Auto Insurance Florida FL
Reader’s Question:
I have heard about gap insurance from a local insurer here in Florida. Is this the same as my car insurance policy?
Franco
Clearwater, FL
Hello, Franco.
You need to know that gap insurance is not available is every state, and better check out if it is in Florida. It is a very good investment in protecting you just in case your car is totaled. Sometimes, when your car is totaled, the amount of money that some insurers will give will not be enough to cover the amount owed back to the auto dealer. This can happen when your insurance company will give you what the car’s actual cash value is worth and your car’s value has depreciated in time. Your gap insurance will be the one to cover the difference, which can greatly help for it is a significant amount of money. In that case, you definitely do not want to be making payments on a car you do not even have anymore, most especially if you are already paying for a new car.
Gap insurance can also be included when you are renting or leasing a car. However, if this is not included, you should strongly consider that it should be. The rule of thumb here is to make sure that you have all the required insurance. The costs might be too unimaginable for any accident that might happen. Just to be protected though, it is wise to get gap insurance for any leased car.
Hope this gives you insight!
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