Theme 58

Whether you purchase or lease your car, you need to understand what GAP insurance is all about and how it can benefit you when you need it the most. GAP stands for “Guaranteed Auto Protection.” It’s a must when you’re leasing your car, however, if you buy a car and only make a small down payment,…

Guaranteed Auto Protection (GAP) plans may be offered to you when you buy a new car. GAP protection covers the difference between what your insurance pays if your vehicle is totaled and the damage to your vehicle exceeds the actual cash value (ACV), and the amount you still owe the lender at that point. If…

If you lease a car, you’ll still need to purchase your own state-mandated basic auto insurance—and you’ll very likely need additional coverages: Your leasing company will require collision and comprehensive auto coverage The bank, leasing company or other entity that is financing your leased car has a monetary stake in the vehicle. They’ll want to make…