What is GAP Insurance Coverage?
You saved your money for years to purchase a new vehicle and finally decided to bite the bullet and purchase that brand new vehicle. You drive off the lot, probably not caring that depreciation begins that very minute you leave the lot. Things are running smoothly when a year later, you have an auto accident rendering your car a total loss! Now, suddenly you may care about depreciation when you hear from the auto insurance company that your car is only worth $20,000 and you owe significantly more than that. How can that be? When your adjuster asks if you have GAP insurance, you ask, “What is GAP insurance coverage?” If you knew about GAP [...]