Gap Insurance is an overlooked, cost-effective policy that every car owner should have that has financed the vehicle. It will cover the outstanding debt of your car payment after what your normal auto insurance may not cover in the event of an accident. A great decision and wise move for anyone that might not have a savings or extra emergency cash in the event of a car accident.
We all know that the second you drive your new car off the sales lot that it drops dramatically in value. Unfortunately though your car loan still has the value that the car lot put on it. This means there is a gap in what you owe and what an insurance company will value your car after it is totaled. That gap amount is usually absorbed from the owner of the car, unless you have gap insurance in place.
Having a Gap Insurance policy is a lot more affordable then most people realize. Sometime a car lot will offer it a part of the financed amount but the rates are typically are extremely high and the coverage typically isn’t as good. Going through Miller Carlisle Insurance Services we will make sure to find a policy that is well within your budget in addition to having the perfect amount of coverage. We strive to provide the best rates in town and always pride ourselves in having superior customer service. Give us a call today to have all your questions answered and any concerns addressed that may arise.