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Maybe you don't need your car anymore because you moved to an area where public transportation is more convenient and cheaper. Or maybe you want to switch it for another one, or your new job is ...
For instance, if your car's value has dropped to $25,000 but you still owe $30,000 on your loan, gap insurance would cover that $5,000 difference if your car is totaled or stolen.
Guaranteed asset protection insurance (or GAP Insurance) is an insurance coverage offered as a supplement to automobile insurance policies or auto loans. A GAP policy covers the difference between the value of a car (i.e., what the insurance company will typically pay), and what the borrower owes on the loan if the car is totaled or stolen.
A deterrent to auto theft: If a vehicle is a complete loss due to an accident, its serial number (VIN, Vehicle identification number) and registration documents could still be of potential value to persons dealing in stolen cars. The diminished sale value of a title branded vehicle reduces the profitability of switching the registration and VIN ...
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Once a vehicle has been written off and repaired the vehicle may still lose value. Diminished value is the reduction in a vehicle's market value occurring after a vehicle is wrecked and repaired, otherwise called accelerated depreciation. To collect diminished value after a car accident, insurance companies usually ask for a diminished value ...
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related to: how to get rid of a car you still owe on your vehicle accident due to fraudsidekickbird.com has been visited by 100K+ users in the past month