Gap Insurance is something that most car owners don’t assume about. It is however becoming an important part of purchasing an automobile.
When the buyer purchases a new auto or used auto there is always a difference between the Insurance companies plan of what that automobile is worth and what you owe on the loan. Even a modern automobile depreciates the minute you drive away from the car lot.
Most Insurance carriers calculate the value of your automobile by the Kelly Blue Book and considerations of any additions to the car and what those add to the value of that automobile. The problem here lies with the purchaser/owner of that automobile.
If the loan on the auto is for more than the Insurance companies final decision on it’s value then the owner is held responsibility by the lender to pay the balance of that loan. This is where your GAP Insurance comes into play. GAP Insurance pays that difference. You the purchaser/owner is left with no outstanding balance on the auto loan.
The cost of GAP Insurance is actually quite reasonable if you consider the odds that you may be keen in an auto accident that would perform the auto classified as a total loss.
Some of the lending agencies such as Toyota Motor Corp., GMC, US Bank, and many others will offer GAP insurance at the time of purchase. If this is not offered then there are several well- known insurance carriers such as Esurance, State Farm, Farmers and many others that offer it included in your auto insurance plan for what is a minimal cost. The price ticket on GAP Insurance can be as little as $10.95 a month depending on what insurance carrier chosen.
If you ever find that you are in this situation and you need to use your GAP Insurance it can be a godsend. If an accident occurs and the auto insurance company deems your car a total loss, contact your GAP Insurance and file the claim per their requirements and let them take over the case. Contact your lender and let them know that you have GAP Insurance on the automobile, give the lender the insurance company name, address and phone number and let the two companies work the issues out between them. Nothing more need be done by the auto owner unless there are complications between the lender and the insurance carrier.
GAP Insurance is clearly peace of mind for a new or used car owner with a loan on their automobile.
Filed under Infinity Car Insurance by on Mar 15th, 2011. Comment. 
What a horrible feeling to find an empty parking place instead of your car. It’s a real nightmare when car owners go looking for their car and find it gone. You might be surprised which models are on the list of the ten most frequently stolen cars. Only three of the cars have model years after 2000. Four of the ten on the list are fourteen or more years outmoded and the newest car on the list is the 2004 Dodge Ram Pickup. According to a preliminary report in August 2009 by the National Insurance Crime Bureau the ten most stolen cars in America are:
- 1994 Honda Accord
- 1995 Honda Civic
- 1989 Toyota Camry
- 1997 Ford F-150 Pick-up
- 2004 Dodge Ram Pick-up
- 2000 Dodge Caravan
- 1996 Jeep Cherokee/Grand Cherokee
- 1994 Acura Intergra
- 1999 Ford Taurus
- 2002 Ford Explorer
One of the main reasons these cars are popular with thieves is because they lack the theft deterrent systems that come standard in many newer models. As theft deterrent technology continues to improve in the effect of fuel cut-offs, demolish switches, smart keys, and audible warning signals, modern cars become less attractive to car thieves. The addition and improvement of tracking technology in the last few years has made stealing newer cars more risky for thieves.
In addition to the lack of theft deterrent, older cars are also more popular due to the value of their parts. Many of the cars on the list were extremely popular models. Companies sold millions of these cars, so not only are there a lot of them out there, but the put a question to for parts remains steady. Some of these models have parts that are interchangeable with several models in their company’s car lines making the parts even more famous. In addition, some of the basic materials in some car parts, such as copper, has become very valuable. Also, most of these cars have been around long enough that car thieves have perfected the technique of breaking in and stealing them very posthaste.
To prevent theft do not leave valuables in your car and always keep it locked. Also, you may wish to add your believe theft deterrent devices to make them less attractive to thieves. You can easily install a car alarm and tracking map in most vehicles that will either deter thieves or at least perhaps, allow your vehicle to be tracked and recovered before it is destroyed for parts. Some of the newer models may also allow for a smart key system that is a great deterrent.
Sources:
http://finance.yahoo.com/family-home/article/107656/the-cars-thieves-love-most? mod=family-autos
Filed under Infinity Car Insurance by on Dec 18th, 2010. Comment.
