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First, we should answer the question “What is GAP insurance?” GAP insurance helps cover the “gap” between what you owe on a vehicle and what it’s worth if it’s totaled in an accident. We’ve detailed an example for you below:
Let’s say you took out a loan of $30,000 for your new vehicle, but the car is valued at $24,000 at the time of the accident. If you have GAP insurance, the policy would kick in and cover the remaining $6,000 so you don’t have to.
Even from this short example, you can see that GAP insurance can be very useful when you’re driving on Dayton roads. If you’re wondering “How do you know if you have GAP insurance?” Read along with New Carlisle Chrysler Jeep Dodge Ram as we explain how this coverage option works and how to tell if you’ve purchased it. Questions? Contact our finance team and they can help you with your coverage or a new vehicle purchase!
GAP insurance is not state-required insurance like liability insurance is. If you want GAP insurance coverage for your vehicle, you have to ask for it or seek it out and add it to your current insurance coverage. In some cases, GAP insurance is required if you lease a vehicle, in which case it should be outlined in your lease agreement. If you’re asking “How do I know if I have GAP insurance?” the best option is to check with your insurer or the dealership you purchased/leased your vehicle from.
If you’re wondering “How do you know if you have GAP insurance?”, ask yourself if you inquired about GAP insurance when you bought your vehicle’s insurance policy. If you didn’t ask, then you probably don’t have GAP insurance coverage. If you’re unsure if you asked or not, you should be able to contact your insurer or review your vehicle purchase agreement to see if you have GAP coverage or not.
However, if you’re leasing or financing a car, don’t immediately assume you have to buy GAP insurance. Some leasing and loan companies will include a GAP Waiver Provision in their policies with borrowers and lessees. The GAP Waiver Provision will cover the “gap” between the amount you owe and what’s paid out by the insurance company.
If you’ve checked with your insurer and you want to purchase GAP insurance, it’s relatively easy to do so in Springfield. To purchase GAP insurance you can either purchase it from your current provider, an online insurer that specializes in GAP coverage, or from the Huber Heights dealership where you purchased or leased your vehicle from.
Now that you know more about GAP insurance and what it covers, it’s time to see if it’s a form of coverage you need in New Carlisle. GAP insurance is great for drivers who lease their vehicles or are still paying off their auto loans. If you already own your vehicle, however, you most likely don’t need it. If you have questions about insurance coverage, uninsured motorist coverage, or if you want to see if you have GAP insurance, contact us and we’ll help you any way we can!