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 | What is GAP Insurance? Should your vehicle be stolen, totaled or otherwise be destroyed, while still securing your loan, your insurance company will pay up to the ‘blue book’ or market value of your vehicle to your loan company. On an average 48 month loan, your greatest depreciation occurs in the first year. Meaning if your loss occurs during the first year you could be in a situation where the balance of your loan is greater than market value of your vehicle, leaving you continuing to pay for a vehicle you no longer have. That is where GAP insurance comes in. GAP is an insurance designed to pay the ‘gap’ between fair market value and the balance of your loan.
More Questions? Ask Angel.
724-627-5819 x801
admin@gpbarnharts.com
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