GAP Car Insurance
What Exactly is GAP Car Insurance and do you need it?
First of all, guaranteed asset protection (GAP),
is not a legal requirement for car insurance. It is a policy that serves
to protect the value of a product (your car) that is financed, should it
be damaged beyond repair, like an insurance write-off or a car stolen and
not recovered.
GAP insurance will insure you for the difference between
what you would owe on a vehicle, usually a new one, and what an insurance
company says it's worth.
It is highly recommended with a vehicle of a high purchase cost. This would
apply to prestige cars or any classic car where there could be a high potential
loss if the insurer doesn't pay out what you think the car is worth.
We all know about the depreciation of any product
from the moment we purchase it from new. Cars in particular suffer from
heavy depreciation. Most cars lose large sums in value as soon as you drive
it off the forecourt.
Therefore GAP car insurance could be viewed as essential for peace of mind, if you are concerned about the vehicles future value if something untoward happens to it.
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