Auto Gap Insurance – A Small Bet That Can Pay Off Big
If you’ve ever visited a casino you know what it feels like when a single pull on a slot machine favors you with the sound of clanging coins flooding down the chute.
You keep playing hoping for another big payout but somewhere in the back of your mind you’re resigned to go home with less than you brought along. But what the heck, you had a few cocktails, maybe got comped for a nice meal, and you “only” lost around 0.
So here’s a proposition for you. What if I told you that most major insurance companies will pick up the gap in your auto insurance coverage – which could amount to thousands of dollars â for a buy in of just a year? Would you take the bet?
If you don’t know how gap auto insurance is played, here’s a simple explanation.
Most new cars bought with less than 20% down will depreciate, or lose value, faster than you can pay off the loan. So if your car is totaled within the first few years of ownership, chances are good you’ll owe the finance company thousands of dollars more than the insurance company is obligated to pay.
The difference between what you owe (loan balance) and what the insurance company will pay (actual cash value) is the gap in coverage that gap auto insurance covers.
Additional reasons to seriously consider gap insurance are if you lease a vehicle, finance for 5 years or more, drive more than 15,000 miles a year, roll over the unpaid loan balance from a previous vehicle purchase, or purchase a car brand or model with historically high levels of depreciation.
But you won’t be getting gap insurance from a car dealer for a year. The average cost of gap insurance bought through a dealership is 7.
Another thing about gap insurance is you don’t have to keep it forever. Once the actual cash value of the car equals the loan payoff amount you can cancel it because there’s no more gap to cover.
Obviously a bet on gap insurance is one you wouldn’t mind losing, but you’d sure be happy to collect if the odds went against you. And hopefully they won’t.
Learn how to get the “edge” on your insurance coverage at Auto Gap Insurance Online.
Sam Streubel was born and raised in Wisconsin. During the 60′ and 70′s he was a freshman at most major universities. During this same period he was a sideman (bass) for numerous has been acts like the Platters, Shirelles, and Happenings.
Fast forward a few years to the energy embargo and an interest in alternative energy was born which continues to this day.
More recently, as a result of a family member’s auto accident, an interest in gap auto insurance ensued which led to the creation of Auto Gap Insurance Online.com
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GAP insurance
Question by CMDS: What is gap insurance usually labeled on the actual insurance policy paper?
How do I know if I have gap insurance by looking at my insurance policy? I have Travelers, if that helps.
Best answer:
Answer by oklatom
It will be listed as “GAP Coverage” under additional coverages if you have applied for it when you started your policy.
What do you think? Answer below!
Auto, Insurance, Small
OklaTom is right.
They might call it something else though. Excess coverage or something like that.
(is this a lease?)