Car Insurance New Car Replacement
Close the gap with GAP Insurance for your car hire new
There is some blind optimism when you buy a new car that are supposed to take years highway union before worrying about mundane things like car insurance, and having to replace it if it is totaled! But better safe than sorry, and it is worth having a contingency plan in the form of GAP car insurance before you leave the dealer's lot.
What is GAP Insurance?
Did you know you when you slide behind the wheel and drive the lot with his car dealership depreciates in value? Studies have shown that in the eyes of a claims department insurance blue book value of a car can depreciate up to 20-30% of the minutes it stops being new and it becomes walk someone. That's bad news in anyone's book, but it is extremely bad news if you took out a car loan to buy your car!
Most car loans are given out to the book value blue car before taking to the streets. That means you may have taken a loan of $ 20,000 for the four-door sedan and family of your dreams is now only $ 16,000 worth in the eyes of your insurance company. If the total of your car if it is destroyed by a freak accident or stolen car in the first year, just going to cut a check for $ 16,000. As you may not have had time to make much dent in your total loan amount, you will pay the bill for the balance.
Remember, the amount of your loan is due if you have a car to drive or not!
So now you lose your car, a $ 4,000 and a few chances of getting another loan for a car until you have scraped the money to pay this. That's a bad situation all the way around! You need insurance GAP car.
GAP car insurance coverage is additional insurance that will "encourage" your insurance company to overtake the amount of your loan instead of blue book value of your car if you have to be replaced. That allows you to pay your loan and leave debt free. It also puts you in a position to be eligible to return to apply for another car loan!
Do I have to buy GAP car insurance?
If you're buying a car or GAP insurance is between you and your lender. Some lenders have the foresight to require when you get a loan to buy a new car (even if you are buying a used car), others simply do not matter. It's a good idea to spend the little more each month for a GAP insurance policy, however. For most drivers, especially in today's economy, the difference between Auto Insurance and the loan is considerably larger than the balance in your checking account.
About the Author
Anthony M. Peck is the Senior Developer, Software Project Manager, and Director of Business Development for QuoteScout.com. For more information about
GAP car insurance
, visit them on the web at http://www.QuoteScout.com.
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