The Benefits of Gap Insurance
Insurance is a source of financial relief in case of any accidents to your assets. However, it doesn’t guarantee full financial coverage of the incurred loses – many times clients are forced to meet a fraction of the cost. We understand the frustration in that here at Bill Luke Chrysler Jeep Dodge Ram.
However, GAP insurance guarantees that you don’t have to pay out of pocket even if your insurer doesn’t pay for everything. Guaranteed Asset Protection (GAP) insurance basically bridges the gap between your insurer’s payout and the deficit needed to fully cover your losses. For example, consider a new car worth $30,000. It will start depreciating immediately after leaving the dealership, and after about one year it may be worth $25,000. In case of an accident, the insurer will pay $25,000 – the remaining $5,000 will be paid for by the GAP insurance.
The benefits on GAP insurance are invaluable. Get in touch with us today in Phoenix to learn more.