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When you are purchasing a new vehicle, or a late model used car, you should always give some consideration to the purchase of GAP coverage. Guaranteed Auto Protection, often simply called GAP, is an supplemental type of car insurance that your insurance agent may offer.
GAP is very useful for Laurel, Maryland car or truck owners who want to be assured that their vehicle will be fully covered by insurance in case of a theft or in case the car is totaled in an accident. As most car buyers know, a new vehicle will start to depreciate as soon as you drive it away from the car dealership. In the case of a theft or a wreck, your insurance policy will pay only the current market value of your vehicle, and due to depreciation this will usually mean you are left owing a significant sum on the balance of the vehicle.
GAP will cover the difference between what your regular insurance policy pays out and what you actually still owe on the car. This can often amount to thousands of dollars, and therefore having GAP insurance coverage can protect you from being in a lot of debt on an auto that you can no longer use.
Having GAP insurance means that you can truly enjoy your new vehicle and drive with peace of mind, knowing that if disaster struck that you would be protected by your insurance company. Some people already have GAP because it was purchased at the time they bought their vehicle, but this isn’t the only time you can buy GAP. Your insurance agent can help you to learn more about GAP, and to determine if you are eligible for this type of coverage. Even if you have had your car for a while, you may still be able to get the ultimate protection that GAP offers you.