Auto Gap Insurance – A Small Bet That Can Pay Off Big
If you've ever visited a casino you know what it feels like when a single pull on a slot machine favors you with the sound of clanging coins flooding down the chute.
You keep playing hoping for another big payout but somewhere in the back of your mind you're resigned to go home with less than you brought along. But what the heck, you had a few cocktails, maybe got comped for a nice meal, and you "only" lost around $200.
So here's a proposition for you. What if I told you that most major insurance companies will pick up the gap in your auto insurance coverage - which could amount to thousands of dollars – for a buy in of just $30 a year? Would you take the bet?
If you don't know how gap auto insurance is played, here's a simple explanation.
Most new cars bought with less than 20% down will depreciate, or lose value, faster than you can pay off the loan. So if your car is totaled within the first few years of ownership, chances are good you'll owe the finance company thousands of dollars more than the insurance company is obligated to pay.
The difference between what you owe (loan balance) and what the insurance company will pay (actual cash value) is the gap in coverage that gap auto insurance covers.
Additional reasons to seriously consider gap insurance are if you lease a vehicle, finance for 5 years or more, drive more than 15,000 miles a year, roll over the unpaid loan balance from a previous vehicle purchase, or purchase a car brand or model with historically high levels of depreciation.
But you won't be getting gap insurance from a car dealer for $30 a year. The average cost of gap insurance bought through a dealership is $587.
Another thing about gap insurance is you don't have to keep it forever. Once the actual cash value of the car equals the loan payoff amount you can cancel it because there's no more gap to cover.
Obviously a bet on gap insurance is one you wouldn't mind losing, but you'd sure be happy to collect if the odds went against you. And hopefully they won't.
Learn how to get the "edge" on your insurance coverage at Auto Gap Insurance Online.
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It is ironic that most of us use great care when purchasing insurance in the US or Canada, yet use a lesser standard of care when purchasing an auto policy for travel to Mexico. The answers to the questions below will help you to make a better informed decision when purchasing online auto insurance for Mexico.
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