For-Car-Insurance.info

Every single driver in the U.S. is required to have Car Insurance. And most of drive around confident that we have adequate coverage to protect us should we ever be involved in an accident.

Yet, almost 97%PRCTG% of all drivers are not adequately protected….and don’t even know it. Here’s what I mean.

Let’s say you’re involved in an accident and it’s serious enough that the car is considered a “total loss” by your Insurance Company. Or, maybe your vehicle gets stolen. A few weeks later, you get a check from your Insurance Company.

When you look at the amount, you’re shocked. It’s thousands less than what you owe on your car. How can that be, you ask?

Well, like most, your policy has this short clause buried somewhere in all that legalese -

“In the event of a total loss, the policy holder will receive the actual cash value of the vehicle, minus any deductible.”

Did you catch the 3, very important words in that clause? The three words are – “actual cash value.”

Actual Cash Value means you’re going to get a get a check for….

“What it’s worth” not “What you owe.?

Isn?t that a nasty little surprise.

And like most, you owe quite a bit more than what the car or truck is worth. What would you owe your Bank or Credit Union if your car was totaled today?

So, how do you avoid this situation?

Well, when you buy a new or used vehicle, add a “rider” to your policy or purchase a separate “rider.?

If you have Homeowners or Rental insurance, a “rider” might sound familiar. For a homeowner?s policy, if you own expensive items, like fine jewelry, you need to add a rider to your policy. The reason – Insurance Companies won’t cover those types of items as part of a regular insurance policy.

So, you pay an extra %5 or %6 a month to have those items fully covered by the rider.”

If anything ever happens to the jewelry, it gets replaced.

A rider for your car or truck is called GAP Insurance or GAP Protection. It’s just like the rider for your Home – except it’s only for cars, vans, trucks or suv?s.

It covers “What You Owe”, not “What its worth.?

It doesn’t matter what the reason is – if it’s ever totaled due to theft, fire, accident, flood, tornado, vandalism, hurricane, it’s covered – and paid-in-full!

You can protect yourself four different ways.

1. Put at least 20%PRCTG%-30%PRCTG% down on any new or used car purchase to erase any gap;
2. Purchase a “Rider” – AKA GAP Insurance from your Car Insurance Company or Bank;
3. Purchase Gap Insurance from another Insurance Company;
4. Buy Gap Insurance from the Dealership you’re buying at.

Any one of these options is great way to protect yourself. Whether you’re getting ready to purchase a new car or truck, or purchased a vehicle in the last 2 years or so, make sure the “gap” between what your vehicle is worth and what you owe is covered.

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Most of us know that a new or used car will depreciate by about twenty percent the minute we drive it off the lot. So unless you put 20%PRCTG% down on your auto loan, you stand to owe considerably more than the value of your car for quite some time. If you buy a moderately priced car of %20,000, then your loan could be for %4,000 more than the price your vehicle would be valued at. Cars are getting more expensive, and many of us are taking out loans for one hundred percent of the value of the loan!

However most insurance companies consider the value of your car to be your book value, and not your loan value. This may seem unfair since your loan may require you to keep comprehensive insurance! However, if you car is wrecked or stolen within the first year, and your insurance only reimburses you for book value, you could owe thousands of dollars on a car that you cannot drive. You will still be responsible for the balance of the loan no matter what amount your inssurance company pays if they choose to total your car.

To protect yourself against an insurance company decision to total your car, you should consider buying car gap insurance. This type of insurance will pay off the balance of your auto loan. However car dealers often charge %500 – %700 for this type of insurance. You do not have to buy auto gap insurance at the dealer! You can buy the very same sort of gap insurance online and direct for less than %300.

Gap insurance is available in the US, UK, and other countries. As cars get more expensive, people finance larger percentages of their auto purchases, and often finance 100%PRCTG%, so gap insurance is becoming a very popular option. If you want to protect one of your most expensive investments, you should consider automobile gap insurance.

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Congratulations! You have already your dream car. But before you go out on the road and have an exiting drive, you have needed to insure you car first. But do you know what auto insurance all about is?

Auto insurance is a type of insurance that consumers can purchase for truck, cars and other vehicles. It provides protection against losses incurred. Depending on the type of coverage purchased, buying auto insurance can protect you against the cost of repairing the vehicle following an accident. The cost of purchasing a new vehicle if it is stolen or damaged beyond economic repair and to the legal liability claims against the driver or owner of the vehicle following the vehicle causing damage or injury to a third party.

The risk associated in buying a new car is not fully covered by a comprehensive insurance. There is generally a period in which the remaining car payments exceed the compensation the insurer will pay for a destroyed vehicle, due to the sharp decline in value immediately following purchase. To protect the consumer on the market, GAP insurance was established in the early 1980?s. GAP protection was developed because of the escalating price of cars, extended term auto loans, and the increasing popularity of leasing.

Liability insurance covers claims against the policyholder and generally, any other operator of the insured vehicle, provided they do not live at the same address as the policyholder and are not specifically excluded on the policy. Those living at the same address must specifically be covered on the policy. Generally, liability insurance does not protect the policyholder if they operate any vehicles other than their own. You are just covered by another party?s policy if you drive a vehicle owned by that party.

Liability coverage also extended when you rent a car. But in most cases, comprehensive policies or full coverage may not be applied. It is because the insurance company does not want to assume responsibility for a claim greater than the value of the insured?s vehicle, assuming that a rental car may be worth more than the insured?s vehicle. But some states, it extends to rental cars. Most rental car companies offer insurance to cover damages to the rental vehicle. In some regions, the ?Loss of Use? or the costs associated with not having access to the vehicle is also covered.

Now that you learn what is auto insurance is, it?s time to get one!

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