GAP Coverage Benefits You and Your New Car

There's nothing like buying a brand new car. While you may be thrilled that you're finally purchasing the car of your dreams, don't get lost in the moment. You need to make sure you get the right insurance. If you're not careful and an accident occurs, your shiny new car could be transformed into unwanted debt and an unhappy burden.

Most standard insurance policies will provide compensation in the case of a total loss accident. What they won't do, however, is pay off the money left in your loan beyond that amount. In some cases, that can mean you're saddled with thousands of dollars of debt for a car that's not even drivable anymore.

"negative equity" got me like 🙀 ☠️ #adulting

— (@adulting101how) September 25, 2017

GAP insurance covers the difference. With GAP insurance, your total loss protection includes the total sum of your car loan. That way you can move on and start over with a clean slate.

Contact Faith Ford in Brattleboro, VT. Our finance staff can talk to you about GAP insurance and give you the information you need to protect your financial future.

Categories: Finance
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