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Free Auto Insurance Quotes for Car Gap Insurance

What is car gap insurance? In basic terms, this is insurance that will make up the difference between what is still owed on your car and what your regular insurance policy will pay on a car loan. Car gap insurance typically comes into play only when a car has been wrecked, totalled, stolen or written off.

While standard car insurance, and even comprehensive car insurance, will cover the fair market value of your car, this may only be as much as 80% of what you originally paid for your car. The reason for this is that most cars and other vehicles heavily depreciate in value once they are purchased, and it can mean that you may have to pay a gap of up to 20% of the original purchase price of your car after you have an accident. This means that, even though you have been paying premiums for comprehensive car insurance and your car is completely written off, you may still have to make a substantial payment in order to settle the loan for the car that you no longer have.

If this situation sounds are unpalatable for you, then why not get some free auto Insurance Quotes and consider your options when it comes to car gap insurance.

Car gap insurance is not for everyone, and it really only comes into effect when you owe more on your car than your car is currently worth. Once this is no longer the case, then car gap insurance may not be necessary for you, since the gap between what is owed on your car and what your insurance policy will pay will be significantly less.

The good news about car gap insurance is that the premiums are usually very low, perhaps only a few dollars more per month than you are currently paying for your standard or comprehensive car insurance. The best way to find out how much car gap insurance will cost you is to obtain some free auto Insurance Quotes, and there are many online resources which will allow you to access these free auto Insurance Quotes quickly and easily.

If you decide to take out car gap insurance, most insurers will allow you to take out this cover at the time that you purchase or lease your vehicle, or even at a later stage.

Although car gap insurance is a relatively inexpensive type of insurance, and will only come into play if your car is completely totalled, written off or stolen, in the event that you are in this situation you will be very glad that you decided to pay the extra few dollars per month to take out car gap insurance. The difference between what is currently still owed on your vehicle and what your insurance policy will pay in the event that your car is totalled, written off or stolen could add up to thousands of dollars, especially if your car is very new.

Make sure to obtain some free auto insurance quotes to work out if car gap insurance is something that you should add to your regular car insurance policy.

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