“Why would I need another insurance policy?” you may be thinking, “I have a full coverage policy, so I’m fully covered. It’s even in the name.” That’s true, except that the “full” in “full coverage” actually refers to the full market value of the car at the time the vehicle was totaled, not the full amount of your loan. What if, at the time of the accident, you owe more on your vehicle than what it is currently worth? You’ll be on the hook for whatever is left on the loan after the insurance pays out. That’s where gap insurance comes in. What does gap insurance do, exactly?
- You rolled an old car loan into a new one
- The term of your loan is for 60 months or longer
- Your down payment was smaller than 20 percent
- You’re leasing the car instead of buying
- Your car is stolen
- It’s destroyed in a fire
- It’s totalled by vandalism
- It’s totalled in an accident
- It’s destroyed by a natural disaster (“act of God” in insurance terms)
Take a Test Drive at Standard Jeep Ram Near Calgary
Whether you need to get gap insurance for your new vehicle or need to visit us for routine maintenance, Standard Jeep Ram has you covered! We’re conveniently located near Lethbridge, so pay us a visit if you’d like to test drive a new vehicle or get the low down on any insurance information that you need.
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