You have probably heard it said a new vehicle loses value as soon as it rolls off the lot. While many of us have heard it, do you ever stop to think about what that means when it comes to your insurance coverage?
Between low financing, discounts and natural depreciation, a brand new car could lose thousands of dollars in value within the first few miles of driving. This leaves a gap between the price you paid and the car’s value. Many insurance programs do not account for this, however, and if you are involved in a serious accident that totals your new car or truck, you could be facing a bill for the difference.
That is why there is gap insurance, one of the auto products available from The Lewis Financial Group. With this coverage as part of your new car protection, your vehicle will be insured up to the purchase price, meaning you will not be left with an unexpected gap if your new car or truck is totaled. Gap insurance leaves no gap (up to $10,000), and protects you in case the unthinkable happens to your brand-new ride.
Gap insurance is only available on new vehicles and can be dropped at any time if you elect, meaning you will only be charged for the prorated period you had gap protection in effect. Your car is one of your largest investments – do not leave yourself underinsured and find yourself with an unexpected bill on top of a totaled car in case the worst happens.
Learn more about gap insurance coverage, eligibility and pricing by giving The Lewis Financial Group a call today at 866-709-5206.