Most Recent Auto Insurance Articles in Gap Insurance

  • How GAP Insurance Helps You

    by Ricky Lawrence

    Guaranteed Asset Protection insurance, or GAP insurance for short, refers to a type of protection that seeks to prevent you from possible forfeiture of your assets. Normally, the asset referred to here is your car. When such an asset gets damaged, often due to road accidents, gap coverage will fill in the void or “gap” that your primary insurance policy will likely miss out. You might ask how this can happen when your policy clearly provides for comprehensive coverage. Actually, … (more) March 15, 2010

  • Disadvantages of Gap Insurance

    by Ricky Lawrence

    Many insurance agents recommend car owners to get gap insurance. It fully covers the market value of a car if it gets damaged or if it must be replaced. So for example, if a vehicle gets damaged beyond repair, the insurance will reimburse the original cost of the car at the time it was bought, and not the present value of the car. This sounds very ideal to a lot of car owners. However, the high premium makes them settle … (more) March 10, 2010

  • Bridging The Gap Between Gap Insurance and Your Safety

    by Ricky Lawrence

    Bridging The Gap Between Gap Insurance and Your Safety For car owners, one dreadful thing they try to avoid encountering is a vehicular accident. Still, if their car is insured, their provider will naturally pay for the damages. However, if their vehicle was acquired through a loan arrangement, some of the costs may have to be paid using their own money. This obviously includes payment for the remainder of their loan. In situations like these, applying for gap insurance becomes … (more) March 1, 2010

  • GAP Insurance Coverage – Is It Worth It?

    by Ricky Lawrence

    Many car dealers nationwide offer their buyers an opportunity to purchase GAP insurance coverage together with their brand new vehicle. Sometimes, finance managers even include it in the contract without notifying an owner primarily because they think it is something car owners cannot do without. However, is it really that important? First, it would be beneficial to have a layman’s definition of the term GAP insurance coverage. Taking out all the technical explanations, GAP insurance is basically an additional coverage … (more) February 11, 2010

  • Gasping For Gap Insurance

    by Ricky Lawrence

    Not too many people know about gap insurance, particularly when it comes to extending protection for their cars. Normally, people just get basic coverage for their cars and go on using their vehicles resting in their thoughts that they are sufficiently protected if ever accidents take place. Yet, there is more value contained in a regular gap insurance policy than most motorists can ever dream about. For starters, have you ever thought about car depreciation? Just like all other things … (more) February 9, 2010

  • Gap Insurance Prevents Negative Equity

    by Ricky Lawrence

    Many drivers think that they are fully protected with comprehensive insurance. In most cases however, they find out too late that it is not so. This is because in reality, cars immediately depreciate by at least 20% as soon as it is taken out of the dealer’s office for use. If something happens to this newly bought car, the comprehensive insurance will not be able to cover for this 20% depreciated value. For the car owner, this is an instant … (more) February 6, 2010

  • What is Gap Insurance and Why Do You Need It

    by Ricky Lawrence

    A lot of insurance buyers neglect the need to buy gap insurance because they do not really understand what the policy entails. Most think that regular car insurance is more than enough to protect them from losses. When the time comes that they face the truth, they have already lost so much and all they can do is regret. Gap insurance is a type of coverage that can cover the things that your regular auto insurance cannot cover. It is … (more) January 31, 2010

  • The Importance of Gap Insurance

    by Ricky Lawrence

    Have you just bought a brand new or used car or just rented one and have not yet paid in full amount? What you need to consider here is getting a guaranteed auto protection insurance or more commonly known as GAP insurance. Now what is this gap insurance? This has coverage beyond any normal auto policy. With this, in case you damage your loaned or leased car, a company will pay the current value of your vehicle (usually 20-30% less … (more) January 27, 2010