Search Car & Truck Tips Car & Truck Navigation Home Browse Car & Truck Tips Contact Us Random Car & Truck Tips Fix Rust: How To Fix Rust Spots On Your Car Engine Making Noises: Serious Or Not? Noises: Squeeks, Rattles And Crunches Timing Belts: The Toothed Link In Your Engine Oil Change Tips: Better Safe Than Sorry! Choose The Right Oil! Starting In Cold Weather: Does Wind Chill Have An Affect Engine Tune Up: A Thing Of The Past Gap Insurance: Spend A Little To Save A Lot Tire Pressure: How Important Is Air Pressure? Aftermarket Parts vs. OEM Parts: What's The Difference Remote Starters: Buying & Installation Tips Fix Starter: How To Repair Car Starters Car Warranties: Should I Buy The Extended Warranty? Manufacturers: Ford Quality Is On The Rise Fix Alternator: How To Test & Replace Your Car's Alternator Pothole Damage: Tips For Colder Climates Trade In Tips: How To Negotiate The Value Of Your Used Car GPS, MP3 Stereos, DVD Players: Accessory Buying Tips Performance Mufflers: Improve Fuel Economy & Engine Performance Replacing Fuel Filter: How To Change Your Vehicle Fuel Filter Brake Repair: Disc vs. Drum Brakes Road Trips: Safety Tips For Family Travel Common Engine Problems: Check Engine Light Is On Windshield Wipers: Blade Streaking & Winter Wiper Blades Fix Battery: How To Fix Car Battery Problems Tire Alignment: Save Money With Wheel Alignments Nitrogen Air In Tires: What's The Benefit Of Nitrogen? Frozen Door Locks: Unlocking Your Frozen Car Cooling Systems: Don't Lose Your Cool! Car Painting: Touch It Up Yourself, But Leave It At That Engines: Gasoline Versus Diesel

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.