Gap Motor Insurance - Auto Insurance
What is Gap Auto Insurance or Gap Motor Insurance ?
Gap auto insurance or gap motor insurance is insurance cover for the difference between what you still owe on your car and what your insurance company says it is worth. Gap insurance is essential if you are buying a new car. A new car loses 25% of its value as soon as you drive it away from the dealer's. So if you buy a car for 20K and you drive it away from the dealer's it is immediately worth only 15K, but you still owe 20K. Your insurance company, however, will assess it at 15K and that is why you need gap insurance, to cover the missing 5K. That's why we love insurance companies so much!
So what does Gap auto insurance do? Depending on the policy, Gap auto insurance covers accidents and thefts, but as not all policies are the same it is worth studying what each policy covers before deciding which one to take out. It is also essential to get online auto insurance quotes and compare insurance quotes before parting with any money.
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