Most Recent Auto Insurance Articles in Gap Insurance

  • Understanding the characteristics of gap insurance

    by Jasper Ericks

    Guaranteed Auto Protection (GAP) insurance plays a vital role when an unpaid auto loan is pending. During the initial years, your car continues to be brand new, and a large portion of loan amount is due. In such a scenario, if your car is lost or damaged; its net worth reduces drastically. The difference between the repayment of loan and your vehicle’s totalled cost is defined by GAP insurance. It is a significant insurance when your car loan debt still … (more) August 29, 2011

  • Gap insurance and the way it works

    by Jasper Ericks

    GAP insurance as the term suggests provides for the GAP between what you have and what you need. In simpler terms, GAP insurance comes into the picture when you have taken an auto loan to purchase a car. In the first few years, your car is still brand new and a major chunk of the loan still remains unpaid. However, in such a scenario, if your car is totalled or lost, its net worth comes down drastically. So whatever is … (more) July 9, 2011

  • Understanding the various components in gap insurance

    by Jasper Ericks

    GAP insurance is a policy that covers the gap between the worth of the car and the amount you would owe on the car if it meets with an accident or in case it is stolen. This type of insurance cover is offered by most of the insurance companies to customers to prevent unforeseen losses. Vehicle owners who are unable to pay a huge sum as down payment at the time of purchase are recommended to opt for GAP insurance. … (more) July 3, 2011

  • Understanding gap insurance and how it works

    by Jasper Ericks

    Gap insurance is basically the difference between the worth of the car and the amount you owe on the car. This comes into play when the car is totaled or stolen when the car owner is still making the payments. A car is totaled when it is damaged to an extent that the repairs would exceed the worth of the car. We can illustrate this with an example. Let us assume that you purchase a car for 20,000 and you … (more) June 5, 2011

  • Information about gap insurance that can prove useful

    by Jasper Ericks

    Everyone with a car would have thought about or opted for auto insurance at one point or another. When it comes to auto insurance, people often make mistakes. They either assume that any sort of coverage will do or sit back after taking full coverer age insurance. However, there is a lot more that you need to consider when it comes to auto insurance. Gap insurance is one such aspect. This refers to the difference between what is owed on … (more) June 3, 2011

  • Closing the gap in automobile insurance agreements

    by Jasper Ericks

    A type of insurance suggested as an extra to auto insurance deals, the Guaranteed Asset Protection (GAP) insurance gives monetary security from specific kinds of loss not included in the basic car insurance. It is imperative nowadays to hold insurance of any sort because prices are through the roof and it is a principal idea to avoid any car disasters. Created to deal with overdue balance of a car loan in case there is a complete loss of a motor … (more) October 30, 2010

  • Things I need to know about gap insurance

    by Jasper Ericks

    “GAP” in GAP insurance stands for Guaranteed Auto Protection. This is usually taken by people who have car loan balances that are more than what their car is currently worth. Cars are one of the things that depreciate easily. A brand new car that costs $30,000 can be as low as $20,000 at face value in a matter of months. Gap insurance is used when the car is stolen or it is totally damaged. So how does it work? If … (more) October 17, 2010

  • When Should I Get GAP Insurance For My Car?

    by Jasper Ericks

    In our economy that is based on credit, we do not usually pay cash for the things that we need. Instead, we get loans and credit cards to pay for them for convenience because we do not have the funds to pay for them upfront. A very good example would be getting a house or a car. These things are a necessity for us so we try our best to get them. Mortgages and car loans are made available for … (more) October 16, 2010