So if you bought a car on finance for 20000 and it depreciated by 60 in three years the car would be worth 8000.

Is car gap insurance worth it. Shortly after purchase it might only be worth 18000 to 19000 by insurance company calculations based on factors including the cars condition price surveys and industry guides such as Kelley Blue Book. While the cost of gap insurance varies from one institution to the next each providers price should be the same for all vehicles whether you drive a truck or a smart car. If your new or even second hand vehicle is stolen or involved in a traffic accident resulting in it being written off then gap car insurance will ensure you dont face a loss.

Gap insurance is an optional car insurance coverage that helps pay off your auto loan if your car is totaled or stolen and you owe more than the cars depreciated value. Gap insurance usually costs between 250 and 400 dollars although can cost up to 800. While it is uncommon you can get GAP insurance for a used vehicle often known as a loanlease payoff program.

You owe money to a car finance company If you have taken out finance to buy the car eg a. Gap insurance will only pay out on a totaled or stolen car if theres a gap between what your cars worth and what you still owe on it. Its additional cover that can assist you financially if something unfortunate should happen to your car.

Gap insurance is designed to work alongside your standard car insurance. To learn about what companies sell gap insurance check out. Is gap insurance worth it.

If there is any time during which you owe more on your car than it is currently worth gap insurance can definitely be worth the money. Although fairly inexpensive gap. Gap insurance is a type of car insurance that covers the gap between what a car is worth and what the driver owes on their auto loan or lease if the car is totaled or stolen.

If you put down less than 20 on a car youre wise to get. If youre not happy with the lower amount even though thats enough to provide you with a like-for-like replacement car gap insurance may be worth it. In calif before the amount owed or a dealer life and insurance is gap worth on it a car insurance covers the auto insurance protects you drive it.