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What is gap insurance?

Auto Insurance

By Joanne Lemna | August 22, 2017

There are a lot of options when it comes to insurance. That’s why it’s so helpful to have a broker to help you choose the best coverage for you – they can explain the different types of policies and endorsements and then help you decide which is best suited for your needs and budget. Gap insurance is one of those coverages that not a lot of people know about but if you’re buying a new vehicle it should absolutely be something you consider.

What is gap insurance?

Gap insurance covers the “gap��? or difference between the value of your vehicle and the amount you receive from your insurance policy should that vehicle be deemed a covered total loss. This can cover the loan balance of a financed vehicle or the difference between the purchase price and actual value of the car.

When should you get gap insurance?

Gap insurance is a good idea if you’re financing a new car especially if you made a small down payment as this can mean there is a gap between the vehicle’s value and outstanding loan amount and the amount that will be covered by insurance. It’s also a good idea if you do not have savings to pay off the remainder of the loan for a car if it is a total loss.

Contact your broker about your options and to find out if gap coverage is right for you.

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