GAP insurance - Do you know about Gap insurance? What is GAP insurance? How Gap insurance Protect you from financial loses.?
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Do you know about Gap insurance? What is GAP insurance?
How Gap insurance Protect you from financial loses.?
Gap Insurance protect you when you owe on your vehicle
which is continuously depreciated in value.
Normally GAP insurance covers the difference between worth
or vehicle and owe on it.
How Gap Insurance works for you:
When you buy a new vehicle it may be car, bus or truck
then the value of that particular vehicle depreciated sharply. In some cases, the
value depreciated by 20% when the vehicle leaves its lot. Maximum Vehicle value
depreciated by 20% in a year. The Standard vehicle policy covers the depreciated
value of the vehicle. In other words, the Standard Vehicle insurance policy pay
the current market value of the car or vehicle at the time of claim.
Sometimes when you pay a small amount as down payment for
your vehicle then it may be possible that your loan amount will be higher than
your current value of the car with the time.
At the time of accident, the Standard Insurance Policy
covers only according to current value of the car. But the Gap Insurance covers
the difference between worth of vehicle at present and what you owe on your
vehicle or car.
When You should buy a GAP Insurance:
1.
When you pay less than 20% as a down
payment.
2.
When you owe or loan tenure more than
60 month.
3.
When you buy a vehicle, which is depreciated
in value more than the average.
4.
Rolled your old car loan into a new
car loan.
From where you can buy GAP Insurance policy.
Normally your car dealer has the facility to provide
GAP insurance. If your dealer doesn’t have this option then you can buy it from
any vehicle insurance provider company. Different company may have different price
for GAP Insurance.
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