GAP insurance is intended to protect those who are involved in a bad financial situation following an accident. Automobile loans are spread out over a period of time. The parties involved have responsibilities to make sure that they make it to the end of the contract. However, there are situations where these obligations cannot be met. There are also elements such as natural disasters and theft that can prevent the car buyer from having the services of the car through the entire duration of the loan.
In these circumstances, GAP insurance comes in to take the burden of payment away from the driver on a vehicle that they can no longer use. For instance, if a car is financed for $10,000 and it was rendered unusable halfway through the contract, that means that there are still thousands of dollars to pay even though the car is not in service. GAP insurance comes in to cover this difference. Contact our team today to get the information that will give you the best possible GAP insurance policy for you.
We break down what gap insurance is & what you need to know when in a dealer’s office: https://t.co/Ct6pOeabvo
— Edmunds (@edmunds) February 2, 2017