How does GAP insurance work when a car is totaled in Matthews, North Carolina?

When you first get an auto policy in Matthews, North Carolina there are certain benefits that you will select in order to protect yourself from financial troubles. You may add high liability limits and even physical damage benefits. There is one benefit that you will want to add in order to fully round out your auto protection. Here are some things that you will want to know about GAP insurance.

Facts About GAP Insurance and How it Affects You

  • GAP insurance are your car policy in Charlotte and Concord, North Carolina takes care of the gap between the value of the car and amount that you still own on the loan.
  • Without this benefit you will have to pay the difference between the two amounts out of your own pocket.
  • Once the value of the car has been figured out the insurance company will then send that amount to you as a payment for the car being totaled.
  • Once you get the amount you will have to come up with the difference in order to fully payoff the loan amount if you do not have GAP benefits.

There is a lot that goes into your car insurance. If you are looking for someone to help you understand your auto insurance, then you will want to call your independent agent today. As your agent we can help you understand how each one of the benefits on your auto policy protect you and your family. If you need to add benefits to your policy then we can help you decide which benefits you will want to have.