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Contributed by mm | September 20, 2006 8:12 PM PST
GAP insurance can provide valuable protection during the early years of your car's life if you have a loan or a lease.
If a loss occurs, GAP insurance will pay the difference between the actual cash value of the vehicle and the current outstanding balance on your loan or lease. Gap Insurance protects your vehicle lease or loan. Sometimes it will also pay your regular insurance deductible.
If your vehicle has been totaled by accident, theft, fire, flood, tornado, vandalism, or hurricanes your insurance company typically pays the actual cash value. That may be less than its actual retail value. It is often considerably less than the actual amount you still owe on your loan or the amount due for a lease payoff.
The amount between your insurance deductible and the loss from this financial shortfall is the “gap” you can be left owing.
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How Much Car Insurance Do You Really Need? (September 20, 2006)
Edmunds provide some guideline on how to determine the amount of auto insurance cover you need. Call me risk-averse, but I have 100/500 liability coverage from my car insurance and another $1M from my umbrella insurance. It is better be careful.
Car Insurance ABC: What Is First Party Benefits - Medical (FPB)? (September 20, 2006)
First Party Benefits cover several areas of insurance coverage; however, this definition is for First Party Benefits-Medical. Similar to medical payments coverage and Personal Injury Protection, FPB helps pay for your medical expenses if you or relatives living in your household are injured in an ...
Car Insurance ABC: What Is Personal Injury Protection Coverage (PIP)? (September 20, 2006)
Personal Injury Protection Coverage (PIP) covers within the specified limits, the medical, hospital and funeral expenses of the insured, others in his vehicles and pedestrians struck by him. The basic coverage for the insured's own injuries on a first-party basis, without regard to fault. It ...
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