Gap Auto Insurance
Getting auto insurance can sometimes be quite confusing
. For someone who thinks that auto insurance is just a one-time deal that offers all the protection that you need, then you may have to think again. There are other things that new car owners should know about. One of them is gap auto insurance.What is it?
Gap auto insurance is a type of insurance that provides protection coverage in cases where full coverage auto insurance may fail to cover. The mistake of most car owners is to think that full coverage auto insurance means just that- will fully cover the car owner against any damage and liability in case something happens to his or her car. Also known as "totaled insurance", gap auto insurance makes up for the difference that one would actually owe on a car in case something happens and what the insurance company may say it is worth. Gap insurance can help prevent car owners from having additional worries in case they find themselves mistaken with the auto insurance that they think covers for everything.
Gap Insurance Coverage
Gap insurance usually covers accidents and thefts involving your car. But it may also depend on the policy. That is why it is also important to evaluate and study just what a certain gap auto insurance covers.
Gap insurance is not usually required by law unlike full coverage auto insurance. That is why some people forego getting such a policy. Most insurance companies may also offer gap insurance mainly for new or nearly new cars. Gap insurance for older vehicles may be a bit uncommon, depending on the value of the car or if it is the kind that appreciates in value over time.
Gap Auto Insurance
By: Rica Espiritu