RetireMax Insurance is your trusted insurance source in Orland Park, IL for auto policies. Have you ever considered what happens if your car is totaled or stolen while you still owe more than the car is worth? In today’s blog, we will discuss the relevance of Gap Insurance in these situations.
What is Gap Insurance?
Gap Insurance, sometimes known as ‘loan/lease payoff coverage’, is designed to cover the difference (or ‘gap’) between what you owe on your vehicle loan or lease and the vehicle’s actual cash value in the event it’s totaled or stolen.
Who Needs Gap Insurance?
While it’s not necessary for everyone, Gap Insurance can be especially beneficial for those with newer but depreciated cars, people with an auto lease, and those who made a small down payment or financed their vehicle for a long term.
Adding Gap Insurance to Your Auto Insurance Policy in Orland Park, IL
At RetireMax Insurance, we can help you add Gap Insurance to your current auto insurance policy. It’s a small additional cost that can save you from significant financial strain if you experience a total loss of your vehicle.
In Orland Park, IL, and elsewhere, understanding your auto insurance coverage can help secure your financial stability in an unpredictable world. For more information about Gap Insurance or other aspects of your auto policy, the team at RetireMax Insurance would be happy to assist. Make sure to reach out to us today for personalized guidance.
