Why should you get GAP insurance?

Here at Bear Chrysler Dodge Jeep Ram, we want to make sure our customers are in the know. That's why we'd like to tell you about GAP insurance. GAP insurance or Guaranteed Asset Protection insurance is a plan that works right alongside your standard insurance plan for your automobile. GAP insurance does not replace your standard coverage but helps ease your worries in case your car is stolen or totaled in an accident.


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If you have ever been in one of these situations before then you know how insurance companies are. Insurance companies will only give you the market value of your car today. So, let's say you bought your car for $20,000 and you still owe $18,000 but according to the Blue Book value it's only worth $14,000. That means that your insurance company will only pay you $14,000. You are still on the hook for the extra $4,000. That's where GAP insurance will come into play. Covering your back and making sure you aren't left on the hook, paying for something that you don't even own anymore.

Stop by our dealership today and we'll tell you more as well as answer any of your questions.

Categories: Finance
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