insurance provider. GAP insurance works best when you are taking out a loan for a more expensive vehicle over a long period of time.

If you would like to learn more about GAP insurance or add a GAP insurance policy to your vehicle, then contact our Ford dealership in Pulaski, NY. We will be glad to help you add a GAP policy to your loan and discuss your options.

Categories: Finance
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