Presuming you have just bought a new car, either privately or for your company, possession of and using a car also means you shall require some insurance in case something bad happens to the vehicle. As any car, and especially a brand new one, which can be seen as an investment, you shall also remember to secure it. Apart from traditional car insurance it might be more than wise to purchase gap insurance. And you may find several really good reasons for this. First, it is the value of your car at the day of purchase which is being secured. It is a well-known fact that any brand new vehicle loses some twenty percent of its price when leaving the showroom. Should anything unexpected or bad happen even just several minutes after leaving, the insurance company will not pay out on the original value of the vehicle, but rather the value they have in their catalogues. The gap insurance will then help you regain the amount of money you really paid for the car – by covering the difference between the real car value and the cash obtained from the insurer. Gap insurance is of special importance when your car is purchased on loan or credit. In the case of such a buy, the GAP insurance will secure your obligations against a financial company, which granted you the car financing option, by repaying the vehicle’s price stipulated in the purchase contract without making you personally liable for any financial shortfalls.
gap insurance rescued me from losing a lot of money when a drunken driver rammed my leased car. it’s a must have.
Yeah, you cannot forget gap insurance or else Murphy’s laws are gonna eat you.