Most Recent Auto Insurance Articles in Gap Insurance

• How Do Insurance Companies Profit from Gap Insurance

  by Ricky Lawrence

  Most people do not have the means to purchase a car in lump sum payment. Instead, they get a car loan so that they can pay on a staggered basis. Since they are driving a car that is not yet fully paid, they make sure to have it insured. Some choose to get gap insurance because of its advantages. This type of insurance covers the amount of the market value of a car at the time it was bought less … (more) January 24, 2010

• How You Can Benefit From GAP Insurance Coverage

  by Ricky Lawrence

  Most car owners and drivers are unaware that they need GAP insurance in their auto policies. When an insured vehicle gets into an accident a few months after its purchase, an owner would still have to pay for additional expenses even though he already has full coverage auto insurance. Why? For instance, you bought a car for $35,000 two or three months ago. You have made 3 payments at about six percent interest rate. Then, the unexpected happens, you meet … (more) January 21, 2010

• Things to Consider Before Getting Gap Insurance

  by Ricky Lawrence

  People look into so many options first before buying insurance coverage for their cars. After being briefed about the different types available, many are attracted to gap insurance because it pays for the difference in market value and actual value of a car at the time of accident. This may sound really good, but one should ask also if he really needs it. Not all kinds of cars must have this insurance. Gap insurance is only required in leased cars … (more) January 13, 2010

• What Car Owners Need to Know About Gap Insurance

  by Ricky Lawrence

  Familiar with gap insurance?  For many car owners, the unfortunate answer is ‘no’.   They do not even realize that there is a gap between what their standard vehicle insurance pays for, and what is not covered.  That gap can prove to be costly for new car owners, as you will see. There is a significant difference between what a new vehicle is worth and what you currently owe on a newly-bought (or leased) car.  If a new car is stolen … (more) January 7, 2010

• Important Reminders When Purchasing GAP Insurance

  by Ricky Lawrence

  What is GAP insurance and how does it work? GAP auto coverage, like other types of insurance, is not necessarily required. That means you can purchase a car and get a basic auto policy without getting GAP. However, this will put you at risk of losing a substantial amount of money in case you get involved in a car accident. GAP car insurance takes care of the “gap” between market price of the vehicle and amount of money an owner … (more) December 29, 2009

• Understanding GAP Insurance Better

  by Ricky Lawrence

  GAP insurance is often taken for granted because many people do not understand how it works. Before attempting to explain what it is, first, it is important to understand the market value of cars. Cars are machines that begin to depreciate by 20 to 30 percent once it is taken out of a showroom. These are not brand new anymore, instead they are considered slightly used or used. If drivers figure in an accident, insurance providers will calculate claims based … (more) December 27, 2009

• Know More About GAP Insurance

  by Ricky Lawrence

  Say for example you have just purchased a brand new car and a week after something unfortunate happened that turned your new ride to an almost total wreck. Have you ever asked yourself what would you do when this situation happens? A huge number of car owners think it is not possible for a car to get wrecked one year after its purchase. Most of them really do not want to entertain negative thoughts. The truth is that your car … (more) December 24, 2009

• GAP Insurance Offers More Than Covering Gaps in Insurance Protection

  by Ricky Lawrence

  These days, getting a good car insurance coverage no longer seems sufficient protection from possible auto theft or from any type of vehicular accident. Auto insurance nowadays needs to be complemented by other related protection coverage types. This is where you may want to consider applying for GAP insurance. The word “gap” in GAP insurance is actually an acronym for Guaranteed Asset Protection. As its name suggests, this insurance variation seeks to extend financial help to vehicle owners who encounter … (more) December 22, 2009