If you have an insured car that gets totaled during an accident, your insurance company might give you a settlement that is based on what the car’s actual value is. Cars depreciate quickly, and your settlement might not cover what you owe on your loan or lease.
This could result in you having no car and being stuck with a big bill to pay. GAP coverage is meant to help avoid this scenario. Some lenders require GAP insurance as well as your regular coverage. GAP insurance might already be included in the cost of your leased vehicle. This will help out when an accident happens.
To learn more about what the benefits of GAP coverage are, or if it will be included in your loan or lease, our financing team is ready to help. Speak with someone who works here at XIT Chrysler Dodge Jeep Ram to get more information.
We break down what gap insurance is & what you need to know when in a dealer’s office: https://t.co/Ct6pOeabvo
— Edmunds (@edmunds) February 2, 2017