If you've not been in a major accident and you've never had to go through the process of filing a claim and replacing your car, you can consider this a warning. Just like health insurance has gaps, most auto policies come up short of replacing the full value of your car. However, there are remedies. The best thing a person can do for their peace of mind, especially with a new car purchase, is buy GAP insurance.
A new car is quite a financial commitment. Policies frequently cover 60% to 80% of the value. That leaves thousands of your dollars at risk. Gap insurance will fill that void. GAP policies are specifically for covering replacement cost. These policies are in addition to your regular policies to make sure you are fully covered
No one plans on a catastrophic accident. But, insurance laws are in place for a reason. Just as liability insurance laws require us to protect others, it's just as important to cover yourself.
Come see us here at Jim Falk Chrysler Dodge Jeep Ram about GAP coverage. Let us know you're aware of the issue. We can give you specifics on what your uncovered portion might be and what a GAP policy might do for you.
Categories:
Finance