Gap Insurance for Your Leased Vehicle

Gap Insurance for Your Leased Vehicle

12October,2016
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If you have a leased or financed vehicle, is it worth it to purchase gap insurance along with your auto insurance policy?

Guaranteed Auto Protection (GAP) insurance covers the difference between the actual cash value of a vehicle and the balance still owed on the financing (loan or lease) at the time of a total loss.  This is a very important coverage to have and can save you thousands of dollars should you have a total loss of the vehicle.

As with many car leases and financing agreements, gap insurance may or may not be built into the agreement.  Be sure to check your agreement and contact your insurance agent before you purchase gap insurance coverage at the dealership.  It is possible that your current auto insurance carrier may be able to provide this coverage at a more economical rate than the dealer can offer.

To protect you, let’s be sure a proper auto insurance policy is in place. For all of your insurance coverage questions, please contact your team at Hoffman Brown Company in Sherman Oaks, California. We are happy to be of service!

COVID-19 Update:

The Coronavirus, officially COVID-19, has become a global health emergency. One of the measures Hoffman Brown Company has taken to keep our CLIENTS and Teammates safe was to design a complete virtual work environment. For the foreseeable future, our colleagues will be conducting business virtually to avoid any disruption in our ability to serve you. These measures are based on the CDC’s guidance and will evolve with the situation. Please know that we are fully functional, available and look forward to being of service.