What Is Gap Insurance on Your Car and Why You Need It
What is gap insurance? And, do you need it? Gap insurance is a type of car insurance policy that is designed to cover the gap between what the value of your car actually is, and what you owe on the vehicle, in cases where the vehicle is totaled in an accident. Depending on the type of car insurance you have, the insurance company may not cover the full value of the loan in certain cases. This is where gap insurance comes into play. How Gap Insurance Works Gap insurance is designed to help those who put low down payments on a car, or for other reasons, do not have a lot of equity in the vehicle. In cases where the … Read more