GAP Insurance: The Difference Between Walking and Riding

If your car accident leaves your vehicle with a lien totaled and you can’t pay it off, you may wind up with no vehicle and no way to afford one right away.

What happens when insurance declares your car as a total loss? Depending on whose fault the accident is, either your insurance company or the other driver’s insurance company will pay you, less the deductible in the case of your insurance, the current value of the car. If you owe more, you will be stuck having to pay the difference and maybe on foot as well.

The good news is that you can purchase what is known as GAP insurance which pays the difference, so you are off the hook and can commence with getting back on the road. When you visit McMullen Ford, ask about this plan and let them walk you through how to get this very important protection.
Categories: Finance

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