Tuesday, August 05, 2008
Whether you are buying or leasing your car, there may be a major exposure gap if your car is totaled in an accident early in the lease or loan period. Your lease or loan obligation at that time may be substantially more than the actual cash value of the car, which is what your insurance company traditionally pays for.
With GAP coverage, we will pay your total existing financial obligation on the car, over and above your physical damage coverage, should you have a total loss. It eliminates this major coverage gap, whether you are leasing or buying your car.