When You Need GAP Insurance

If you are not sure whether or not you need GAP insurance, it is very helpful to talk to a friendly representative at Barnes Crossing Mitsubishi. They can answer any questions that you may have.

Basically, GAP insurance is meant to cover you in the event that your car is totaled or stolen. If you are wondering why your insurance company won't do that, it's because they will only cover the value of your car. If your car is valued to be worth $10,000, that is what they will pay to replace. If you still have $15,000 in payments to make, then you are stuck paying the remaining $5,000 that is still owed, unless you have GAP insurance.

It is better to have that extra coverage especially if you are leasing your vehicle. In some instances, though, you simply may not need it like if you have made a generous down payment.
Categories: Finance


Nothing posted yet.