Don't Lose Out: Buy GAP Insurance

When you consider purchasing a new car, it's important to think about the insurance you're buying to cover it. While you may not want to consider what would happen if you were in an accident that totals your car, having insufficient coverage can leave you with a hefty bill that can weigh you down for years.

The problem comes from the level of reimbursement that many more standard insurance policies provide. While they will provide reimbursement, it will often be based on the ruined car's market value. If your car loan exceeds this amount, then you're stuck paying that off on your own. If you're driving a car that's brand new when the accident takes place, that leftover loan can be pretty big.

"negative equity" got me like 🙀 ☠️ #adulting

— (@adulting101how) September 25, 2017

GAP insurance offers additional protection for car owners in the event of a total loss of the vehicle. GAP insurance bridges the difference between your car's value and the money you owe on your loan. That way you can move on from the accident completely.

To learn more about GAP insurance, get in touch with the finance staff at Donley Ford in Shelby, OH. Our experts can fill you in on all of your coverage options.

Categories: Finance
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