What is GAP Insurance?

Millions of cars are sold every year in the United States. As most people already know, having insurance is a strict requirement to purchasing any vehicle. However, what many people don’t realize is that standard insurance may not fully cover the cost of replacing the vehicle in the event of an accident.

The reason for this is that the value of a car declines immediately upon purchase. In the event of an accident that destroys the car, standard insurance will only pay the amount up to the value of the car. Owners who financed the car and still owe more than its value at the time of the accident would be stuck owing the difference.

GAP Insurance provides coverage for this difference in value, giving owners full peace of mind about their cars. Please stop by Car City Chrysler Dodge Jeep RAM in the St. Joseph showroom for any questions you may have about purchasing GAP Insurance.
Categories: Finance

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