word of health insurance and homeowners insurance and even pet insurance
what about gap insurance no it's not coverage for your moderately priced
khakis and tasteful sweaters from the mall for your car more specifically for
the full value of your car you may be aware that the moment you drive your car
off the dealer a lot it loses roughly 10% of its value and on average your car
will continue to depreciate 15 to 25 percent each year after that according
to CARFAX but hey that's the cost of car ownership right if anything happens to
your car before you have your loan paid off your comprehensive or collision
insurance will replace your ride right not necessarily your car stolen and not
recovered or crashed and declared a total loss your auto insurance carrier
may not wholly make you whole instead they'll reimburse you for the actual
cash value of your car which remember has been losing value since it became
your car less your deductible because your car may depreciate faster than your
car payments reduce your loan balance and you still may owe thousands of
dollars more than that actual cash value your policy pays out gap insurance
covers this difference so you can catch a ride to the dealership roll home and
your brand-new replacement ride and all you'll be out is your deductible and the
time it takes you to reprogram your stereo settings assurance estimates you
can purchase gap insurance for a few extra bucks a month on your vehicles
policy or from the dealer for five hundred to a thousand dollars now if you
own your car outright gap insurance probably isn't a great
investment for you feeling lucky to take your chances and go without but if you
want to be on the safe side then as they say in London mind the gap
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