Buyers and Gap Insurance
If you are searching for affordable auto insurance, you may feel overwhelmed by all of the available options. In most states, you must have at least the state’s required amount of minimum liability insurance to cover the other driver’s losses in case you are ever responsible for an accident. However, this is only one of many different types of car insurance.
Gap insurance is a type of insurance that will cover the amount you owe on a vehicle if you are still making payments on it. Many individuals are required to purchase this type of insurance if they are financing or leasing their vehicles.
If you or a loved one needs auto insurance coverage, contact the Chicago auto insurance professionals of Insure on the Spot at 1-888-972-SAVE today. Our agents can discuss your coverage options and answer your insurance-related questions.
Why Some Buyers Get Gap Insurance
Financing a car can leave a driver with some unexpected vulnerabilities. If a driver is involved in a serious accident, it is possible for the value of the vehicle to be worth less than what the driver still owes on it. This is where gap insurance is helpful, as it will cover the amount you have left to pay on your damaged vehicle.
Gap insurance may be a smart choice for certain drivers, especially those:
- Who have a high interest rate on their vehicle payments
- Who purchased a rapidly depreciating vehicle
- Who rolled over certain expenses, like a vehicle trade-in amount
Speak with a car insurance expert today to find out if gap insurance might be right for you.
If you are in the market for auto insurance, contact the Chicago auto insurance professionals of Insure on the Spot at 1-888-972-SAVE today.