GAP insurance is essential for car owners, as it covers the financial difference between the insurance payout and the remaining balance on a car loan or lease after a total loss. Many myths surround this coverage, including the belief that standard insurance suffices or that it’s only needed for new cars. In reality, depreciation affects all vehicles, and GAP insurance can be significantly affordable compared to potential out-of-pocket losses. Alternatives to dealership insurance also exist, providing consumers with flexible options.
You should only choose GAP insurance from the dealership.
Standard comprehensive and collision insurance will typically only pay out the current market value of your car at the time of the accident.
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