The following post originally appeared on our RoadLoans blog, The Open Road.
I had several customers tell me on one day recently that they are very excited RoadLoans offers GAP coverage.
One customer told me a story about when she had a collision and totaled her vehicle. She mentioned that she was stressed out enough having to call attorneys, go to the doctor, deal with the insurance companies and everything else that comes with having a bad accident.
But when she found out that the insurance company was only paying off a portion of what she owed on her loan, she was completely crushed. Can you imagine still owing thousands of dollars on a vehicle that you don’t even have? She learned from her mistake the hard way. She said she will never purchase a vehicle without GAP coverage again.
We also spoke to another customer, who shared that she would never buy another vehicle without GAP coverage. Why? Joan, the customer, told us she was involved in an accident recently in which her car was totaled. Joan was without a car and still owed $5,000 on the vehicle.
The good news is Joan had GAP coverage. She was able to pay off the difference owed and buy another vehicle right away because she had GAP.
GAP stands for Guaranteed Asset Protection. When you have a total loss, the insurance company only pays market value of the vehicle. Most people are upside down in their vehicles as soon as they drive off the lot. If you have GAP coverage, it pays the difference between what you owe and what the insurance company pays.
RoadLoans offers GAP coverage, and it’s usually cheaper than what the dealer will offer for it. The GAP is just added to the monthly payment and it’s usually less than $15 a month.
I tell my customers that it’s definitely worth adding GAP because it’s a great product that gives you peace of mind so you don’t add to the stress of a total loss.
Visit RoadLoans at www.roadloans.com today to purchase your new vehicle and add GAP.
By Jace Wegge