Gap Insurance

insurance providers by state

Gap Insurance Coverage

Especially in the early stages of an auto loan, it's not uncommon for borrowers to owe more money on their loans than their vehicles are worth. Vehicle values depreciate rapidly in the first few months of ownership, which sets the stage for an upside-down loan situation, or one in which the outstanding balance of the car loan is larger than its cash value. In these situations, if you were to experience a total loss on the vehicle, the settlement your insurer would provide would fall short of what you would need to repay your auto loan. That's when gap insurance coverage can help.

What Is Gap Insurance?

Gap insurance is a special form of auto insurance that "closes the gap" between a car's cash value and the remaining balance on the car loan in the event the vehicle is totaled. When a total loss occurs, gap insurance providers will pay the difference between the insurance set... http://go-travel.ucoz.com/news/insurance_providers_by_state/2013-06-04-2991