Whenever we buy a car or any vehicle, we always make sure that nothing happens to them by any misfortune or there should not be a single scratch on their priced possession. Gap insurance is a concept introduced to insure and ease the buyers from the woes of thefts, accidents and certain other unavoidable circumstances. The customer can get relief just by sitting and saying that “I have the gap insurance for my car“.
What is Gap Insurance?
Not everyone ever wants to see his or her car to be torn off into pieces or stolen, but if someone gets a bad day or hard luck enough to have to say goodbye to their priced possession in those cases you have always got a great solution right at your doorstep which can at least ease the financial loss which one has suffer by insuring your car with gap insurance. So you can lay down peacefully thinking that “I am secured with Gap Insurance for my car”. As its name suggests the concept of Gap Insurance is introduced to varnish the gap between the amount you paid for your car, and the amount the insurer will pay keeping the current value of the car in mind.
If you are having the Gap Insurance for your car, it surely helps you to have the same driving experience on the road which was once there with your old vehicle before it got stolen or was torn out. Insurers assure to pay you the amount which your car is worth now, so at times the claim you get for your motor could be substantially less which is according to its current market value.
Advantages of Gap Insurance:
1) The problem which usually arises with stolen or trashed cars is their repair or replacement which takes a heavy toll on one’s pocket and the owner has to spend heavy amounts on it either making it similar to the old one or buying a new one. In both cases whole of the owner’s pocket is consumed. This is where car Gap Insurance plays an invaluable role by bridging the gap between the price once the owner has paid and the amount the insurer has to pay which is decided by the current value of the car in the market.
2) If you want to apply for a Gap Insurance cover, it does not really matters how you bought your car whether you made cash payment or by credit, or by buying it from a dealer or privately you can still apply for the cover.
3) Gap Insurance is a cost effective concept which has been introduced for the motorists and gives you the advantage that you can usually pay your premiums in monthly installments which is covered up to a certain period of time and varies with the terms and conditions of every service provider.
Having Gap Insurance for my car makes me economically secure as for now I am assured that the insurers are going to cover up the gap between the amount I paid and the current value for my car without withdrawing a huge amount from my pocket.