Search Car & Truck Tips Car & Truck Navigation Home Browse Car & Truck Tips Contact Us Random Car & Truck Tips Car Care Tips: Maximizing The Value Of My Car Repair Tools: What You Need To Do It Yourself Timing Belts: The Toothed Link In Your Engine Car Financing Scams: When To Walk Hybrids: Tips To Consider When Buying Hybrid Vehicles Nitrogen Air In Tires: What's The Benefit Of Nitrogen? Salvaged Auto Parts: Sometimes A Real Money Saver Engine Won't Start: Possible Reasons & Quick Solutions Accidents: Collisions And Dealing With The Damage Automatic Transmission Service: Common Problems & Maintenance Tips Engine Won't Start: Check Engine Light Is The Key Fix Battery: How To Fix Car Battery Problems Environment Friendly: Is Your Car Green Enough Loans With Bad Credit: Consider, Buy Here Pay Here Used Auto Lots Fix Starter: How To Repair Car Starters Used Car Buying: How To Spot A Lemon Auto Repair: Fix It Yourself With Repair Manuals Air Conditioner: Check Your AC System Before Summer Boosting Performance: Is A Supercharger or Turbocharger Better Manufacturers: Ford Quality Is On The Rise Winter Maintenance: Assault The Salt & Save A Headache Buying Questions: Can Dealers Sell Vehicles With 30% Life On The Brakes? Changing Motor Oil: How To Change Your Oil Fix Rust: How To Fix Rust Spots On Your Car Noises: Squeeks, Rattles And Crunches Car Mechanics: Tips To Avoid Being Scammed Fix Scratches: How To Repair Car Scratches Trade In Tips: How To Negotiate The Value Of Your Used Car Bad Credit: Tips For The Auto Buyer With Bad Credit Starting Problems: Engine Sputters In Cold Weather Cooling Systems: Don't Lose Your Cool!

Gap Insurance: Spend A Little To Save A Lot Posted by carsandtrucks on Monday, February 04 @ 07:04:24 PST As today’s car and truck buyer is looking for a low monthly payment, without making a down payment, the buyer is often “upside down” soon after taking delivery. What this means is the buyer finds they owe more on the vehicle they financed then what the vehicle is worth. If that vehicle is involved in an accident where the cost to repair exceeds the value of the vehicle or the vehicle is stolen, you could be stuck making up the difference between the value of the vehicle and what you owe. As an example, you buy a car or truck for $20,000 with no money down. You drive the vehicle 6 months making a low monthly payment. The vehicle is involved in an accident and the insurance company deems it a total loss. The insurance company values the vehicle at $16500, and you owe $18000. You are responsible to the lender for making up the $1500.00. If you purchased GAP insurance when you bought the car or truck the insurance would cover this shortfall. If you lease a vehicle GAP insurance is a no brainer. Although you do not own the vehicle you are responsible for it and its value. Total a lease vehicle and you will be stuck paying off a large amount of inequity. In fact many lease companies require GAP insurance. If you are buyer that puts down a substantial down payment and have a short term loan you should not need GAP insurance. GAP insurance can be purchased from most insurance companies and in some case you may have it included in your policy and not realize it. You can also buy GAP insurance from the dealer, but expect to pay more as they will be marking it up for additional profit to the dealership. I did call a couple of insurance companies and inquired about GAP insurance for a used vehicle and could not find one that offered this coverage on a used car. I was told there are some companies out there will cover used cars so if you think you need GAP insurance on your used car or truck, I would recommend you search on line.   Sales & Service Tips Random Photo

Site designed by Simple Solutions using Flies and Fins & Maine To Do marketing strategies.