3 Reasons to Include Gap Coverage on Your Florida Auto Insurance Quotes
In addition to uninsured motorist insurance and comprehensive collision insurance, you might also want to consider gap coverage for your vehicle. In case you’ve never heard of gap coverage, you should know that it is a special type of insurance designed to protect the investment that you’ve made in your new vehicle. In order to understand exactly how gap insurance coverage works, you have to imagine an unpleasant scenario: what would happen if you were in an accident in the first year or two of owning your car, and the insurance company declared your car to be totaled. In the event that you totaled your car so soon after purchasing it, you might expect that your insurance company reimburse you the entire value of the car when you bought it, but this isn’t the case. Let’s say you took out a $20,000 loan to purchase your car. Although you will probably still owe around $18,000 on the loan at the time of the accident, there’s a good chance that the insurance company will decide that the car has a total value of far less, say, $14,500. Even though your car is completely destroyed, you would still be left holding the bag for over three thousand dollars when your insurance claim is paid. If you typically buy new cars or lease cars for a certain number of years, you should know that gap insurance coverage can keep you from this costly scenario. If you purchase gap coverage, it will probably result in a higher insurance quote for you, no matter what company you use. The advantage, however, is that you will be sure to be reimbursed for the difference between what the insurance company is willing to pay, and what you still owe on the loan. Jon Djordjevic recommends visiting this premier source for affordable Florida auto insurance quotes. Here you can compare instant auto quotes. Visit this informative Florida auto insurance site today www.JDIFG.com. Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
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