GAP Insurance

In many cases, a brand new car loses as much as 30% of its value as soon as it is purchased. Most car buyers do not mind this fact, as they intend to keep the car for years to come. However, if a car owner totals his or her new automobile, most insurance policies will only give the owner the market value of his or her car, which is, at the very most, 30% less than what the owner paid for the car.

Depending on when owners buy their cars, they may find that they still owe money on their totaled cars. To learn about avoiding this situation, contact the Illinois car insurance agents of Insure on the Spot at 1-888-972-SAVE.

What is GAP Insurance?

Guaranteed Auto Protection (GAP) insurance is a special kind of insurance that is specifically for individuals who have just purchased an automobile. With GAP insurance, if an owner totals his or her car but owes more on the car than it is worth, he or she will be covered for the extra amount.

Many insurance policies do not include this protection, and many insurance providers do not offer this policy. Luckily, an individual does not have to add GAP insurance to his or her existing policy; GAP insurance can be purchased at a later date from a third-party insurer.

Contact Us

If you have just bought a new car, do not run the risk of being out thousands of dollars in the event of an accident. Contact one of the experienced Illinois car insurance agents of Insure on the Spot today at 1-888-972-SAVE and learn more about buying GAP insurance for your new investment.