Gap insurance is an optional coverage that could benefit you if your car is a total loss and you owe more than the car’s current value after being involved in an accident.
It is not a stand-alone insurance policy. Rather, it is intended to be used with an existing collision and/or liability policy. Another term for gap insurance is loan/lease gap coverage.
Only an original loan holder or leaseholder may obtain gap insurance, so if you would like this type of vehicle coverage, give us a call and we can help you determine the right amount.