Reasons Why GAP Insurance is Good For You

GAP Insurance, also known as the Guaranteed Asset Protection Insurance, is an insurance policy you purchase when you are about to purchase a new car. This is a type of insurance policy that works better for those seeking reliable means of maintaining the actual purchase value of their cars for many years to come. If your car gets lost or is written off due to an accident, GAP Insurance will work by covering you the difference between the money you received from the insurance company and the actual amount of money you used to purchase the car at the dealership.

GAP insurance is best because a normal car will tend to lose its actual value by up to 60 percent after three years of using it. If the car gets lost within the three years, you will not get the amount of money you purchased it from the insurance policy. This is where GAP comes in.
Categories: Finance


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