Auto Insurance Lead Coral Springs Florida FL
Reader’s Question:
I bought a $20,000 car and made a $2,000 down payment, the rest of which was under financing. I am pretty sure tha I was fully covered for remaining $18,000 worth of collision and comprehensive auto insurance with a local insurer in Coral Springs, Florida FL. In the event that my car is totaled after one year, I am also pretty sure that my replacement value from my insurer will be lower than what the bank will be asking from me. What’s my remedy in case it leaves me short by a few grand?
Dante
Coral Springs, FL
Lucky you, for there’s Gap insurance for you. That’s not the GAP clothing line but the rider for auto insurance. Gap insurance covers the difference or ‘gap’ which can be a good idea for the circumstance that you gave. This will be most apt for cars with expensive sticker price purchased with a relatively small down payment.
Most auto dealers in Florida, and not car insurance agents, sell gap insurance. You can therefore buy this at the same time you purchase your new car. However, there are also car insurance agents around Coral Springs, FL who carry gap insurance. You can also try to go online shopping which you can easily do using this site. It will be possible to shop for quotes from many websites like this without any obligations.
For gap insurance in Coral Springs, FL you will probably pay approximately $30 per month. I think that most Florida dealer ships charge a one-time fee of maybe up to $300. But you might ask me too if gap insurance will be worth spending for. The principle of all insurance policies always carries a reward/risk equation. A few factors to consider would be your capacity to pay such sum, your car’s depreciation, and your probability of getting in an accident while on the road.
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