November 13th, 2017 by CISC
Please see the attached article on Gap Insurance and why this is an important coverage to purchase when buying a new vehicle using either a loan or lease. You might notice the article is a little out dated, but still rings true today. Dealers and financial institutions will offer this coverage on the loan or lease agreement, but the cost of Gap coverage is quite high compared to what you might be charged on your auto insurance. Also, since the auto insurance carrier will be paying out in the event of a claim, doesn’t it make sense that the coverage should fall under the insurance company who will be paying you in the event of a total loss for your vehicle? If there are additional questions, or if you would like to see what the cost of Gap coverage would be on your auto insurance, please contact our office.