Most Recent Auto Insurance Articles in Gap Insurance

• How GAP Insurance May Help You

  by Ricky Lawrence

  Gap insurance is a coverage that takes care of the difference between an insurers’ assessed value of your car and the actual amount owed from a dealership. Once you roll out your brand-new car onto the street outside a dealership, its value already depreciates. If you meet an accident a few minutes after that, heaven forbid, the insurance company will not cover this depreciated amount anymore. With that said, gap insurance is usually not available for older cars. It is … (more) December 5, 2009

• The Advantages of Getting GAP Insurance

  by Ricky Lawrence

  Not many people are familiar with GAP insurance, yet it is very advantageous for car owners and worth looking into. GAP stands for Guaranteed Asset Protection. This insurance policy is very easy to explain using an analogy. If you buy a piece of jewelry using your credit card, and you accidentally lose it, by the time your billing statement arrives, you will still have to pay for that expensive purchase. This same example is true with cars. Most people could … (more) November 30, 2009

• The Importance of GAP Insurance Coverage

  by Ricky Lawrence

  What would you do if you got involved in an auto collision one week after you bought a brand new car? How about one month after? A lot of people think getting into an accident in less than a year after buying a car will never happen. The truth is that they just want to avoid these thoughts. A lot of people choose not to entertain unpleasant thoughts, which is the reason why many people opt not to obtain Guaranteed … (more) November 24, 2009

• Protect Yourself From Possible Financial Loses – Get Gap Insurance For Your New Car

  by Ricky Lawrence

  Losing your new car a few days after you took it out from a dealer’s garage can be a very stressful and painful experience especially if you do not have any gap insurance coverage. As any expert will tell you, the value of your new car drastically diminishes the moment you sign that contract of sale and drive the car out of a dealer’s place. The act of transferring ownership of the car to your name officially takes the car … (more) November 21, 2009

• Your Dream Car’s Lifesaver – Gap Insurance

  by Ricky Lawrence

  You have heard about Gap Insurance, but you really do not know what it is. Of course, your dealer mentioned that it will save your pocket should your car get wrecked, but he did not explain it to you. In fact, there are a lot of instances where people have heard about this type of coverage, but will not be bothered to get it just because they do not understand what it is and what it can do. Here is … (more) November 18, 2009

• Avoiding Losses with Gap Insurance

  by Ricky Lawrence

  Did you know that the minute a newly purchased car or vehicle rolls out of a seller’s lot, its value already depreciates dramatically? The unit becomes a slightly used car and not a brand new car or automobile anymore. It is only considered brand new while it stays in the showroom and depreciates twenty to thirty percent once its wheels touch the outside world. As if proving Murphy’s Law, you get into a collision where a newly bought vehicle becomes … (more) November 13, 2009

• GAP Insurance As A Contingency Plan

  by Ricky Lawrence

  Are you planning to purchase a new car or have recently bought one? Imagine yourself, still driving the vehicle decades after its purchase, sharing some highway bonding together. “Indeed, having a car is a rewarding investment,” you would tell yourself. Sorry to burst your bubble, but in reality, cars do not last that long. According to statistics, 30% of new cars (less than 1 year old) are stolen, vandalized, or totaled in accidents. You still feel secure because of your … (more) November 10, 2009

• GAP Insurance: Is It Really Worth It?

  by Ricky Lawrence

  If your car got stolen and was not recovered, or was given up for lost, your insurance policy will often only pay for the approximate value of your car, rather than the vehicle’s list price at this point. This also happens even if an incident happened soon after a car was bought and driven off a dealership. This is because new cars depreciate a large amount of their value, sometimes losing up to 25% of its price, right after they … (more) November 7, 2009