When Do You Need a Gap Insurance Coverage?

It is surprising to know how the value of the new car depreciates soon after you buy it. For instance, when you sign the papers with the All American Chrysler Jeep Dodge Ram of Odessa, the vehicle is then considered as a used car and cannot be sold at the same price.

The car loose approximately 50% of its purchase price within the first two years. When you drive the car to the road, and anything happens to it such as a collision or theft, you will need an insurance cover.

The compensation amount is highly likely to be higher than the price value. The difference between the price value and the amount settled by the auto insurance company is what Gap insurance covers seeks to fill. Gap insurance coverage will be beneficial in the following scenarios:

  • Buying new or slightly used car
  • Buying High-end car
  • A significant portion of the money is borrowed
  • You have less saving to settle the loan in case of accident or theft.

Look for All American Chrysler Jeep Dodge Ram of Odessa in Odessa, TX to help you with a Gap quote.

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